Company Registration No. 04370527 (England and Wales)
Lakeside Coaches Limited
Unaudited accounts
for the year ended 31 March 2017
Lakeside Coaches Limited
Unaudited accounts
Contents
Lakeside Coaches Limited
Company Information
for the year ended 31 March 2017
Directors
Dr G Davies
Mr J Davies
Mrs D Davies
Mr N Hall
Company Number
04370527 (England and Wales)
Registered Office
THE COACH CENTRE
ELLESMERE BUSINESS PARK
OSWESTRY ROAD ELLESMERE
SHROPSHIRE
SY12 0EW
Lakeside Coaches Limited
Statement of financial position
as at 31 March 2017
Intangible assets
90,417
105,917
Tangible assets
1,885,005
1,535,082
Cash at bank and in hand
217,091
320,642
Creditors: amounts falling due within one year
(721,782)
(585,740)
Net current assets
658,777
733,515
Total assets less current liabilities
2,634,199
2,374,514
Creditors: amounts falling due after more than one year
(770,596)
(522,485)
Provisions for liabilities
Deferred tax
(144,320)
(153,147)
Net assets
1,719,283
1,698,882
Called up share capital
100
100
Profit and loss account
1,719,183
1,698,782
Shareholders' funds
1,719,283
1,698,882
For the year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 9 October 2017.
Dr G Davies
Director
Company Registration No. 04370527
Lakeside Coaches Limited
Notes to the Accounts
for the year ended 31 March 2017
Lakeside Coaches Limited is a private company, limited by shares, registered in England and Wales, registration number 04370527. The registered office and principal place of business is THE COACH CENTRE, ELLESMERE BUSINESS PARK, OSWESTRY ROAD ELLESMERE, SHROPSHIRE, SY12 0EW.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the year ended 31 March 2017 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 April 2015.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Goodwill, being the value on incorporation of the business in 2002, is being amortised evenly over its estimated useful life of twenty years.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% reducing balance
Motor vehicles
25% reducing balance
Fixtures & fittings
33% straight line
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell.
Lakeside Coaches Limited
Notes to the Accounts
for the year ended 31 March 2017
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 accounts. 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 average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
4
Intangible fixed assets
Goodwill
Charge for the year
15,500
5
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 1 April 2016
37,990
4,111,533
11,882
4,161,405
Additions
-
1,054,837
-
1,054,837
Disposals
-
(415,651)
-
(415,651)
At 31 March 2017
37,990
4,750,719
11,882
4,800,591
At 1 April 2016
36,346
2,578,723
11,254
2,626,323
Charge for the year
411
627,819
314
628,544
On disposals
-
(339,281)
-
(339,281)
At 31 March 2017
36,757
2,867,261
11,568
2,915,586
At 31 March 2017
1,233
1,883,458
314
1,885,005
At 31 March 2016
1,644
1,532,810
628
1,535,082
Raw materials
18,590
40,000
Lakeside Coaches Limited
Notes to the Accounts
for the year ended 31 March 2017
Trade debtors
271,054
254,993
Amounts due from group undertakings etc.
631,608
593,185
Accrued income and prepayments
95,474
73,432
Other debtors
146,742
37,003
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Creditors: amounts falling due within one year
2017
2016
Bank loans and overdrafts
33,120
32,352
Obligations under finance leases and hire purchase contracts
372,538
277,981
Trade creditors
128,773
101,899
Taxes and social security
71,296
37,540
Other creditors
16,055
35,968
Loans from directors
100,000
100,000
9
Creditors: amounts falling due after more than one year
2017
2016
Bank loans
106,422
140,972
Obligations under finance leases and hire purchase contracts
392,958
140,705
Amounts owed to group undertakings and other participating interests
41,258
250
Other creditors
229,958
240,558
Lakeside Coaches Limited
Notes to the Accounts
for the year ended 31 March 2017
10
Transactions with related parties
Included within creditors due in less than one year is a joint directors loan account from Mr J and Mrs D Davies, directors, amounting to £100,000 (2016: £100,000).
Included within creditors due in more than one year is a joint directors loan account from Mr J and Mrs D Davies, directors, amounting to £229,958 (2016: £240,558).
Included within debtors is an amount owed from Lakeside Property Portfolio Ltd of £550,807 (2016: £576,185). Also included within debtors is an amount owed from Hall and Davies Ltd of £80,801 (2016: £17,000)
Also included within creditors is an amount owed from J R Davies and Son Holdings Ltd of £41,258 (2016: £250).
During the year the company paid rent of £58,000 (2016: £58,000) to Lakeside Property Portfolio Ltd.
During the year the company paid for expenses of £8,403 (2016: £5,373) relating to Lakeside Property Portfolio Ltd.
During the year the company paid for expenses of £325 (2016: £325) relating to J R Davies and Son Holdings Ltd.
During the year the company paid for expenses of £63,801 (2016: £17,000) relating to Hall and Davies Ltd
J R Davies and Son Holdings Ltd owns 100% of the issued share capital in Lakeside Coaches Ltd and Lakeside Property Portfolio Ltd. J R Davies and Son Holdings Ltd owns 50% of the share capital in Hall and Davies Ltd. Neal Hall, director, owns 50% of the issued share capital in Hall and Davies Ltd.
During the year the company declared and paid dividends totalling £108,000 (2016: £97,691 to J R Davies and Son Holdings Ltd.
11
Average number of employees
During the year the average number of employees was 52 (2016: 48).
