McDade Travel Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: SC178386 (Scotland)

Unaudited Financial Statements for the Year Ended 30 September 2023

for

McDade Travel Limited

T/A McDade Coaches

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A McDade

M McDade

A P McDade

SECRETARY:

M McDade

REGISTERED OFFICE:

John Hendry Road

Bothwell Park Industrial Estate

Uddingston

Glasgow

G71 7EJ

REGISTERED NUMBER:

SC178386 (Scotland)

ACCOUNTANTS:

Stevenson & Kyles

Chartered Accountants

25 Sandyford Place

Glasgow

G3 7NG

FIXED ASSETS

Tangible assets

4

704,316

548,836

CURRENT ASSETS

Debtors

5

139,510

154,087

Cash at bank and in hand

124,558

160,908

264,068

314,995

CREDITORS

Amounts falling due within one year

6

257,366

279,603

NET CURRENT ASSETS

6,702

35,392

TOTAL ASSETS LESS CURRENT LIABILITIES

711,018

584,228

CREDITORS

Amounts falling due after more than one year

7

(158,527

)

(161,504

)

PROVISIONS FOR LIABILITIES

9

(90,370

)

(64,458

)

NET ASSETS

462,121

358,266

CAPITAL AND RESERVES

Called up share capital

10

6

6

Retained earnings

462,115

358,260

SHAREHOLDERS' FUNDS

462,121

358,266

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 June 2024 and were signed on its behalf by:

A P McDade - Director

1.	STATUTORY INFORMATION

McDade Travel Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Improvements to property

-

not provided

Plant and machinery

-

20% on cost and 15% on reducing balance

Motor vehicles

-

20% on reducing balance

Computer equipment

-

15% on reducing balance

Financial instruments

Basic financial instruments, including debtors and creditors with no stated interest rate and receivable or payable within one year, are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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

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.

Grant income

Where applicable, grants from the government are recognised at their fair value where there is a reasonable assurance that the grant will be received and that the company will comply with all attached conditions. Where the grant income relates to a particular expense item, the grant income is recognised in the profit and loss account over the same period as the expense it is intended to compensate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 38 (2022 - 33 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

to

Plant and

Motor

Computer

property

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 October 2022

119,125

1,633,476

871,685

8,229

2,632,515

Additions

3,100

-

292,450

-

295,550

At 30 September 2023

122,225

1,633,476

1,164,135

8,229

2,928,065

DEPRECIATION

At 1 October 2022

-

1,618,133

461,514

4,032

2,083,679

Charge for year

-

3,348

136,092

630

140,070

At 30 September 2023

-

1,621,481

597,606

4,662

2,223,749

NET BOOK VALUE

At 30 September 2023

122,225

11,995

566,529

3,567

704,316

At 30 September 2022

119,125

15,343

410,171

4,197

548,836

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 October 2022

440,275

Additions

292,450

Transfer to ownership

(97,500

)

At 30 September 2023

635,225

DEPRECIATION

At 1 October 2022

172,871

Charge for year

101,982

Transfer to ownership

(47,554

)

At 30 September 2023

227,299

NET BOOK VALUE

At 30 September 2023

407,926

At 30 September 2022

267,404

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

57,909

72,936

Other debtors

81,601

81,151

139,510

154,087

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

36,503

25,361

Hire purchase contracts (see note 8)

132,114

97,833

Taxation and social security

8,696

8,794

Other creditors

80,053

147,615

257,366

279,603

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

9,830

53,392

Hire purchase contracts (see note 8)

148,697

108,112

158,527

161,504

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2023

2022

£

£

Net obligations repayable:

Within one year

132,114

97,833

Between one and five years

148,697

108,112

280,811

205,945

Non-cancellable

operating leases

2023

2022

£

£

Within one year

7,115

7,115

Between one and five years

10,714

17,830

17,829

24,945

9.	PROVISIONS FOR LIABILITIES

2023

2022

£

£

Deferred tax

90,370

64,458

Deferred

tax

£

Balance at 1 October 2022

64,458

Provided during year

25,912

Balance at 30 September 2023

90,370

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

6

Ordinary

£1

6

6

11.	ULTIMATE CONTROLLING PARTY

The Company is controlled by the Directors.