Registered number
04266846
ABC Coach Limited
Filleted Accounts
31 August 2017
ABC Coach Limited
Registered number: 04266846
Balance Sheet
as at 31 August 2017
Notes 2017 2016
£ £
Fixed assets
Intangible assets 2 234,000 260,000
Tangible assets 3 1,646,545 1,149,949
1,880,545 1,409,949
Current assets
Stocks 2,500 2,500
Debtors 4 59,539 63,208
Cash at bank and in hand 131,075 61,243
193,114 126,951
Creditors: amounts falling due within one year 5 (395,863) (265,954)
Net current liabilities (202,749) (139,003)
Total assets less current liabilities 1,677,796 1,270,946
Creditors: amounts falling due after more than one year 6 (1,093,869) (681,252)
Provisions for liabilities (195,878) (186,935)
Net assets 388,049 402,759
Capital and reserves
Called up share capital 1,200 1,200
Profit and loss account 386,849 401,559
Shareholders' funds 388,049 402,759
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S Bowe
Director
Approved by the board on 21 February 2018
ABC Coach Limited
Notes to the Accounts
for the year ended 31 August 2017
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings 15% reducing balance
Equipment 15% reducing balance
Motor Vehicles 7.5% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Intangible fixed assets £
Goodwill:
Cost
At 1 September 2016 260,000
At 31 August 2017 260,000
Amortisation
Provided during the year 26,000
At 31 August 2017 26,000
Net book value
At 31 August 2017 234,000
At 31 August 2016 260,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 September 2016 14,700 6,243 1,254,995 1,275,938
Additions - 814 1,064,350 1,065,164
Disposals - - (579,000) (579,000)
At 31 August 2017 14,700 7,057 1,740,345 1,762,102
Depreciation
At 1 September 2016 - 6,123 119,866 125,989
Charge for the year 2,205 233 72,556 74,994
On disposals - - (85,426) (85,426)
At 31 August 2017 2,205 6,356 106,996 115,557
Net book value
At 31 August 2017 12,495 701 1,633,349 1,646,545
At 31 August 2016 14,700 120 1,135,129 1,149,949
4 Debtors 2017 2016
£ £
Trade debtors 59,539 59,387
Other debtors - 3,821
59,539 63,208
5 Creditors: amounts falling due within one year 2017 2016
£ £
Bank loans and overdrafts 9,333 9,000
Obligations under finance lease and hire purchase contracts 316,414 186,204
Other taxes and social security costs 10,624 27,109
Other creditors 59,492 43,641
395,863 265,954
6 Creditors: amounts falling due after one year 2017 2016
£ £
Bank loans 10,165 19,518
Obligations under finance lease and hire purchase contracts 1,083,704 661,734
1,093,869 681,252
7 Loans to directors
Interest free and unsecured B/fwd Paid Repaid C/fwd
£ £ £ £
Mr and Mrs Bowe
Directors loan account (1,837) 75,116 (76,000) (2,721)
(1,837) 75,116 (76,000) (2,721)
8 Other information
ABC Coach Limited is a private company limited by shares and incorporated in England. Its registered office is:
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