Ratho Coaches Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: SC216681 (Scotland)

Financial Statements for the Year Ended 31 March 2017

for

Ratho Coaches Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

A R Cowan

C A McIntosh

SECRETARY:

C A McIntosh

REGISTERED OFFICE:

11 Newbridge Ind Estate

Newbridge, Edinburgh

Lothian

EH28 8PJ

REGISTERED NUMBER:

SC216681 (Scotland)

ACCOUNTANTS:

IDS and Co

Chartered Accountants

38 Beansburn

Kilmarnock

Ayrshire

KA3 1RL

FIXED ASSETS

Intangible assets

4

19,200

25,000

Tangible assets

5

1,272,122

958,888

1,291,322

983,888

CURRENT ASSETS

Stocks

35,776

28,872

Debtors

6

171,581

151,063

Cash at bank and in hand

1,333

1,823

208,690

181,758

CREDITORS

Amounts falling due within one year

7

415,379

318,887

NET CURRENT LIABILITIES

(206,689

)

(137,129

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,084,633

846,759

CREDITORS

Amounts falling due after more than one year

8

(865,676

)

(667,774

)

PROVISIONS FOR LIABILITIES

(39,646

)

(29,149

)

NET ASSETS

179,311

149,836

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

179,309

149,834

SHAREHOLDERS' FUNDS

179,311

149,836

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 29 November 2017 and were signed on its behalf by:

C A McIntosh - Director

A R Cowan - Director

1.	STATUTORY INFORMATION

Ratho Coaches 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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.

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.

Franchise fee is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following rates on a monthly basis from acquisition to disposal, 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

shorter.

Long term leasehold - 20% on reducing balance

Plant and machinery - 20% on reducing balance

Motor Vehicles - 12%, 14% and 20% on reducing balance

Stocks

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

moving items.

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1 April 2016

250,000

-

250,000

Additions

-

24,000

24,000

At 31 March 2017

250,000

24,000

274,000

AMORTISATION

At 1 April 2016

225,000

-

225,000

Charge for year

25,000

4,800

29,800

At 31 March 2017

250,000

4,800

254,800

NET BOOK VALUE

At 31 March 2017

-

19,200

19,200

At 31 March 2016

25,000

-

25,000

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2016

-

1,582,434

1,582,434

Additions

12,750

560,999

573,749

Disposals

-

(199,000

)

(199,000

)

At 31 March 2017

12,750

1,944,433

1,957,183

DEPRECIATION

At 1 April 2016

-

623,546

623,546

Charge for year

2,433

161,509

163,942

Eliminated on disposal

-

(102,427

)

(102,427

)

At 31 March 2017

2,433

682,628

685,061

NET BOOK VALUE

At 31 March 2017

10,317

1,261,805

1,272,122

At 31 March 2016

-

958,888

958,888

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

Plant and

machinery

etc

£

COST

At 1 April 2016

1,549,005

Additions

542,815

Disposals

(199,000

)

At 31 March 2017

1,892,820

DEPRECIATION

At 1 April 2016

595,790

Charge for year

156,485

Eliminated on disposal

(102,427

)

At 31 March 2017

649,848

NET BOOK VALUE

At 31 March 2017

1,242,972

At 31 March 2016

953,215

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Trade debtors

134,226

106,004

Other debtors

37,355

45,059

171,581

151,063

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Bank loans and overdrafts

51,607

26,007

Hire purchase contracts

227,948

171,360

Trade creditors

35,462

47,215

Taxation and social security

20,544

13,872

Other creditors

79,818

60,433

415,379

318,887

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.17

31.3.16

£

£

Hire purchase contracts

799,060

604,656

Other creditors

66,616

63,118

865,676

667,774

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.17

31.3.16

£

£

Bank overdrafts

51,607

26,007

Other loans

45,000

60,000

96,607

86,007

The Bank of Scotland holds a bond and floating charge over the whole assets of the Company.

Mr C McIntosh has given a personal guarantee with security over his property in relation to the bank overdraft

facility and the Funding Circle loan.

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the directors loaned to the company £77,080 and were repaid £48,747. The outstanding balance

as at 31 March 2016 is £77,649 (31.3.16 - £49,316).

11.	RELATED PARTY DISCLOSURES

Rental charges of £22,500 were paid for the rental of the property at 11 Newbridge Industrial Estate, Newbridge.

The property is owned by the Ratho Coaches SASS, of which Mr A Cowan and Mr C McIntosh are the trustees.

During the year, total dividends of £46,200 were paid to the director, Mr A Cowan, in respect of his

shareholding.

12.	FIRST YEAR ADOPTION

These are the first financial statements that comply with FRS102. The company transitioned to FRS102 on 1

April 2016.

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Ratho Coaches Limited for the year ended 31 March 2017 which comprise the Profit and Loss

Account, Balance Sheet, and the related notes from the company's accounting records and from information and

explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Ratho Coaches Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Ratho Coaches Limited and state those matters that we have agreed to state to the Board of Directors of Ratho Coaches Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Ratho Coaches Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Ratho Coaches Limited. You consider that Ratho Coaches Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Ratho Coaches Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

IDS and Co

Chartered Accountants

38 Beansburn

Kilmarnock

Ayrshire

KA3 1RL

29 November 2017