Masons Minibus & Coach Hire Ltd - Accounts to registrar (filleted) - small 23.1.5

REGISTERED NUMBER: 09376769 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 APRIL 2022 TO 31 JULY 2023

FOR

MASONS MINIBUS & COACH HIRE LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A Mason

J Mason

M G Mason

REGISTERED OFFICE:

Unit 27a Old Airfield Industrial Estate

Cheddington Lane

Long Marston

Tring

Hertfordshire

HP23 4QR

REGISTERED NUMBER:

09376769 (England and Wales)

ACCOUNTANT:

Ewing Accounts Ltd

Chilcompton

Green Lane

Aspley Guise

Bedfordshire

MK17 8EN

FIXED ASSETS

Tangible assets

4

1,582,380

1,610,730

CURRENT ASSETS

Stocks

51,678

32,758

Debtors

5

302,556

213,311

Cash at bank and in hand

219,568

27,925

573,802

273,994

CREDITORS

Amounts falling due within one year

6

(1,195,413

)

(839,606

)

NET CURRENT LIABILITIES

(621,611

)

(565,612

)

TOTAL ASSETS LESS CURRENT LIABILITIES

960,769

1,045,118

CREDITORS

Amounts falling due after more than one year

7

(922,146

)

(1,042,388

)

NET ASSETS

38,623

2,730

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

38,523

2,630

SHAREHOLDERS' FUNDS

38,623

2,730

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2023 and were signed on its behalf by:

J Mason - Director

1.	STATUTORY INFORMATION

Masons Minibus & Coach Hire Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on reducing balance, 20% on cost, 10% on reducing balance and 10% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the period 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 calculated 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.

Deferred tax assets & liabilities are recognised only to the extent that it is probable that they will be realised in the foreseeable future.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 period was 35 (2022 - 29 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2022

2,456,488

Additions

460,551

Disposals

(148,000

)

At 31 July 2023

2,769,039

DEPRECIATION

At 1 April 2022

845,758

Charge for period

394,918

Eliminated on disposal

(54,017

)

At 31 July 2023

1,186,659

NET BOOK VALUE

At 31 July 2023

1,582,380

At 31 March 2022

1,610,730

The net book value of tangible fixed assets includes £ 1,494,847 (2022 - £ 1,393,467 ) in respect of assets held under hire purchase contracts.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

114,118

93,053

Other debtors

188,438

120,258

302,556

213,311

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

91,805

62,703

Hire purchase contracts (see note 8)

394,775

272,047

Trade creditors

176,435

83,017

Taxation and social security

24,123

14,591

Other creditors

508,275

407,248

1,195,413

839,606

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

210,399

165,941

Hire purchase contracts (see note 8)

711,747

876,447

922,146

1,042,388

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2023

2022

£

£

Net obligations repayable:

Within one year

394,775

272,047

Between one and five years

711,747

876,447

1,106,522

1,148,494

Non-cancellable operating

leases

2023

2022

£

£

Within one year

85,767

49,607

Between one and five years

312,795

198,430

In more than five years

94,382

148,823

492,944

396,860