Ratho Coaches Limited - Accounts to registrar (filleted) - small 18.2
Ratho Coaches Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 31 March 2018 |
| for |
| Ratho Coaches Limited |
| Ratho Coaches Limited (Registered number: SC216681) |
| Contents of the Financial Statements |
| for the Year Ended 31 March 2018 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Chartered Accountants' Report | 10 |
| Ratho Coaches Limited |
| Company Information |
| for the Year Ended 31 March 2018 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 38 Beansburn |
| Kilmarnock |
| Ayrshire |
| KA3 1RL |
| Ratho Coaches Limited (Registered number: SC216681) |
| Balance Sheet |
| 31 March 2018 |
| 31.3.18 | 31.3.17 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| Investments | 6 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 11 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| Ratho Coaches Limited (Registered number: SC216681) |
| Balance Sheet - continued |
| 31 March 2018 |
| 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 by: |
| Ratho Coaches Limited (Registered number: SC216681) |
| Notes to the Financial Statements |
| for the Year Ended 31 March 2018 |
| 1. | STATUTORY INFORMATION |
| Ratho Coaches Limited is a |
| 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 |
| The company has a net surplus on the balance sheet at 31 March 2018 of £218,004 and net current liabilities of |
| £165,275 (31.03.17 £206,689). The financial statements have been prepared on a going concern basis which |
| assumes that the company will continue in operational existence in the foreseeable future. The directors |
| consider this to be the appropriate basis to use as the company continues to meet its debts as they fall due. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
| value added tax and other sales taxes. |
| Turnover is represented by services from coach operations. |
| Intangible assets |
| After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any |
| accumulated impairment losses. |
| A Franchise fee is being amortised evenly over its estimated useful life of five years. |
| Ratho Coaches Limited (Registered number: SC216681) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2018 |
| 2. | ACCOUNTING POLICIES - continued |
| 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%, 15% and 20% on reducing balance and 10% on cost |
| Impairment of fixed assets |
| At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine |
| whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, |
| the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). |
| Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the |
| recoverable amount of the cash-generating unit to which the asset belongs. |
| If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the |
| asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, |
| unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a |
| revaluation decrease. |
| Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to |
| apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the |
| revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the |
| carrying amount that would have been determined had no impairment loss been recognised for the asset in prior |
| years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is |
| carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation |
| increase. |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
| moving items. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, |
| 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. |
| Ratho Coaches Limited (Registered number: SC216681) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2018 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Other |
| intangible |
| Goodwill | assets | Totals |
| £ | £ | £ |
| COST |
| At 1 April 2017 |
| and 31 March 2018 |
| AMORTISATION |
| At 1 April 2017 |
| Charge for year |
| At 31 March 2018 |
| NET BOOK VALUE |
| At 31 March 2018 |
| At 31 March 2017 |
| Ratho Coaches Limited (Registered number: SC216681) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2018 |
| 5. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST |
| At 1 April 2017 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 March 2018 |
| DEPRECIATION |
| At 1 April 2017 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| Impairments |
| At 31 March 2018 |
| NET BOOK VALUE |
| At 31 March 2018 |
| At 31 March 2017 |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 April 2017 |
| Additions |
| Disposals | ( |
) |
| At 31 March 2018 |
| DEPRECIATION |
| At 1 April 2017 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| Impairments |
| At 31 March 2018 |
| NET BOOK VALUE |
| At 31 March 2018 |
| At 31 March 2017 |
| Ratho Coaches Limited (Registered number: SC216681) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2018 |
| 6. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| Additions |
| At 31 March 2018 |
| NET BOOK VALUE |
| At 31 March 2018 |
| On 1 September 2017 the company purchased 80% of the shares in W&K Scott Ltd, a company registered in |
| Scotland. |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.3.18 | 31.3.17 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.3.18 | 31.3.17 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.3.18 | 31.3.17 |
| £ | £ |
| Hire purchase contracts |
| Other creditors |
| Ratho Coaches Limited (Registered number: SC216681) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2018 |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 31.3.18 | 31.3.17 |
| £ | £ |
| Bank overdrafts |
| Other loans |
| 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. |
| 11. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.3.18 | 31.3.17 |
| value: | £ | £ |
| A Ordinary | £1 | 1 | 1 |
| B Ordinary | £1 | 1 | 1 |
| 2 | 2 |
| 12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| During the year the directors loaned to the company £169,500 and were repaid £153,605. Interest totalling |
| £5,473 was included in the payments. The outstanding balance as at 31 March 2018 is £93,544 (31.3.17 - |
| £77,649). |
| 13. | RELATED PARTY DISCLOSURES |
| Rental charges of £27,083 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 £96,960 were paid to the directors. |
| Chartered Accountants' Report to the Board of Directors |
| on the Unaudited Financial Statements of |
| Ratho Coaches Limited |
| 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 2018 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. |
| Chartered Accountants |
| 38 Beansburn |
| Kilmarnock |
| Ayrshire |
| KA3 1RL |