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A B Coaches Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2017

Registration number: 03303158

A B Coaches Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 8

A B Coaches Limited

Balance Sheet

31 March 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	5	288,395	236,783
Current assets
Stocks	6	5,000	5,000
Debtors	7	84,690	92,099
Cash at bank and in hand		30,141	11,883
		119,831	108,982
Creditors: Amounts falling due within one year	8	(94,185)	(85,236)
Net current assets		25,646	23,746
Total assets less current liabilities		314,041	260,529
Creditors: Amounts falling due after more than one year	8	(48,941)	(25,961)
Provisions for liabilities		(43,218)	(40,007)
Net assets		221,882	194,561
Capital and reserves
Called up share capital		100	100
Profit and loss account		221,782	194,461
Total equity		221,882	194,561

The notes on pages 3 to 8 form an integral part of these financial statements.

Page 1

A B Coaches Limited

Balance Sheet

31 March 2017

For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 25 September 2017 and signed on its behalf by:
 

M J Chalk

Director

R Chalk

Director

Company Registration Number: 03303158

The notes on pages 3 to 8 form an integral part of these financial statements.

Page 2

A B Coaches Limited

Notes to the Financial Statements

Year Ended 31 March 2017

1	General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
Sigma House
Oak View Close
Edginswell Park
Torquay
Devon
TQ2 7FF

The principal place of business is:
Wills road
Totnes Industrial Estate
Totnes
Devon
TQ9 5XN

These financial statements were authorised for issue by the Board on 25 September 2017.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Change in basis of accounting

The company's financial statements have been prepared in accordance with FRS102 - the Financial Reporting Standard applicable in the UK and Republic of Ireland. The company has transferred from previously extant UK GAAP to FRS102 as at 1 April 2015. There is no material impact on the reported financial position and financial performance.

Tangible assets

Tangible assets are stated at cost, less any subsequent accumulated depreciation.

Page 3

A B Coaches Limited

Notes to the Financial Statements

Year Ended 31 March 2017

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Office equipment	25% straight line
Motor vehicles	25% reducing balance
Tools and equipment	15% reducing balance

Stocks

Stocks are stated at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Page 4

A B Coaches Limited

Notes to the Financial Statements

Year Ended 31 March 2017

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Hire purchase and finance leases; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2016 - 16).

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 April 2016	6,650	6,650
At 31 March 2017	6,650	6,650
Amortisation
At 1 April 2016	6,650	6,650
At 31 March 2017	6,650	6,650
Carrying amount
At 31 March 2017	-	-

Page 5

A B Coaches Limited

Notes to the Financial Statements

Year Ended 31 March 2017