Pulham & Sons (Coaches) Limited - Period Ending 2022-03-31
Pulham & Sons (Coaches) Limited - Period Ending 2022-03-31
Pulham & Sons (Coaches) Limited
for the Year Ended
31 March 2022
Pulham & Sons (Coaches) Limited
Contents
|
Company Information |
|
|
Strategic Report |
|
|
Director's Report |
|
|
Statement of Director's Responsibilities |
|
|
Independent Auditor's Report |
|
|
Profit and Loss Account |
|
|
Balance Sheet |
|
|
Statement of Changes in Equity |
|
|
Statement of Cash Flows |
|
|
Notes to the Financial Statements |
Pulham & Sons (Coaches) Limited
Company Information
Registered Number:
|
Director |
AD Pulham |
|
Company secretary |
Mrs KH Pulham |
|
Registered office |
|
|
Accountants |
|
|
Auditors |
|
Pulham & Sons (Coaches) Limited
Strategic Report for the Year Ended 31 March 2022
The director presents his strategic report for the year ended 31 March 2022.
Principal activity
The principal activity of the company is the hire of coaches, the provision of local bus services and the provision of coach maintenance services.
Fair review of the business
The results for the year which are set out in the profit and loss account, show a pre-tax (loss)/profit of £(196,537) (2021: £734,111).
The company had tangible fixed assets including freehold land and buildings, equipment, coaches and vehicles valued in the financial statements at £5,443,371 (2021: £5,323,796), trade debtors of £226,338 (2021: £300,802) and trade creditors were £432,917 (2021: £562,629).
Given the current economic conditions as a result of the Coronavirus pandemic, the directors consider that the business has performed adequately during the year and the financial position at the year end is satisfactory.
Given the nature of the business, the company's directors are of the opinion that key performance indicators are important. The group uses a number of indicators to monitor and improve the development, performance and position of the business. Indicators are reviewed and altered to meet changes in the internal and external environments.
Principal risks and uncertainties
The director regularly appraises the company's exposure to risk.
A key risk is ensuring compliance with appropriate regulations. The Company is required to comply with regulations imposed by the driver and vehicle standards agency (DVSA). A continued commitment to robust auditing via an external agency ensures the business maintains high standards of compliance with current legislation in all areas. Future ideas and improvements are developed through membership of CoachMarque and The Guild of British Coach Operators which provide a platform for sharing the excellent practice taking place within the company.
The Company considers working capital management, particularly cash flow, to be key in management of the Company. Liquidity risk is the risk that the company does not have sufficient liquid assets to meet its obligations as they fall due. Liquidity is maintained at a prudent level and the Company ensures there is an adequate liquidity buffer to cover contingencies. The company monitors cash flow as part of its day to day control procedures.
The Company's policy in respect of credit risk is to require appropriate credit checks on potential customers and regularly review existing customers before sales are made. Current borrowings are subject to floating rate agreements. Interest rate risk is monitored and if appropriate, fixed rate funding may be considered.
Pulham & Sons (Coaches) Limited
Strategic Report for the Year Ended 31 March 2022
The directors believe that they have the ability to react to changes in rules and guidelines to ensure the continuation of the business in a safe and considered manner.
Approved by the
.........................................
Mrs KH Pulham
Company secretary
Pulham & Sons (Coaches) Limited
Director's Report for the Year Ended 31 March 2022
The director presents his report and the financial statements for the year ended 31 March 2022.
Director of the company
The director who held office during the year was as follows:
Financial instruments
Financial assets comprise cash at bank and in hand, trade debtors and other debtors; these are initially recorded at cost on the date they originate and are subsequently recorded at cost less any impairment.
The company considers evidence of impairment for all individual trade and other debtors and any subsequent impairment is recognised in profit or loss.
Future developments
The business maintains a commitment to reinvestment particularly in respect of coaches and the development of its team of people. In this way the directors are confident that continued profitable growth can be achieved in future years.
The business continues to take an active role in the local community by supporting other local businesses and charities and aims to retain staff by fostering a welcoming, supportive, caring and professional environment for all personnel.
Going concern
In accordance with Financial Reporting Council's 'Going Concern and Liquidity Risk; Guidance for Directors of UK Companies 2006', the directors of all companies are now required to provide disclosures regarding the adoption of going concern basis of accounting.
The directors believe that the company has sufficient resources to continue in operational existence for the forseeable future and have continued to adopt the going concern basis in preparing the financial statements. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company's ability to continue as a going concern.
Disclosure of information to the auditors
The director has taken steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditors are unaware.
