Year Ended
Registration number:
Abbot Coach Travel Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Abbot Coach Travel Limited
Company Information
Director |
Mr A M Williams |
Company secretary |
Mrs J M Williams |
Registered office |
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Accountants |
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Page 1 |
Abbot Coach Travel Limited
Balance Sheet
31 March 2017
Note |
2017 |
2016 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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Page 2 |
Abbot Coach Travel 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.
Director's responsibilities:
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The director acknowledges his 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 director on
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Mr A M Williams
Director
Company Registration Number: 03656614
Page 3 |
Abbot Coach Travel Limited
Notes to the Financial Statements
Year Ended 31 March 2017
General information |
The company is a private company limited by share capital incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A and the Companies Act 2006. There are no material departures from FRS 102.
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.
Government grants
Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Page 4 |
Abbot Coach Travel Limited
Notes to the Financial Statements
Year Ended 31 March 2017
Asset class |
Depreciation method and rate |
Motor vehicles |
25% straight line |
Coaches |
10% straight line for the first 5 years then 5% straight line |
Equipment |
25% straight line |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
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.
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Hire purchase and leasing; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Page 5 |
Abbot Coach Travel Limited
Notes to the Financial Statements
Year Ended 31 March 2017
Tangible assets |
Office equipment |
Motor vehicles |
Coaches |
Total |
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Cost or valuation |
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At 1 April 2016 |
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Additions |
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At 31 March 2017 |
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Depreciation |
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At 1 April 2016 |
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Charge for the year |
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At 31 March 2017 |
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Carrying amount |
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At 31 March 2017 |
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At 31 March 2016 |
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Stocks |
2017 |
2016 |
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Inventories |
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Debtors |
2017 |
2016 |
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Trade debtors |
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Other debtors |
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Prepayments |
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Page 6 |
Abbot Coach Travel Limited
Notes to the Financial Statements
Year Ended 31 March 2017
Creditors |
Note |
2017 |
2016 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Social security and other taxes |
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Other creditors |
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Accrued expenses |
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Deferred income |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2017 |
2016 |
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Non-current loans and borrowings |
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Hire purchase liabilities (secured on the assets concerned) |
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2017 |
2016 |
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Current loans and borrowings |
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Bank overdrafts |
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Hire purchase liabilities (secured on the assets concerned) |
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Share capital |
Allotted, called up and fully paid shares
2017 |
2016 |
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No. |
£ |
No. |
£ |
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25,000 |
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25,000 |
Page 7 |