Ingleby's Luxury Coaches Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01402195 (England and Wales)

Financial Statements for the Year Ended 31 December 2020

for

Ingleby's Luxury Coaches Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

R Atkinson

T G James

REGISTERED OFFICE:

24 Hospital Fields Road

Fulford Road

York

North Yorkshire

YO10 4DZ

REGISTERED NUMBER:

01402195 (England and Wales)

AUDITORS:

Garbutt and Elliott Audit Limited

Triune Court

Monks Cross Drive

York

YO32 9GZ

FIXED ASSETS

Tangible assets

4

860,771

886,299

CURRENT ASSETS

Stocks

14,860

15,443

Debtors

5

510,073

565,946

Cash at bank and in hand

176,811

279,115

701,744

860,504

CREDITORS

Amounts falling due within one year

6

376,333

556,259

NET CURRENT ASSETS

325,411

304,245

TOTAL ASSETS LESS CURRENT LIABILITIES

1,186,182

1,190,544

CREDITORS

Amounts falling due after more than one year

7

(173,533

)

(122,178

)

PROVISIONS FOR LIABILITIES

(26,382

)

-

NET ASSETS

986,267

1,068,366

CAPITAL AND RESERVES

Called up share capital

54,000

54,000

Retained earnings

932,267

1,014,366

SHAREHOLDERS' FUNDS

986,267

1,068,366

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 and authorised for issue on 29 September 2021 and were signed on its behalf by:

T G James - Director

1.	STATUTORY INFORMATION

Ingleby's Luxury Coaches Limited is a private company, limited by shares , registered in England and Wales. 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006 other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention.

The Financial Statements are prepared in Sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The ultimate parent company is York Pullman Holdings Limited, which is the smallest and largest group into which these financial statements are consolidated. The registered office of York Pullman Holdings Limited is 2 Clifton Moor Business Village, James Nicolson Link, York, North Yorkshire, YO30 4XG.

The company has taken advantage of the disclosure exemptions of Section 33.1A of FRS 102 which permit it to not present details of its transactions with members of the group headed by York Pullman Holdings Limited where relevant group companies are all wholly owned. Details of outstanding balances as at the year end are disclosed within the debtor and creditor notes.

Going concern

The Director has considered all factors, including the wider economy and COVID-19, as part of his assessment of going concern. Although the current economic climate creates both cashflow and profitability risks for the company, the Director believes on balance that the company has sufficient resources for a period of at least 12 months from the date of approval of the financial statements, on the basis of information currently available to them as at the point of approving the financial statements. Accordingly, these financial statements have been prepared on the going concern basis.

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.

Long leasehold

-

in accordance with the property

Plant and machinery

-

20% straight line

Fixtures and fittings

-

20% straight line

Motor vehicles

-

20% straight line and at variable rates on reducing balance

Computer equipment

-

25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss

Government grants

Government grants received for capital expenditure are recognised in income over the useful life of the assets to which they relate under the accruals model.

Grants relating to revenue are recognised in income and expenditure over the same period as the expenditure to which they relate once reasonable assurance has been gained that the entity will comply with the conditions and that the funds will be received.

Grants due from government organisations or received in advance are included as current assets or liabilities.

Grants received from non-government sources are recognised using the performance model. A grant which does not impose specified future performance conditions is recognised as revenue when the grant proceeds are received or receivable. A grant that imposes specified future performance-related conditions on the association is recognised only when these conditions are met. A grant received before the revenue recognition criteria are satisfied is recognised as deferred income

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial Instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

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 or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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 17 (2019 - 22 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Long

Plant and

and

leasehold

machinery

fittings

£

£

£

COST

At 1 January 2020

143,553

82,605

14,839

Additions

-

-

-

Disposals

-

-

-

At 31 December 2020

143,553

82,605

14,839

DEPRECIATION

At 1 January 2020

80,515

69,029

14,839

Charge for year

3,690

10,190

-

Eliminated on disposal

-

-

-

At 31 December 2020

84,205

79,219

14,839

NET BOOK VALUE

At 31 December 2020

59,348

3,386

-

At 31 December 2019

63,038

13,576

-

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2020

2,005,376

29,990

2,276,363

Additions

314,000

-

314,000

Disposals

(87,500

)

-

(87,500

)

At 31 December 2020

2,231,876

29,990

2,502,863

DEPRECIATION

At 1 January 2020

1,196,992

28,689

1,390,064

Charge for year

318,842

431

333,153

Eliminated on disposal

(81,125

)

-

(81,125

)

At 31 December 2020

1,434,709

29,120

1,642,092

NET BOOK VALUE

At 31 December 2020

797,167

870

860,771

At 31 December 2019

808,384

1,301

886,299

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

Motor

vehicles

£

COST

At 1 January 2020

1,024,000

Additions

284,000

Reclassification/transfer

(335,000

)

At 31 December 2020

973,000

DEPRECIATION

At 1 January 2020

374,066

Charge for year

189,317

Reclassification/transfer

(204,166

)

At 31 December 2020

359,217

NET BOOK VALUE

At 31 December 2020

613,783

At 31 December 2019

649,934

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Trade debtors

472,203

499,285

Amounts owed by group undertakings

300

2,370

Other debtors

37,570

64,291

510,073

565,946

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Hire purchase contracts (see note 8)

190,044

234,622

Trade creditors

3,621

36,284

Amounts owed to group undertakings

141,029

180,274

Taxation and social security

20,846

72,459

Other creditors

20,793

32,620

376,333

556,259

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.20

31.12.19

£

£

Hire purchase contracts (see note 8)

173,533

122,178

8.	LEASING AGREEMENTS

Hire purchase contracts

31.12.20

31.12.19

£

£

Future minimum lease payments due under finance leases:

Within one year

196,181

242,691

In two to five years

178,528

126,574

In over five years

-

-

374,709

369,265

Less: future finance charges

(11,132

)

(12,465

)

363,577

356,800

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.20

31.12.19

£

£

Hire purchase contracts

363,577

356,800

Hire purchase contracts are secured against the assets to which they relate.

10.	CONTROLLING PARTY

The company is a wholly owned subsidiary of York Pullman Holdings Limited, a company registered in England and Wales, which is the immediate and ultimate parent undertaking.

The financial statements of the company are consolidated in the financial statements of York Pullman Holdings Limited. Copies of these financial statements are available from York Pullman Holding limited whose registered office is 2 Clifton Moor Business Village, James Nicolson Link, York, North Yorkshire, YO30 4XG.

York Pullman Holdings Limited is the smallest and largest group into which Ingleby's Luxury Coaches Limited is consolidated.

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The Report of the Auditors was unqualified.

Martin Davey (Senior Statutory Auditor)

for and on behalf of Garbutt and Elliott Audit Limited.

The audit report was dated on 29th September 2021