Reappointment of auditors
Hazlewoods LLP have expressed their willingness to continue in office.
Approved by the
.........................................
Mrs KH Pulham
Company secretary
Pulham & Sons (Coaches) Limited
Statement of Director's Responsibilities
The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
|
• |
select suitable accounting policies and apply them consistently; |
|
• |
make judgements and accounting estimates that are reasonable and prudent; |
|
• |
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
|
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Pulham & Sons (Coaches) Limited
Independent Auditor's Report to the Members of Pulham & Sons (Coaches) Limited
Opinion
We have audited the financial statements of Pulham & Sons (Coaches) Limited (the 'company') for the year ended 31 March 2022, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 March 2022 and of its loss for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company’s ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Pulham & Sons (Coaches) Limited
Independent Auditor's Report to the Members of Pulham & Sons (Coaches) Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
|
• |
the information given in the Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
|
• |
the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Director's Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors’ remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of the director
As explained more fully in the Statement of Director's Responsibilities [set out on page 5], the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Pulham & Sons (Coaches) Limited
Independent Auditor's Report to the Members of Pulham & Sons (Coaches) Limited
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).
In identifying and assessing risks of material misstatement in respect of fraud, including irregularities and non-compliance with laws and regulations, our procedures included the following:
• We obtained an understanding of the legal and regulatory frameworks applicable to the group and parent company financial statements or that had a fundamental effect on the operations of the group and parent company. We determined that the most significant laws and regulations included United Kingdom Generally Accepted Accounting Practice, UK Companies Act 2006 and taxation laws;
• We understood how the group and parent company is complying with those legal and regulatory frameworks by making enquiries of the management and those responsible for legal and compliance procedures.
• We assessed the susceptibility of the group's and parent company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
• identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
• understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
• challenging assumptions and judgements made by management in its significant accounting estimates; and
• identifying and testing journal entries, in particular any journal entries with unusual characteristics.
Pulham & Sons (Coaches) Limited
Independent Auditor's Report to the Members of Pulham & Sons (Coaches) Limited
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.
Use of the report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
For and on behalf of
Staverton Court
Staverton
GL51 0UX
Pulham & Sons (Coaches) Limited
Profit and Loss Account for the Year Ended 31 March 2022
|
Note |
2022 |
2021 |
|
|
Turnover |
|
|
|
|
Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Other operating income |
|
|
|
|
Operating (loss)/profit |
( |
|
|
|
Interest payable and similar expenses |
( |
( |
|
|
(Loss)/profit before tax |
( |
|
|
|
Taxation |
|
( |
|
|
(Loss)/profit for the financial year |
( |
|
The above results were derived from continuing operations.
The company has no other comprehensive income in the current or preceding year.
Pulham & Sons (Coaches) Limited
(Registration number: 00466434)
Balance Sheet as at 31 March 2022
|
Note |
2022 |
2021 |
|
|
Fixed assets |
|||
|
Tangible assets |
|
|
|
|
Current assets |
|||
|
Stocks |
|
|
|
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current (liabilities)/assets |
( |
|
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
|
|
|
|
Capital redemption reserve |
|
|
|
|
Profit and loss account |
|
|
|
|
Total equity |
|
|
Approved and authorised by the
.........................................
