Stotts Tours (Oldham) Limited Filleted accounts for Companies House (small and micro)
Stotts Tours (Oldham) Limited Filleted accounts for Companies House (small and micro)
COMPANY REGISTRATION NUMBER:
0758813
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Statement of Financial Position |
2022 |
2021 |
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Note |
£ |
£ |
£ |
Fixed assets
Tangible assets |
5 |
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Current assets
Stocks |
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Debtors |
6 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
7 |
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Net current liabilities |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
8 |
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Provisions
Taxation including deferred tax |
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Net assets |
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Statement of Financial Position (continued) |
2022 |
2021 |
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Note |
£ |
£ |
£ |
Capital and reserves
Called up share capital |
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Revaluation reserve |
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Other reserves |
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Profit and loss account |
(
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(
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Shareholders funds |
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Directors' responsibilities:
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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
;
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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 financial statements were approved by the
board of directors
and authorised for issue on
15 August 2023
, and are signed on behalf of the board by:
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Director |
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Company registration number:
0758813
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Notes to the Financial Statements |
Year ended 31 December 2022
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 142B Lees Road, Oldham, OL4 1HT.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements There are no judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the financial statements. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Revenue recognition
Income tax
Operating leases
Tangible assets
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & machinery |
- |
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Fixtures & fittings |
- |
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Motor vehicles |
- |
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Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Finance leases and hire purchase contracts
Government grants
Construction contracts
Provisions
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
52
(2021:
50
).
5.
Tangible assets
Land and buildings |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Total |
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£ |
£ |
£ |
£ |
£ |
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Cost |
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At 1 January 2022 |
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Additions |
– |
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– |
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Disposals |
– |
– |
– |
(
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(
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At 31 December 2022 |
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Depreciation |
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At 1 January 2022 |
– |
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Charge for the year |
– |
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Disposals |
– |
– |
– |
(
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(
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At 31 December 2022 |
– |
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Carrying amount |
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At 31 December 2022 |
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At 31 December 2021 |
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Tangible assets held at valuation
The company's land and buildings were revalued at 31 December 2020 by the directors. The directors believe the value at 31 December 2022 has not materially changed.
6.
Debtors
2022 |
2021 |
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£ |
£ |
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Trade debtors |
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Other debtors |
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7.
Creditors:
amounts falling due within one year
2022 |
2021 |
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£ |
£ |
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Bank loans and overdrafts |
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– |
Trade creditors |
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Social security and other taxes |
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Amounts owed to related parties |
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Other creditors |
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Included in other creditors are hire purchase creditors of £246,495 (2021 £153,989) and loans of £23,189 (2021 £23,189) which are secured by a charge on the assets of the company.
8.
Creditors:
amounts falling due after more than one year
2022 |
2021 |
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£ |
£ |
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Other creditors |
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Included in other creditors are hire purchase creditors of £832,555 (2021 £241,078) and loans of £154,076 (2021 £177,265) which are secured by a charge on the assets of the company. Of these loans, amounts falling due after five years are £83,144 (2021 £97,604).
9.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2022 |
2021 |
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£ |
£ |
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Not later than 1 year |
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Later than 1 year and not later than 5 years |
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10.
Directors' advances, credits and guarantees
At the year end the directors loan account outstanding was as follows - A. Stott (Junior) and S. Stott £310,426 (2021 £307,861). The maximum overdrawn directors loan account during the year was £310,426 (2021 £356,841). The loan account is interest free and repayable on demand.
11.
Related party transactions
The company was under the control of A. Stott (Junior) and S. Stott throughout the current and previous year. At the year end there was an amount owing to the Stotts Tours Retirement Benefit Scheme of £478,441 (2021 £478,441). During the year the company paid dividends amounting to £34,354 (2021 £49,000) to the directors.