M-Line International Coaches Ltd. - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: SC244073 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH SEPTEMBER 2017

FOR

M-LINE INTERNATIONAL COACHES LTD.

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

Mr T Matchett

Mrs H Matchett

SECRETARY:

Mrs H Matchett

REGISTERED OFFICE:

Coach House

Riverbank Industrial Estate

Kelliebank

Alloa

Clackmannanshire

FK10 1NT

REGISTERED NUMBER:

SC244073 (Scotland)

ACCOUNTANTS:

Atkinson & Co Limited

Chartered Accountants

Victoria House

87 High Street

Tillicoultry

Clackmannanshire

FK13 6AA

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 accordance with our terms of engagement, and in order to assist you to fulfil your duties under the Companies Act

2006, we have prepared the financial statements of the company on pages 4 to 14 from the accounting records and

information and explanations supplied to us.

This report is made to the Company's Board of Directors, as a body, in accordance with the terms of our engagement.

Our work has been undertaken to enable us to prepare the financial statements on behalf of the Company's Board of

Directors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility

to anyone other than the Company and the Company's Board of Directors, as a body, for our work or for this report.

We have carried out this engagement in accordance with best practice guidance issued by the Institute of Chartered

Accountants of Scotland and have complied with the ethical guidance laid down by the Institute relating to members

undertaking the preparation of financial statements.

You have acknowledged on the balance sheet as at 30 September 2017 your duty to ensure that the company has kept

adequate accounting records and to prepare financial statements that give a true and fair view under the Companies

Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.

We have not been instructed to carry out an audit of the financial statements. 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 financial statements.

Atkinson & Co Limited

Chartered Accountants

Victoria House

87 High Street

Tillicoultry

Clackmannanshire

FK13 6AA

21st June 2018

FIXED ASSETS

Intangible assets

4

39,812

71,906

Tangible assets

5

611,544

640,150

651,356

712,056

CURRENT ASSETS

Debtors

6

89,170

93,855

Cash at bank

34,225

7,245

123,395

101,100

CREDITORS

Amounts falling due within one year

7

(244,467

)

(245,222

)

NET CURRENT LIABILITIES

(121,072

)

(144,122

)

TOTAL ASSETS LESS CURRENT LIABILITIES

530,284

567,934

CREDITORS

Amounts falling due after more than one year

8

(279,725

)

(286,704

)

PROVISIONS FOR LIABILITIES

(71,794

)

(81,650

)

NET ASSETS

178,765

199,580

CAPITAL AND RESERVES

Called up share capital

50

50

Revaluation reserve

9

154,777

170,777

Retained earnings

23,938

28,753

SHAREHOLDERS' FUNDS

178,765

199,580

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th September 2017.

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

The financial statements were approved by the Board of Directors on 14th June 2018 and were signed on its behalf by:

Mr T Matchett - Director

1.	STATUTORY INFORMATION

M-Line International Coaches Ltd. 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 as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the

useful economic life of that asset as follows:

Goodwill - amortised over 5 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.

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the

useful economic life of that asset as follows:

Fixtures & Fittings - 25%per annum straight line

Motor Vehicles - 25% per annum reducing balance

The company does not expect the value of its buildings to diminish and therefore has chosen not to depreciate

them.

An amount equal to the excess of the annual amortisation charge on revalued assets over the notional

historical cost amortisation charge on those assets is transferred annually from the revaluation reserve to the

Profit and Loss account.

Fixed Assets

Fixed assets are initially recorded at cost except for Freehold Property. It has been elected to carry freehold

property at revalued amount as deemed cost going forward.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST OR VALUATION

At 1st October 2016

and 30th September 2017

160,470

AMORTISATION

At 1st October 2016

88,564

Amortisation for year

32,094

At 30th September 2017

120,658

NET BOOK VALUE

At 30th September 2017

39,812

At 30th September 2016

71,906

Cost or valuation at 30th September 2017 is represented by:

Goodwill

£

Valuation in 2013

40,000

Valuation in 2014

20,000

Valuation in 2015

20,000

Cost

80,470

160,470

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Motor

property

fittings

vehicles

Totals

£

£

£

£

COST OR VALUATION

At 1st October 2016

350,000

36,777

720,263

1,107,040

Additions

-

-

59,750

59,750

At 30th September 2017

350,000

36,777

780,013

1,166,790

DEPRECIATION

At 1st October 2016

-

35,602

431,288

466,890

Charge for year

-

1,175

87,181

88,356

At 30th September 2017

-

36,777

518,469

555,246

NET BOOK VALUE

At 30th September 2017

350,000

-

261,544

611,544

At 30th September 2016

350,000

1,175

288,975

640,150

Included in cost or valuation of land and buildings is freehold land of £ 350,000 (2016 - £ 350,000 ) which is

not depreciated.

Land and buildings are held in the accounts at open market value as at the revaluation date plus cost of the

additions thereafter. The land and buildings were revalued by Graham & Sibbald in October 2011.

Cost or valuation at 30th September 2017 is represented by:

Fixtures

Freehold

and

Motor

property

fittings

vehicles

Totals

£

£

£

£

Valuation in 2016

-

-

45,000

45,000

Valuation in 2011

25,000

-

-

25,000

Valuation in 2010

86,878

-

-

86,878

Cost

238,122

36,777

735,013

1,009,912

350,000

36,777

780,013

1,166,790

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

Motor

vehicles

£

COST OR VALUATION

At 1st October 2016

563,893

Additions

59,750

At 30th September 2017

623,643

DEPRECIATION

At 1st October 2016

329,345

Charge for year

71,676

At 30th September 2017

401,021

NET BOOK VALUE

At 30th September 2017

222,622

At 30th September 2016

234,548

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

38,535

61,725

Other debtors

-

5,686

Directors' loan accounts

40,795

21,536

VAT

9,490

4,658

Prepayments

350

250

89,170

93,855

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

86,183

69,941

Hire purchase contracts

64,529

59,376

Trade creditors

22,119

35,067

Corporation Tax

44,683

31,224

Social security and other taxes

16,702

15,068

Shareholder loans

-

17,750

Accrued expenses

10,251

16,796

244,467

245,222

The Clydesdale bank PLC holds a floating charge over all the assets and undertakings of the company as a

security on its loan and has heritable security on the company's property.

In addition the director has given personal guarantees for the overdrafts and loans.

Bank Loan liabilities disclosed under creditors falling due within one year are secured by the company.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans - 2-5 years

157,620

121,489

Hire purchase contracts

122,105

165,215

279,725

286,704

Bank Loan liabilities disclosed under creditors falling due after more than one year are secured by the

company.

9.

RESERVES

Revaluation

reserve

£

At 1st October 2016

170,777

Revaluation amortisation

(16,000

)

At 30th September 2017

154,777

10.	RELATED PARTY DISCLOSURES

Included within debtors are loans to the director's totalling £40,795 (2016: £21,536). Loans are subject to

interest at 2.75%.

Also included within debtors in 2016 was a loan of £5,686 to Cherry Mac Ltd a company owned and

controlled by the director Mrs H Matchett. The loan has been written off as Cherry Mac Ltd is now dissolved.