AD Pulham
Director
Pulham & Sons (Coaches) Limited
Statement of Changes in Equity for the Year Ended 31 March 2022
|
Share capital |
Capital redemption reserve |
Profit and loss account |
Total |
|
|
At 1 April 2021 |
|
|
|
|
|
Loss for the year |
- |
- |
( |
( |
|
Dividends |
- |
- |
( |
( |
|
At 31 March 2022 |
|
|
|
|
|
Share capital |
Capital redemption reserve |
Profit and loss account |
Total |
|
|
At 1 April 2020 |
|
|
|
|
|
Profit for the year |
- |
- |
|
|
|
Dividends |
- |
- |
( |
( |
|
At 31 March 2021 |
|
|
|
|
Pulham & Sons (Coaches) Limited
Statement of Cash Flows for the Year Ended 31 March 2022
|
Note |
2022 |
2021 |
|
|
Cash flows from operating activities |
|||
|
(Loss)/profit for the year |
( |
|
|
|
Adjustments to cash flows from non-cash items |
|||
|
Depreciation and amortisation |
|
|
|
|
Loss/(profit) on disposal of tangible assets |
|
( |
|
|
Finance costs |
|
|
|
|
Income tax expense |
( |
|
|
|
|
|
||
|
Working capital adjustments |
|||
|
(Increase)/decrease in stocks |
( |
|
|
|
Decrease/(increase) in trade debtors |
|
( |
|
|
(Decrease)/increase in trade creditors |
( |
|
|
|
Cash generated from operations |
|
|
|
|
Income taxes paid |
( |
- |
|
|
Net cash flow from operating activities |
|
|
|
|
Cash flows from investing activities |
|||
|
Acquisitions of tangible assets |
( |
( |
|
|
Proceeds from sale of tangible assets |
|
|
|
|
Net cash flows from investing activities |
( |
( |
|
|
Cash flows from financing activities |
|||
|
Interest paid |
( |
( |
|
|
Repayment of bank borrowing |
( |
|
|
|
Payments to finance lease creditors |
( |
( |
|
|
Dividends paid |
( |
( |
|
|
Net cash flows from financing activities |
( |
|
|
|
Net (decrease)/increase in cash and cash equivalents |
( |
|
|
|
Cash and cash equivalents at 1 April |
1,543,792 |
282,200 |
|
|
Cash and cash equivalents at 31 March |
498,231 |
1,543,792 |
|
|
Reconciliation to Cash and cash equivalents category (adjusted for overdrafts) |
|||
|
Cash and short-term deposits |
498,231 |
1,543,792 |
|
|
498,231 |
1,543,792 |
||
Pulham & Sons (Coaches) Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
|
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
|
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Going concern
The financial statements have been prepared on a going concern basis. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company’s ability to continue as a going concern.
In assessing whether the going concern basis is appropriate, the directors take into account all available information about the future, which is at least, but not limited to, 12 months from the date of signing these financial statements.
The financial statements have been prepared on the going concern basis, which the directors believe to be appropriate. The directors continue to monitor the business’ requirements and have made plans which underpin the going concern basis for the business.
As the date of approval of these financial statements the directors believe that the business will continue to operate successfully for the foreseeable future and be able to meet its liabilities as and when they fall due.
Pulham & Sons (Coaches) Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
Judgements
No significant judgements have been made by management in preparing these financial statements. |
The Directors are required to make judgements regarding: the recoverability of trade debtor balances; and the estimated useful life of tangible fixed assets. |
Key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Government grants
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Pulham & Sons (Coaches) Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Freehold Buildings |
3% straight line |
|
Plant and office equipment |
10%-20% reducing balance |
|
Coaches |
20% reducing balance |
|
Motor Vehicles |
20% reducing balance |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out method.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Pulham & Sons (Coaches) Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Pulham & Sons (Coaches) Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
Financial instruments
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.
A non-financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
|
Revenue |
Turn
|
2022 |
2021 |
|
|
Sales |
|
|
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
|
2022 |
2021 |
|
|
Government grants |
|
|
|
Miscellaneous other operating income |
|
|
|
|
|
Pulham & Sons (Coaches) Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
|
Operating loss |
Arrived at after charging/(crediting)
|
2022 |
2021 |
|
|
Depreciation expense |
|
|
|
Operating lease expense - plant and machinery |
|
|
|
Operating lease expense - coaches |
192,483 |
258,704 |
|
Loss/(profit) on disposal of property, plant and equipment |
|
( |
|
Audit of these financial statements |
8,000 |
7,650 |
Pulham & Sons (Coaches) Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
|
Interest payable and similar expenses |
|
2022 |
2021 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
|
|
|
|
Staff costs |
The aggregate payroll costs (including director's remuneration) were as follows:
|
2022 |
2021 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Other pension costs |
|
|
|
|
|
The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:
|
2022 |
2021 |
|
|
Direct labour |
|
|
|
Administration |
|
|
|
|
|
|
Director's remuneration |
The director's remuneration for the year was as follows:
|
2022 |
2021 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
10,113 |
31,949 |
Pulham & Sons (Coaches) Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
|
Taxation |
Tax charged/(credited) in the income statement
|
2022 |
2021 |
|
|
Current taxation |
||
|
UK corporation tax |
( |
|
|
Deferred taxation |
||
|
Arising from changes in tax rates and laws |
70,938 |
77,252 |
|
Tax (receipt)/expense in the income statement |
( |
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2021 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2022 |
2021 |
|
|
(Loss)/profit before tax |
( |
|
|
Corporation tax at standard rate |
( |
|
|
Deferred tax expense (credit) relating to changes in tax rates or laws |
|
- |
|
Increase (decrease) in UK and foreign current tax from adjustment for prior periods |
( |
- |
|
Other tax effects for reconciliation between accounting profit and tax expense (income) |
( |
|
|
Total tax (credit)/charge |
( |
|
Pulham & Sons (Coaches) Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
|
Tangible assets |
|
Land and buildings |
Plant and machinery |
Motor vehicles |
Coaches |
Total |
|
|
Cost or valuation |
|||||
|
At 1 April 2021 |
|
|
|
|
|
|
Additions |
- |
|
- |
|
|
|
Disposals |
- |
- |
( |
( |
( |
|
At 31 March 2022 |
|
|
|
|
|
|
Depreciation |
|||||
|
At 1 April 2021 |
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
Eliminated on disposal |
- |
- |
( |
( |
( |
|
At 31 March 2022 |
|
|
|
|
|
|
Carrying amount |
|||||
|
At 31 March 2022 |
|
|
|
|
|
|
At 31 March 2021 |
|
|
|
|
|
Pulham & Sons (Coaches) Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
Assets held under finance leases and hire purchase contracts
The net book value of tangible fixed assets includes assets held under finance leases or hire purchase contracts of £2,306,394 (2021 - £2,422,996) and depreciation charges of £576,602 (2021 - £605,749).
