M-Line International Coaches Ltd. - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC244073 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2018

FOR

M-LINE INTERNATIONAL COACHES LTD.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr T Matchett

Mrs H Matchett

SECRETARY:

Mrs H Matchett

REGISTERED OFFICE:

Coach House

Riverbank Industrial Estate

Kelliebank

Alloa

Clackmannanshire

FK10 1NT

REGISTERED NUMBER:

SC244073 (Scotland)

FIXED ASSETS

Intangible assets

4

7,718

39,812

Tangible assets

5

546,158

611,544

553,876

651,356

CURRENT ASSETS

Debtors

6

65,487

89,170

Cash at bank

16,847

34,225

82,334

123,395

CREDITORS

Amounts falling due within one year

7

222,016

244,467

NET CURRENT LIABILITIES

(139,682

)

(121,072

)

TOTAL ASSETS LESS CURRENT LIABILITIES

414,194

530,284

CREDITORS

Amounts falling due after more than one year

8

(233,524

)

(279,725

)

PROVISIONS FOR LIABILITIES

(58,527

)

(71,794

)

NET ASSETS

122,143

178,765

CAPITAL AND RESERVES

Called up share capital

50

50

Revaluation reserve

9

112,846

154,777

Retained earnings

9,247

23,938

SHAREHOLDERS' FUNDS

122,143

178,765

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 13 September 2019 and were signed on its behalf by:

Mr T Matchett - Director

1.	STATUTORY INFORMATION

M-Line International Coaches Ltd. is a private company, limited by shares , registered in Scotland. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

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 the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

TURNOVER

Turnover is measured at the fair value of the consideration received for coach hire, excluding discounts,

rebates, value added tax and other sales taxes.

AMORTISATION

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the

useful economic life of that asset as follows:

Goodwill - amortised over 5 years

INTANGIBLE ASSETS

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

DEPRECIATION

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful

economic life of that asset as follows:

Fixtures & Fittings - 25% per annum straight line

Motor Vehicles - 25% per annum reducing balance

The company does not expect the value of its heritable property to diminish and therefore has elected not to

charge depreciation on them.

An amount equal to the excess of the annual amortisation charge on revalued assets over the notional historical

cost amortisation charge on those assets is transferred annually from the revaluation reserve to the profit and

loss reserve.

Fixed assets are initially recorded at cost, and subsequently measured at cost or valuation, net of depreciation

and any impairment losses.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

DEFERRED TAX

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different

from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and

laws that have been enacted or substantively enacted by the year end and that are expected to apply to the

reversal of the timing difference.

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.

HIRE PURCHASE AND LEASING COMMITMENTS

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit and loss over the relevant period. The capital

element of the future payments is treated as a liability.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2017 - 11 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST OR VALUATION

At 1 October 2017

and 30 September 2018

160,470

AMORTISATION

At 1 October 2017

120,658

Amortisation for year

32,094

At 30 September 2018

152,752

NET BOOK VALUE

At 30 September 2018

7,718

At 30 September 2017

39,812

Cost or valuation at 30 September 2018 is represented by:

Goodwill

£

Valuation in 2013

40,000

Valuation in 2014

20,000

Valuation in 2015

20,000

Cost

80,470

160,470

5.	TANGIBLE FIXED ASSETS

Fixtures

Heritable

and

Motor

property

fittings

vehicles

Totals

£

£

£

£

COST OR VALUATION

At 1 October 2017

and 30 September 2018

350,000

36,777

780,013

1,166,790

DEPRECIATION

At 1 October 2017

-

36,777

518,469

555,246

Charge for year

-

-

65,386

65,386

At 30 September 2018

-

36,777

583,855

620,632

NET BOOK VALUE

At 30 September 2018

350,000

-

196,158

546,158

At 30 September 2017

350,000

-

261,544

611,544

Heritable property was valued as at the year end on an open market basis by the directors.

Cost or valuation at 30 September 2018 is represented by:

Fixtures

Heritable

and

Motor

property

fittings

vehicles

Totals

£

£

£

£

Valuation in 2010

86,878

-

-

86,878

Valuation in 2011

25,000

-

-

25,000

Valuation in 2016

-

-

45,000

45,000

Cost

238,122

36,777

735,013

1,009,912

350,000

36,777

780,013

1,166,790

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST OR VALUATION

At 1 October 2017

623,643

Transfer to ownership

(247,693

)

At 30 September 2018

375,950

DEPRECIATION

At 1 October 2017

401,021

Charge for year

41,323

Transfer to ownership

(190,363

)

At 30 September 2018

251,981

NET BOOK VALUE

At 30 September 2018

123,969

At 30 September 2017

222,622

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

57,540

38,535

Other debtors

7,947

50,635

65,487

89,170

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

41,633

86,183

Hire purchase contracts

63,050

64,529

Trade creditors

37,116

22,119

Taxation and social security

47,665

61,385

Other creditors

32,552

10,251

222,016

244,467

Bank loans and overdrafts are secured over the assets of the company.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

152,820

157,620

Hire purchase contracts

80,704

122,105

233,524

279,725

Bank loans are secured over the assets of the company.

9.

RESERVES

Revaluation

reserve

£

At 1 October 2017

154,777

Transfer to retained earnings

(41,931

)

At 30 September 2018

112,846

10.	RELATED PARTY DISCLOSURES

Included within "Other creditors" is a balance of £5,916 (2017 : £40,795 "Other debtors") due to the directors.

The loan is interest free and no fixed terms of repayment have been agreed.