Coach Holdings ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 13015721 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

COACH HOLDINGS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J Verjee

I McClelland

R H Villiers

SECRETARY:

J Verjee

REGISTERED OFFICE:

6 Corunna Court

Corunna Road

Warwick

Warwickshire

CV34 5HQ

REGISTERED NUMBER:

13015721 (England and Wales)

AUDITORS:

Watson Associates (Audit Services) Ltd

Statutory Auditor

30 - 34 North Street

Hailsham

East Sussex

BN27 1DW

FIXED ASSETS

Intangible assets

4

119,937

182,513

Investments

5

3,000,000

5,750,574

3,119,937

5,933,087

CURRENT ASSETS

Debtors

6

240,491

58,071

Cash at bank

8,194

12,253

248,685

70,324

CREDITORS

Amounts falling due within one year

7

(835,797

)

(403,660

)

NET CURRENT LIABILITIES

(587,112

)

(333,336

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,532,825

5,599,751

CREDITORS

Amounts falling due after more than one year

8

(1,515,550

)

(1,634,334

)

NET ASSETS

1,017,275

3,965,417

CAPITAL AND RESERVES

Called up share capital

9

875,901

875,901

Share premium

10

-

3,124,550

Retained earnings

10

141,374

(35,034

)

SHAREHOLDERS' FUNDS

1,017,275

3,965,417

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 November 2023 and were signed on its behalf by:

J Verjee - Director

I McClelland - Director

R H Villiers - Director

1.	STATUTORY INFORMATION

Coach Holdings 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.

Critical accounting judgements and key sources of estimation uncertainty

No significant judgements have had to be made by management in preparing these financial statements.

There were no key assumptions made concerning the future, and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Investments in subsidiaries

Investments in subsidiary undertakings are held at cost less accumulated impairment losses.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, and loans to related parties.

Debt instruments that are payable or receivable within one year, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received; other debt instruments are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the balance sheet only when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2022

and 31 March 2023

250,304

AMORTISATION

At 1 April 2022

67,791

Amortisation for year

62,576

At 31 March 2023

130,367

NET BOOK VALUE

At 31 March 2023

119,937

At 31 March 2022

182,513

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertaking

£

COST

At 1 April 2022

5,750,574

Impairments

(2,750,574

)

At 31 March 2023

3,000,000

NET BOOK VALUE

At 31 March 2023

3,000,000

At 31 March 2022

5,750,574

The company owns 100% of the ordinary share capital of its subsidiary, Be-A Education Limited (2022: 100%). The directors have reviewed the recoverable amount of this investment and have concluded the value of this investment needed to be impaired by £2,750,574, which has been recognised in the profit and loss during the period as amounts written off investments. The remaining investment of £3,000,000 represents the recoverable amount.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Other debtors

240,491

451

VAT

-

57,620

240,491

58,071

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Other loans

240,000

246,504

Trade creditors

-

9,985

Amounts owed to group undertakings

590,196

144,371

Accrued expenses

5,601

2,800

835,797

403,660

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Other loans - 1-2 years

480,000

480,000

Other loans - 2-5 years

1,035,550

1,154,334

1,515,550

1,634,334

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

450

Ordinary A

£1

450

450

450

Ordinary B

£1

450

450

80

Ordinary C

1p

1

1

875,000

Preference

£1

875,000

875,000

875,901

875,901

10.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 1 April 2022

(35,034

)

3,124,550

3,089,516

Deficit for the year

(2,948,142

)

(2,948,142

)

Reduction in share premium

3,124,550

(3,124,550

)

-

At 31 March 2023

141,374

-

141,374

The share premium has been reduced and transferred to retained earnings as realised profits in accordance with Section 641 of the Companies Act 2006.

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Stephen J Moore (Senior Statutory Auditor)

for and on behalf of Watson Associates (Audit Services) Ltd

12.	RELATED PARTY DISCLOSURES

Pixel Personnel Ltd

Pixel Personnel Ltd, a company which Mr D P Morgan and Mr C S Morgan are directors, owed Coach Holdings Limited £45,666 (2022: £nil).

Your Game Plan Ltd

Your Game Plan Ltd, a company which Mr D P Morgan and Mr C S Morgan are directors, owed Coach Holdings Limited £179,374 (2022: £nil).

Sample Library Limited

Sample Library Limited, a company which Mr D P Morgan and Mr C S Morgan are directors, owed

Coach Holdings Limited £15,000 (2022: £nil).