Company No: 04742796 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTOR

N G Hutt

SECRETARY

N G Hutt

REGISTERED OFFICE	Hatch Green Garage
	Hatch Beauchamp
	Taunton
	TA3 6TN
	United Kingdom

COMPANY NUMBER

04742796 (England and Wales)

CHARTERED ACCOUNTANTS	Albert Goodman LLP
	Goodwood House
	Blackbrook Park Avenue
	Taunton
	Somerset
	TA1 2PX

	Note	2023		2022
		£		£
Fixed assets
Tangible assets	4	1,405,117		648,702
		1,405,117		648,702
Current assets
Stocks		15,122		24,278
Debtors	5	387,048		347,719
Cash at bank and in hand		122,270		63,364
		524,440		435,361
Creditors: amounts falling due within one year	6	( 252,379)		( 257,114)
Net current assets		272,061		178,247
Total assets less current liabilities		1,677,178		826,949
Creditors: amounts falling due after more than one year	7	( 815,936)		( 216,859)
Provision for liabilities		( 242,819)		( 162,176)
Net assets		618,423		447,914
Capital and reserves
Called-up share capital	8	2		2
Profit and loss account		618,421		447,912
Total shareholder's funds		618,423		447,914

For the financial year ending 31 May 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges 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 Profit and Loss Account has not been delivered.

The financial statements of Hatch Green Garage Limited (registered number: 04742796) were approved and authorised for issue by the Director on 30 October 2023. They were signed on its behalf by:

N G Hutt 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

Hatch Green Garage 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 Hatch Green Garage, Hatch Beauchamp, Taunton, TA3 6TN, 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 £.

Turnover

Turnover comprises the fair value of the consideration received or receivable, net of value added tax, in respect of bus service operations and private hire, recognised on delivery of the service.

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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill

10 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery	7 years straight line
Vehicles	10 - 15 years straight line
Office equipment	4 - 7 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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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. 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.

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 other operating income over the period in which the related costs are recognised, and timing differences are presented as other debtors or deferred income within the balance sheet. 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.

Ordinary share capital

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

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

	2023		2022
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	30		28

3. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 June 2022	100,000		100,000
At 31 May 2023	100,000		100,000
Accumulated amortisation
At 01 June 2022	100,000		100,000
At 31 May 2023	100,000		100,000
Net book value
At 31 May 2023	0		0
At 31 May 2022	0		0

4. Tangible assets

	Plant and machinery		Vehicles		Office equipment		Total
	£		£		£		£
Cost
At 01 June 2022	124,751		889,142		23,840		1,037,733
Additions	41,637		877,805		208		919,650
Disposals	0		( 84,069)		0		( 84,069)
At 31 May 2023	166,388		1,682,878		24,048		1,873,314
Accumulated depreciation
At 01 June 2022	87,350		284,687		16,994		389,031
Charge for the financial year	11,665		94,041		3,215		108,921
Disposals	0		( 29,755)		0		( 29,755)
At 31 May 2023	99,015		348,973		20,209		468,197
Net book value
At 31 May 2023	67,373		1,333,905		3,839		1,405,117
At 31 May 2022	37,401		604,455		6,846		648,702
Leased assets included above:
Net book value
At 31 May 2023	0		1,315,592		0		1,315,592
At 31 May 2022	0		579,873		0		579,873

5. Debtors

	2023		2022
	£		£
Trade debtors	230,147		150,026
Amounts owed by Group undertakings	116,836		122,322
Corporation tax	12,724		0
Other debtors	27,341		75,371
	387,048		347,719

6. Creditors: amounts falling due within one year

	2023		2022
	£		£
Trade creditors	60,729		98,705
Taxation and social security	16,800		27,943
Obligations under finance leases and hire purchase contracts	167,703		98,769
Other creditors	7,147		31,697
	252,379		257,114

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

	2023		2022
	£		£
Obligations under finance leases and hire purchase contracts	815,936		216,859

An outstanding amount of £983,639 (2022 - £315,628) is payable on hire purchase agreements secured on motor vehicles.

8. Called-up share capital

	2023		2022
	£		£
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each	2		2

9. Off Balance Sheet arrangements

Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £28,877 (2022 -£23,542). Operating lease commitments for trading premises are detailed as follows:

£28,877 (2022 - £23,542) is due within one year; and
£103,474 (2022 - £84,360) is due between one and five years; and
£nil (2022 - £nil) is due over five years.

10. Ultimate controlling party

Parent Company:

Hatch Green Coaches Limited

Hatch Green Garage Hatch Beauchamp Taunton Somerset TA3 6TN United Kingdom

The ultimate controlling party is N G Hutt, a director