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Abbot Coach Travel Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2017

Registration number: 03656614

 

Abbot Coach Travel Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 7

 

Abbot Coach Travel Limited

Company Information

Director

Mr A M Williams

Company secretary

Mrs J M Williams

Registered office

Drayford Unit
Quay Road
Newton Abbot
TQ12 2BU

Accountants

Francis Clark LLP
Centenary House
Peninsula Park
Rydon Lane
Exeter
Devon
EX2 7XE

 

Abbot Coach Travel Limited

Balance Sheet

31 March 2017

Note

2017
£

2016
£

Fixed assets

 

Tangible assets

4

659,508

477,369

Current assets

 

Stocks

5

5,000

5,000

Debtors

6

57,086

52,391

Cash at bank and in hand

 

7,183

10,545

 

69,269

67,936

Creditors: Amounts falling due within one year

7

(271,120)

(213,222)

Net current liabilities

 

(201,851)

(145,286)

Total assets less current liabilities

 

457,657

332,083

Creditors: Amounts falling due after more than one year

7

(395,477)

(266,507)

Provisions for liabilities

(10,900)

(9,900)

Net assets

 

51,280

55,676

Capital and reserves

 

Called up share capital

25,000

25,000

Profit and loss account

26,280

30,676

Total equity

 

51,280

55,676

 

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:

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 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 24 April 2018
 

.........................................

Mr A M Williams

Director

Company Registration Number: 03656614

 

Abbot Coach Travel 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 & Wales.

The address of its registered office is:
Drayford Unit
Quay Road
Newton Abbot
TQ12 2BU

These financial statements were authorised for issue by the director on 24 April 2018.

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 - '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:

 

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
The company holds the following financial instruments:

• 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
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.


3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 13 (2016 - 10).

 

Abbot Coach Travel Limited

Notes to the Financial Statements

Year Ended 31 March 2017

4

Tangible assets

Office equipment
 £

Motor vehicles
 £

Coaches
 £

Total
£

Cost or valuation

At 1 April 2016

20,110

31,600

875,806

927,516

Additions

913

-

274,438

275,351

At 31 March 2017

21,023

31,600

1,150,244

1,202,867

Depreciation

At 1 April 2016

17,869

24,764

407,514

450,147

Charge for the year

1,021

5,075

87,116

93,212

At 31 March 2017

18,890

29,839

494,630

543,359

Carrying amount

At 31 March 2017

2,133

1,761

655,614

659,508

At 31 March 2016

2,241

6,836

468,292

477,369

5

Stocks

2017
£

2016
£

Inventories

5,000

5,000

6

Debtors

2017
 £

2016
 £

Trade debtors

40,237

33,509

Other debtors

13,605

15,475

Prepayments

3,244

3,407

57,086

52,391

 

Abbot Coach Travel Limited

Notes to the Financial Statements

Year Ended 31 March 2017

7

Creditors

Note

2017
 £

2016
 £

Due within one year

 

Loans and borrowings

8

127,080

96,888

Trade creditors

 

25,066

28,641

Social security and other taxes

 

46,330

16,014

Other creditors

 

43,341

36,779

Accrued expenses

 

3,928

6,025

Deferred income

 

25,375

28,875

 

271,120

213,222

Due after one year

 

Loans and borrowings

8

395,477

266,507

8

Loans and borrowings

2017
£

2016
£

Non-current loans and borrowings

Hire purchase liabilities (secured on the assets concerned)

395,477

266,507

2017
£

2016
£

Current loans and borrowings

Bank overdrafts

29,560

34,873

Hire purchase liabilities (secured on the assets concerned)

97,520

62,015

127,080

96,888

9

Share capital

Allotted, called up and fully paid shares

 

2017

2016

 

No.

£

No.

£

Ordinary shares of £1 each

25,000

25,000

25,000

25,000