Hodges Coaches (Sandhurst) Limited - Accounts to registrar (filleted) - small 22.3
Hodges Coaches (Sandhurst) Limited - Accounts to registrar (filleted) - small 22.3
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 December 2022 |
| for |
| Hodges Coaches (Sandhurst) Limited |
| Hodges Coaches (Sandhurst) Limited (Registered number: 00739970) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2022 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Hodges Coaches (Sandhurst) Limited |
| Company Information |
| for the Year Ended 31 December 2022 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountant |
| Suite 1532 |
| 26 Upper Pembroke Street |
| Dublin 2 |
| IRELAND |
| D02 X361 |
| SOLICITORS: |
| 22-24 Broad Street |
| Wokingham |
| Berkshire |
| RG40 1AX |
| Hodges Coaches (Sandhurst) Limited (Registered number: 00739970) |
| Balance Sheet |
| 31 December 2022 |
| 2022 | 2021 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks | 5 |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 12 |
| Capital redemption reserve | 13 |
| Other reserves | 13 |
| Retained earnings | 13 |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Hodges Coaches (Sandhurst) Limited (Registered number: 00739970) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2022 |
| 1. | STATUTORY INFORMATION |
| Hodges Coaches (Sandhurst) Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements have been prepared in accordance with accounting standards generally accepted in the United Kingdom and the Companies Act 2006. Accounting standards generally accepted in the United Kingdom in preparing financial statements giving a true and fair view are those published by the Institute of Chartered Accountants in England and Wales and issued by the Accounting Standards Board. |
| Significant judgements and estimates |
| Judgments and key sources of estimation uncertainty |
| The directors consider the accounting estimates and assumptions below to be its critical accounting estimates and judgements: |
| Going Concern |
| In the directors' opinion, and to the best of their knowledge, the continued unsettled economic conditions arising from geo-political events in Eastern Europe, restrictions in supply chains from Europe, fleet investment obligations resulting from changes in the company's regulatory environment and increases in interest rates will not have a material adverse impact on the company's ability to continue as a going concern. |
| The company has financial resources available which the directors believe will enable the company to manage its business risks successfully. |
| The directors have a reasonable expectation that the company has adequate resources, to meet its obligations for a period of at least 12 months from the date of approval of the financial statements, and to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. |
| Impairment of Trade Debtors |
| The company trades with a large and varied number of customers on credit terms. Some debts due will not be paid through the default of a small number of customers. The company uses estimates based on historical experience and current information in determining the level of debts for which an impairment charge is required. The level of impairment required is reviewed on an ongoing basis. The total amount of trade debtors is £109,841 (2021: £77,233). |
| Useful Lives of Tangible and Intangible Fixed Assets |
| Long-lived assets comprising primarily of fixtures and fittings, plant and machinery and motor vehicles represent a significant portion of total assets. The annual depreciation and amortisation charge depends primarily on the estimated lives of each type of asset and, in certain circumstances, estimates of residual values. The directors regularly review these useful lives and change them if necessary to reflect current conditions. In determining these useful lives management consider technological change, patterns of consumption, physical condition and expected economic utilisation of the assets. Changes in the useful lives can have a significant impact on the depreciation and amortisation charge for the financial year. The net book value of Tangible Fixed Assets subject to depreciation at the financial year end date was £1,999,326 (2021: £2,030,558). |
| 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 the cost, less any estimated residual value, of each asset at the following annual rates: |
| Plant and machinery - 10% reducing balance |
| Fixtures and fittings - 10% reducing balance |
| Motor vehicles - 12 years straight line |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Hodges Coaches (Sandhurst) Limited (Registered number: 00739970) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2022 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| Share Capital of the Company |
| Ordinary Share Capital |
| The ordinary share capital of the company is presented as equity. |
| Cash and cash equivalents |
| Cash consists of cash on hand and demand deposits. Cash equivalents consist of short term highly liquid investments that are readily convertible to known amounts of cash that are subject to an insignificant risk of change in value. |
| Other financial assets |
| Other financial assets including trade debtors for goods or services sold to customers on short-term credit, are initially measured at the undiscounted amount of cash receivable from that customer, which is normally the invoice price, and are subsequently measured at amortised cost less impairment, where there is objective evidence of an impairment. |
| Loans and borrowings |
| All loans and borrowings, both assets and liabilities are initially recorded at the present value of cash payable to the lender in settlement of the liability discounted at the market interest rate. Subsequently loans and borrowings are stated at amortised cost using the effective interest rate method. The computation of amortised cost includes any issue costs, transaction costs and fees, and any discount or premium on settlement, and the effect of this is to amortise these amounts over the expected borrowing period. Loans with no stated interest rate and repayable within one year or on demand are not amortised. Loans and borrowings are classified as current assets or liabilities unless the borrower has an unconditional right to defer settlement of the liability for at least twelve months after the financial year end date. |
