Company No: 03932865 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2022		2021
		£		£
Fixed assets
Tangible assets	3	2,102,456		2,616,797
Investments	4	283,834		281,806
		2,386,290		2,898,603
Current assets
Stocks		40,793		34,734
Debtors	5	263,933		390,537
Cash at bank and in hand		312,228		82,047
		616,954		507,318
Creditors: amounts falling due within one year	6	( 1,292,710)		( 1,375,508)
Net current liabilities		(675,756)		(868,190)
Total assets less current liabilities		1,710,534		2,030,413
Creditors: amounts falling due after more than one year	7	( 205,049)		( 291,423)
Net assets		1,505,485		1,738,990
Capital and reserves
Called-up share capital	8	10,000		10,000
Profit and loss account		1,495,485		1,728,990
Total shareholder's funds		1,505,485		1,738,990

For the financial year ending 31 December 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Astons Coaches Limited (registered number: 03932865) were approved and authorised for issue by the Director on 15 June 2023. They were signed on its behalf by:

Mr J O'Brien Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Astons Coaches Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Defford Mill Dunstall, Earls Croome, Worcester, WR8 9DF, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery	3 - 5 years straight line
Vehicles	5 - 15 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents 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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

	2022		2021
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	55		51

3. Tangible assets

	Plant and machinery		Vehicles		Total
	£		£		£
Cost
At 01 January 2022	421,430		4,862,285		5,283,715
Additions	5,238		2,350		7,588
Disposals	0		( 643,909)		( 643,909)
At 31 December 2022	426,668		4,220,726		4,647,394
Accumulated depreciation
At 01 January 2022	164,140		2,502,778		2,666,918
Charge for the financial year	79,422		295,666		375,088
Impairment losses	0		( 19,780)		( 19,780)
Disposals	0		( 477,288)		( 477,288)
At 31 December 2022	243,562		2,301,376		2,544,938
Net book value
At 31 December 2022	183,106		1,919,350		2,102,456
At 31 December 2021	257,290		2,359,507		2,616,797

4. Fixed asset investments

Investments in subsidiaries

	2022
	£
Cost
At 01 January 2022	246,480
At 31 December 2022	246,480
Provisions for impairment
At 01 January 2022	( 35,326)
Impairment	( 2,028)
At 31 December 2022	( 37,354)
Carrying value at 31 December 2022	283,834
Carrying value at 31 December 2021	281,806

5. Debtors

	2022		2021
	£		£
Prepayments	103,645		102,541
VAT recoverable	14,935		15,336
Other debtors	145,353		272,660
	263,933		390,537

6. Creditors: amounts falling due within one year

	2022		2021
	£		£
Bank loans	49,540		26,207
Trade creditors	159,499		156,882
Amounts owed to Group undertakings	910,009		911,696
Accruals	32,929		49,701
Other taxation and social security	23,270		26,629
Obligations under finance leases and hire purchase contracts (secured)	89,317		163,077
Other creditors	28,146		41,316
	1,292,710		1,375,508

The hire purchase contracts are secured on motor vehicles and plant and machinery with a carrying value of £554,326 (2021: £630,587).

7. Creditors: amounts falling due after more than one year

	2022		2021
	£		£
Bank loans	126,848		123,793
Obligations under finance leases and hire purchase contracts (secured)	78,201		167,630
	205,049		291,423

The hire purchase contracts are secured on motor vehicles and plant and machinery with a carrying value of £554,326 (2021: £630,587).

8. Called-up share capital

	2022		2021
	£		£
Allotted, called-up and fully-paid
1,000,000 Ordinary shares of £ 0.01 each	10,000		10,000

9. Financial commitments

Other financial commitments

	2022		2021
	£		£
Operating leases not later than 1 year	80,000		80,000
Operating leases later than 1 year not later than 5 years	66,666		146,666
	146,666		226,666

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

	2022		2021
	£		£
Unpaid contributions due to the fund (inc. in other creditors)	3,825		4,347
Other pensions commitments not shown in the Balance Sheet	19,935		24,633
	23,760		28,980

10. Related party transactions

Transactions with entities in which the entity itself has a participating interest

	2022		2021
	£		£
Amounts owed to group companies	910,009		911,696