|
Stocks |
|
2022 |
2021 |
|
|
Consumables |
|
20,181 |
|
Debtors |
|
Note |
2022 |
2021 |
|
|
Trade debtors |
|
|
|
|
Other debtors |
|
|
|
|
Prepayments |
|
|
|
|
Income tax asset |
70,000 |
- |
|
|
Total current trade and other debtors |
|
|
|
Creditors |
|
Note |
2022 |
2021 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Amounts due to related parties |
|
|
|
|
Social security and other taxes |
|
|
|
|
Deferred Income |
|
|
|
|
Accrued expenses |
|
|
|
|
Income tax liability |
- |
72,015 |
|
|
|
|
||
|
Due after one year |
|||
|
Loans and borrowings |
|
|
Pulham & Sons (Coaches) Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
|
Deferred tax and other provisions |
|
Deferred tax |
|
|
At 1 April 2021 |
|
|
Increase (decrease) in existing provisions |
|
|
At 31 March 2022 |
|
|
|
|
|
Loans and borrowings |
|
2022 |
2021 |
|
|
Current loans and borrowings |
||
|
Bank loans |
|
|
|
Hire purchase liabilities |
|
|
|
Other borrowings |
|
|
|
|
|
|
|
2022 |
2021 |
|
|
Non-current loans and borrowings |
||
|
Bank loans |
|
|
|
Hire purchase liabilities |
|
|
|
|
|
|
Included in the loans and borrowings are the following amounts due after more than five years:
|
2022 |
2021 |
|
|
After more than five years by instalments |
|
|
|
- |
- |
The secured bank loan is being repaid on a monthly basis from May 2013 and will expire in 2033. Interest is charged on the bank loan at the rate of 2.56% above the base rate. There is a first legal charge over the company's premises and an unlimited debenture incorporating a fixed and floating charge by way of security on the loan.
Finance lease obligations are secured against the assets to which they relate. Other loans are unsecured, do not accrue interest and are repayable on demand.
Pulham & Sons (Coaches) Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
|
Share capital |
Allotted, called up and fully paid shares
|
2022 |
2021 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
3,333 |
|
3,333 |
|
|
|
1 |
|
1 |
|
|
|
|
|
|
|
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
|
2022 |
2021 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
|
Dividends |
Final dividends paid
|
2022 |
2021 |
|||
|
Final dividend of £ |
|
|
||
The dividends are payable to the company director.
|
Commitments |
|
Pension commitments |
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £53,629 (2021 - £52,304). Contributions totalling £4,851 (2021 - £4,049) were payable to the fund at the reporting date and are included in creditors.
Pulham & Sons (Coaches) Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
|
Related party transactions |
|
Transactions with directors |
|
2022 |
At 1 April 2021 |
Advances to directors |
Repayments by director |
At 31 March 2022 |
|
AD Pulham |
||||
|
Directors Current Account |
179,524 |
( |
|
|
|
2021 |
At 1 April 2020 |
Advances to directors |
Repayments by director |
At 31 March 2021 |
|
AD Pulham |
||||
|
Directors Current Account |
172,128 |
( |
|
|
Summary of transactions with other related parties
Included in other debtors is a balance of £52,000 (2021 - £52,000) due from Scarlet Enterprises
Limited, a company in which AD Pulham is a director.
Included in creditors is a balance of £300,000 (2021 - £300,000) due to Mrs KH Pulham.
Included in creditors is a balance of £300,000 (2021 - £300,000) due to CJ Adams.
|
Parent and ultimate parent undertaking |
The ultimate controlling party is