| Other financial liabilities |
| Trade creditors are measured at invoice price, unless payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. In this case the arrangement constitutes a financing transaction, and the financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
| 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 |
| Tangible fixed assets held by the company under hire purchase and lease agreements are recorded in the balance sheet as an asset. Obligations to pay future rentals under such agreements are consequently recorded in the balance sheet as a liability. The amount recorded at inception, both as an asset and a liability, is the total minimum hire purchase payments, net of interest. The interest element of the rental obligations is charged to the profit and loss account so as to provide a constant periodic rate of charge. |
| Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
| 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 |
| Hodges Coaches (Sandhurst) Limited (Registered number: 00739970) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2022 |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Freehold | Plant and | and | Motor |
| property | machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 January 2022 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 December 2022 |
| DEPRECIATION |
| At 1 January 2022 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2022 |
| NET BOOK VALUE |
| At 31 December 2022 |
| At 31 December 2021 |
| Included in cost of land and buildings is freehold land of £ 354,879 (2021 - £ 354,879 ) which is not depreciated. |
| The total net book value of assets held under hire purchase agreements is £1,878,356 (2021: £1,463,269). |
| 5. | STOCKS |
| 2022 | 2021 |
| £ | £ |
| Stocks |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Loan to pension scheme | 12,644 | 5,656 |
| Tax |
| VAT |
| Prepayments |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Bank loans and overdrafts |
| Loan from pension scheme | - | 1,557 |
| Hire purchase contracts |
| Trade creditors |
| Amounts owed to group undertakings |
| Tax |
| Income tax payable | 1,500 | 1,200 |
| Social security and other taxes |
| Pension | 2,159 | 2,260 |
| Directors' current accounts | 73,915 | 33,759 |
| Accruals and deferred income |
| Hodges Coaches (Sandhurst) Limited (Registered number: 00739970) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2022 |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Bank loans - 2-5 years |
| Hire purchase contracts |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2022 | 2021 |
| £ | £ |
| Bank overdrafts |
| Bank loans |
| Loan from pension scheme |
| Hire purchase contracts | 766,183 | 774,088 |
| Bank loans are secured by a debenture over the assets of the company. |
| Hire purchase finance and pension scheme loans are secured by fixed charges over assets to which this finance relates. |
| 10. | FINANCIAL INSTRUMENTS |
| The analysis of the carrying amounts of the financial instruments of the company required under section 11 of FRS 102 is as follows: |
| 2022 | 2021 |
| £ | £ |
| Financial assets that are debt instruments measured at amortised cost: |
| Trade debtors | 109,841 | 77,233 |
| Cash at bank and in hand | 200,870 | 95,762 |
| Pension scheme loans | 12,644 | 5,656 |
| Financial liabilities measured at amortised cost: |
| Bank overdraft | 12,013 | 73,715 |
| Hire purchase finance | 766,183 | 774,088 |
| Trade creditors | 5,260 | 14,624 |
| Pension scheme loans | - | 1,557 |
| Directors current accounts | 73,915 | 33,759 |
| Amounts owed to group companies | 156,887 | 150,887 |
| Bank loans | 36,211 | 41,708 |
| 11. | PROVISIONS FOR LIABILITIES |
| 2022 | 2021 |
| £ | £ |
| Deferred tax | 431,864 | 414,850 |
| Other provisions | 70,100 | 121,800 |
| Deferred | Other |
| tax | provisions |
| £ | £ |
| Balance at 1 January 2022 |
| Charge/(credit) to Income Statement during year | ( |
) |
| Balance at 31 December 2022 |
| Hodges Coaches (Sandhurst) Limited (Registered number: 00739970) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2022 |
| 12. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2022 | 2021 |
| value: | £ | £ |
| Ordinary | £1.00 | 180,000 | 180,000 |
| 13. | RESERVES |
| Capital |
| Retained | redemption | Other |
| earnings | reserve | reserves | Totals |
| £ | £ | £ | £ |
| At 1 January 2022 | 740,755 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| At 31 December 2022 | 927,224 |
| 14. | RELATED PARTY DISCLOSURES |
| At the beginning of the year, the company owed £150,887 to its parent company, Hodges Travel Limited. |
| During the year dividends mounting to £6,000 were declared to Hodges Travel Limited increasing the amount owed to the parent company to £156,887 the balance sheet date. |
| During the year, the company paid rent to the Coach Company Retirement Benefit Scheme (CCRBS) amounting to £28,500 (2021:£28,500). Net advances of £NIL were received from the CCRBS and net repayments of £2,029 were made to the CCRBS and interest amounting to £194 was charged by the CCRBS during the year. At the balance sheet, amounts owed by the CCRBS amounted to £3,412 (2021:£1,577 - CR). |
| At the beginning of the year, the company owed £5,696 to the Hodges Coaches Unapproved Retirement Benefit Scheme (HCURB).During the year, costs amounting to £3,577 were paid on behalf of the Hodges Coaches Unapproved Retirement Benefit Scheme (HCURBS). The amount owed to the company at the end of the year amounted to £9,273. |
| At the beginning of the year, the company owed £33,759 to its directors. |
| During the year £38,956 was advanced by the directors. In addition, interest in the amount of £1,200 was to charged by the directors. The amount owed to the directors at the balance sheet date was £73,915. |
| 15. | ULTIMATE CONTROLLING PARTY |
| The controlling party is Hodges Travel Limited. |
| In the opinion of the directors, the company is ultimately controlled by Mark Hodge, Martin Hodge and Paul Hodge. |