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Registered number: 03496741
Smiths Coaches (Liskeard) Limited
Unaudited Financial Statements
For The Year Ended 30 June 2025
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 03496741
2025 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 195,391 139,735
195,391 139,735
CURRENT ASSETS
Stocks 5 1,000 1,400
Debtors 6 79,424 43,546
Cash at bank and in hand 73,562 73,468
153,986 118,414
Creditors: Amounts Falling Due Within One Year 7 (94,003 ) (77,458 )
NET CURRENT ASSETS (LIABILITIES) 59,983 40,956
TOTAL ASSETS LESS CURRENT LIABILITIES 255,374 180,691
Creditors: Amounts Falling Due After More Than One Year 8 (27,606 ) (33,607 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (42,489 ) (28,523 )
NET ASSETS 185,279 118,561
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 185,179 118,461
SHAREHOLDERS' FUNDS 185,279 118,561
Page 1
Page 2
For the year ending 30 June 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Andrew Smith
Director
19th December 2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Smiths Coaches (Liskeard) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03496741 . The registered office is Springfield Villa, Five Lanes, Dobwalls, Liskeard, Cornwall, PL14 6JN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold Not depreciated
Plant & Machinery 15% Straight Line
Motor Vehicles 25% Straight Line
Fixtures & Fittings 15% Straight Line
Computer Equipment 25% Straight Line
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
Page 3
Page 4
2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 8 (2024: 7)
8 7
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 July 2024 5,000 13,711 343,991 436
Additions - 1,698 121,885 1,012
Disposals - - (95,550 ) -
As at 30 June 2025 5,000 15,409 370,326 1,448
Depreciation
As at 1 July 2024 - 7,604 218,666 131
Provided during the period - 1,897 65,170 116
Disposals - - (95,550 ) -
As at 30 June 2025 - 9,501 188,286 247
Net Book Value
As at 30 June 2025 5,000 5,908 182,040 1,201
As at 1 July 2024 5,000 6,107 125,325 305
Computer Equipment Total
£ £
Cost
As at 1 July 2024 7,023 370,161
Additions - 124,595
Disposals - (95,550 )
As at 30 June 2025 7,023 399,206
Depreciation
As at 1 July 2024 4,025 230,426
Provided during the period 1,756 68,939
Disposals - (95,550 )
As at 30 June 2025 5,781 203,815
Net Book Value
As at 30 June 2025 1,242 195,391
As at 1 July 2024 2,998 139,735
Page 4
Page 5
5. Stocks
2025 2024
£ £
Stock 1,000 1,400
6. Debtors
2025 2024
£ £
Due within one year
Trade debtors 20,548 16,265
Other debtors 58,876 27,281
79,424 43,546
7. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts 45,186 31,690
Trade creditors 8,234 9,731
Bank loans and overdrafts 18,978 17,558
Other creditors 472 2,358
Taxation and social security 21,133 16,121
94,003 77,458
8. Creditors: Amounts Falling Due After More Than One Year
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts 26,772 22,524
Bank loans - more than 1 year 834 11,083
27,606 33,607
9. Obligations Under Finance Leases and Hire Purchase
2025 2024
£ £
The future minimum finance lease payments are as follows:
Not later than one year 45,186 31,690
Later than one year and not later than five years 26,772 22,524
71,958 54,214
71,958 54,214
10. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 100 100
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