Eastville Coaches Limited Filleted accounts for Companies House (small and micro)

EASTVILLE COACHES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01222076

Eastville Coaches Limited

Filleted Unaudited Abridged Financial Statements

30 September 2018

Eastville Coaches Limited

Abridged Statement of Financial Position

30 September 2018

	2018		2017
Note	£	£	£

Fixed assets

Intangible assets	5	1,800	1,800
Tangible assets	6	784,314	859,481
		---------	---------
		786,114	861,281

Current assets

Stocks	563	8,267
Debtors	2,361	75,277
	-------	--------
	2,924	83,544

Creditors: amounts falling due within one year	90,465		153,244
	--------		---------
Net current liabilities		87,541	69,700
		---------	---------
Total assets less current liabilities		698,573	791,581

Creditors: amounts falling due after more than one year	–	8,333
	---------	---------
Net assets	698,573	783,248
	---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	698,473	783,148
	---------	---------
Shareholders funds	698,573	783,248
	---------	---------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.

For the year ending 30 September 2018 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 abridged financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 30 September 2018 in accordance with Section 444(2A) of the Companies Act 2006.

Eastville Coaches Limited

Abridged Statement of Financial Position (continued)

30 September 2018

These abridged financial statements were approved by the board of directors and authorised for issue on 13 June 2019 , and are signed on behalf of the board by:

W G Phillips

Director

Company registration number: 01222076

Eastville Coaches Limited

Notes to the Abridged Financial Statements

Year ended 30 September 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 15 Ashgrove Road, Redland, Bristol, BS6 6NA.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & Machinery	-	15% reducing balance
Motor Vehicles	-	20% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

Financial instruments are classified by the directors as basic or advanced following the conditions in FRS102 Section 11. Basic financial instruments are recognised at amortised cost using effective interest method. The only advanced instrument recognised by the company are derivatives (being interest rate swaps and forward foreign exchange contracts). Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in arriving at profit before tax. Derivative assets are included in other debtors and derivative liabilities are included in other creditors.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2017: 4 ).

5. Intangible assets

	£
Cost
At 1 October 2017 and 30 September 2018	1,800
	-------
Amortisation
At 1 October 2017 and 30 September 2018	–
	-------
Carrying amount
At 30 September 2018	1,800
	-------
At 30 September 2017	1,800
	-------

6. Tangible assets

	£
Cost
At 1 October 2017	1,481,278
Disposals	( 10,000)
	------------
At 30 September 2018	1,471,278
	------------
Depreciation
At 1 October 2017	621,797
Charge for the year	71,890
Disposals	( 6,723)
	------------
At 30 September 2018	686,964
	------------
Carrying amount
At 30 September 2018	784,314
	------------
At 30 September 2017	859,481
	------------

7. Secured debt

Creditors includes secured Hire Purchase debt of a total of Nil(2017 £72,916) held against motor vehicles with a NBV of (2017 £193,664).

8. Related party transactions

There were no related party transactions such as required to be disclosed.