Loch Lomond Bus Services Ltd. - Accounts to registrar (filleted) - small 22.3
Loch Lomond Bus Services Ltd. - Accounts to registrar (filleted) - small 22.3
| REGISTERED NUMBER: |
| Financial Statements |
| for the Period 1 January 2021 to 2 January 2022 |
| for |
| Loch Lomond Bus Services Ltd. |
| Loch Lomond Bus Services Ltd. (Registered number: SC240425) |
| Contents of the Financial Statements |
| for the Period 1 January 2021 to 2 January 2022 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Loch Lomond Bus Services Ltd. |
| Company Information |
| for the Period 1 January 2021 to 2 January 2022 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 73 Union Street |
| Greenock |
| Renfrewshire |
| PA16 8BG |
| Loch Lomond Bus Services Ltd. (Registered number: SC240425) |
| Balance Sheet |
| 2 January 2022 |
| 2022 | 2020 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 7 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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 |
| Loch Lomond Bus Services Ltd. (Registered number: SC240425) |
| Notes to the Financial Statements |
| for the Period 1 January 2021 to 2 January 2022 |
| 1. | STATUTORY INFORMATION |
| Loch Lomond Bus Services Ltd. is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Revenue recognition |
| Turnover is measured at the fair value of the consideration received or receivable for services supplied, net of discounts and Value Added Tax. |
| Revenue is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on use of the service; 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. |
| Tangible fixed assets |
| Plant and machinery etc | - |
| Taxation |
| The tax expense for the year comprises current and deferred tax. |
| The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The liability for current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the end of the reporting period. |
| Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are recognised for all taxable timing differences. Deferred tax assets are recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount for deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recoverd. |
| Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or asset realised, based on tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period. |
| Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively. |
| 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. |
| Loch Lomond Bus Services Ltd. (Registered number: SC240425) |
| Notes to the Financial Statements - continued |
| for the Period 1 January 2021 to 2 January 2022 |
| 2. | ACCOUNTING POLICIES - continued |
| Cash and cash equivalents |
| Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position bank overdrafts are shown within borrowings in current liabilities. |
| Debtors |
| Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value and thereafter stated at amortised cost using the effective interest method, less any impairment. |
| Creditors |
| Basic financial instruments, including preference shares that are classified as debt, are measured at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is initially measured at fair value and subsequently at amortised cost using the effective interest method. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the period was |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| Additions |
| At 2 January 2022 |
| DEPRECIATION |
| Charge for period |
| At 2 January 2022 |
| NET BOOK VALUE |
| At 2 January 2022 |
| The written down value of fixed assets of £688,214 is in respect of assets held under hire purchase agreements. |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2020 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Loch Lomond Bus Services Ltd. (Registered number: SC240425) |
| Notes to the Financial Statements - continued |
| for the Period 1 January 2021 to 2 January 2022 |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2020 |
| £ | £ |
| Hire purchase contracts |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2022 | 2020 |
| £ | £ |
| Hire purchase contracts |
| 8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 9. | ULTIMATE CONTROLLING PARTY |
| The company is a wholly owned subsidiary of McGills Bus Services Ltd. McGills Bus Services Ltd is a wholly owned subsidiary of Arranglen Ltd. Arranglen Ltd is a wholly owned subsidiary of Dalglen (No 1812) Limited. |
| All of these companies have their registered office at 99 Earnhill Road, Greenock, PA16 0EQ. |
| Dalglen (No 1812) Limited is a private limited company and it does not have an ultimate controlling party. |