McDade Travel Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC178386 (Scotland)

Unaudited Financial Statements for the Year Ended 30 September 2019

for

McDade Travel Limited

T/A McDade Coaches

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Andrew McDade

Mrs Margaret McDade

Andrew P J McDade

SECRETARY:

Mrs Margaret McDade

REGISTERED OFFICE:

John Henry Road

Bothwell Park Industrial Estate

Uddingston

Glasgow

G71 7EJ

REGISTERED NUMBER:

SC178386 (Scotland)

ACCOUNTANTS:

Stevenson & Kyles

Chartered Accountants

25 Sandyford Place

Glasgow

G3 7NG

FIXED ASSETS

Tangible assets

4

448,139

466,113

CURRENT ASSETS

Debtors

5

159,550

193,911

Cash at bank and in hand

167,605

37,873

327,155

231,784

CREDITORS

Amounts falling due within one year

6

342,982

323,319

NET CURRENT LIABILITIES

(15,827

)

(91,535

)

TOTAL ASSETS LESS CURRENT LIABILITIES

432,312

374,578

CREDITORS

Amounts falling due after more than one year

7

(57,050

)

(85,106

)

PROVISIONS FOR LIABILITIES

8

(36,340

)

(26,915

)

NET ASSETS

338,922

262,557

CAPITAL AND RESERVES

Called up share capital

9

6

6

Retained earnings

338,916

262,551

SHAREHOLDERS' FUNDS

338,922

262,557

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2019 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 May 2020 and were signed on its behalf by:

Andrew P J McDade - Director

1.	STATUTORY INFORMATION

McDade Travel Limited 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

not provided

Plant and machinery

-

20% on cost and 15% on reducing balance

Motor vehicles

-

20% on reducing balance

Computer equipment

-

15% on reducing balance

Financial instruments

Basic financial instruments, including debtors and creditors with no stated interest rate and

receivable or payable within one year, are recorded at transaction price. Any losses arising from

impairment are recognised in the profit and loss account in administrative expenses.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of

Income and Retained Earnings, 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 or 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 38 (2018 - 38 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

to

Plant and

Motor

Computer

property

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 October 2018

119,125

2,082,922

66,564

1,562

2,270,173

Additions

-

13,357

115,000

-

128,357

Disposals

-

(128,909

)

-

-

(128,909

)

At 30 September 2019

119,125

1,967,370

181,564

1,562

2,269,621

DEPRECIATION

At 1 October 2018

-

1,762,873

39,822

1,365

1,804,060

Charge for year

-

53,510

67,802

29

121,341

Eliminated on disposal

-

(103,919

)

-

-

(103,919

)

At 30 September 2019

-

1,712,464

107,624

1,394

1,821,482

NET BOOK VALUE

At 30 September 2019

119,125

254,906

73,940

168

448,139

At 30 September 2018

119,125

320,049

26,742

197

466,113

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

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 October 2018

740,473

24,734

765,207

Additions

-

115,000

115,000

Transfer to ownership

(116,714

)

(48,165

)

(164,879

)

At 30 September 2019

623,759

91,569

715,328

DEPRECIATION

At 1 October 2018

465,726

14,568

480,294

Charge for year

48,263

52,589

100,852

Transfer to ownership

(93,372

)

(13,579

)

(106,951

)

At 30 September 2019

420,617

53,578

474,195

NET BOOK VALUE

At 30 September 2019

203,142

37,991

241,133

At 30 September 2018

274,747

10,166

284,913

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

84,497

114,242

Other debtors

75,053

79,669

159,550

193,911

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

-

2

Hire purchase contracts

86,457

70,782

Trade creditors

48,000

-

Taxation and social security

21,521

14,111

Other creditors

187,004

238,424

342,982

323,319

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Hire purchase contracts

57,050

85,106

8.	PROVISIONS FOR LIABILITIES

2019

2018

£

£

Deferred tax

36,340

26,915

Deferred

tax

£

Balance at 1 October 2018

26,915

Provided during year

9,425

Balance at 30 September 2019

36,340

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

6

Ordinary

£1

6

6

10.	ULTIMATE CONTROLLING PARTY

The Company is controlled by the Directors.