ESK_VALLEY_COACHES_LIMITE - Accounts

ESK VALLEY COACHES LIMITED - Company Information

Print Friendly Version

Company Registration No. 04557569 (England and Wales)

ESK VALLEY COACHES LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2014

ESK VALLEY COACHES LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 4

ESK VALLEY COACHES LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 OCTOBER 2014

- 1 -

2014

2013

Notes

Fixed assets

Tangible assets

408,386

371,546

Current assets

Stocks

21,372

19,833

Debtors

191,909

86,683

Cash at bank and in hand

918

3,581

214,199

110,097

Creditors: amounts falling due within one year

(279,626)

(220,253)

Net current liabilities

(65,427)

(110,156)

Total assets less current liabilities

342,959

261,390

Creditors: amounts falling due after more than one year

(149,017)

(129,891)

Provisions for liabilities

(73,158)

(56,617)

120,784

74,882

Capital and reserves

Called up share capital

Profit and loss account

120,709

74,807

Shareholders' funds

120,784

74,882

ESK VALLEY COACHES LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 OCTOBER 2014

- 2 -

For the financial year ended 31 October 2014 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 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 financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 27 May 2015

Mr Charles Simpson

Mr Keith Simpson

Director

Company Registration No. 04557569

ESK VALLEY COACHES LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 OCTOBER 2014

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.3

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Coaches

10% on reducing balance

Computer equipment

25% on reducing balance

Fixtures, fittings & equipment

10% on reducing balance

Motor vehicles

25% on reducing balance

1.4

Leasing and hire purchase commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

1.5

Stock

Stock is valued at the lower of cost and net realisable value.

1.6

Deferred taxation

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred taxation is measured on a non-discounted basis at the average tax rates that would apply when the timing differences are expected to reverse, based on tax rates and laws that have been enacted by the balance sheet date.

ESK VALLEY COACHES LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2014

- 4 -

Fixed assets

Tangible assets

Cost

At 1 November 2013

560,015

Additions

141,000

Disposals

(89,000)

At 31 October 2014

612,015

Depreciation

At 1 November 2013

188,469

On disposals

(30,607)

Charge for the year

45,767

At 31 October 2014

203,629

Net book value

At 31 October 2014

408,386

At 31 October 2013

371,546

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £96,737 (2013 - £121,351).

Creditors: amounts falling due after more than one year

The aggregate amount of creditors for which security has been given amounted to £149,017 (2013 - £129,891).

Share capital

2014

2013

Allotted, called up and fully paid

75 Ordinary shares of £1 each