Paul S. Winson (Coaches) Limited 01/05/2018 iXBRL

PAUL S. WINSON (COACHES) LIMITED - Company Information

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Company registration number: 1692596

Paul S. Winson (Coaches) Limited

Unaudited filleted financial statements

01 May 2018

Paul S. Winson (Coaches) Limited

Contents

Directors and other information

Accountants report

Statement of financial position

Notes to the financial statements

Paul S. Winson (Coaches) Limited

Directors and other information


	Directors	Mr P S Winson
		Mrs M A Winson
		Mr P B Winson
		Mr A J Winson
		Mr M E Winson


	Secretary	Mr A J Winson


	Company number	1692596


	Registered office	White House
		Wollaton Street
		Nottingham
		NG1 5GF


	Business address	The Coach Station
		Royal Way
		Belton Park
		Loughborough
		Leicestershire LE11 5XR


	Accountants	Higson & Co
		White House
		Wollaton Street
		Nottingham
		NG1 5GF




	Bankers	Barclays Bank Plc
		High Street
		Nottingham
		NG1 6FF

Paul S. Winson (Coaches) Limited

Chartered accountants report to the board of directors on the preparation of the

unaudited statutory financial statements of Paul S. Winson (Coaches) Limited

Year ended 1 May 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Paul S. Winson (Coaches) Limited for the year ended 1 May 2018 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/ regulations-standards-and-guidance/.

This report is made solely to the board of directors of Paul S. Winson (Coaches) Limited, as a body, in accordance with the terms of our engagement letter dated 22 August 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Paul S. Winson (Coaches) Limited and state those matters that we have agreed to state to the board of directors of Paul S. Winson (Coaches) Limited as a body, in this report in accordance with the ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Paul S. Winson (Coaches) Limited and its board of directors as a body for our work or for this report.

It is your duty to ensure that Paul S. Winson (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 Paul S. Winson (Coaches) Limited. You consider that Paul S. Winson (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 Paul S. Winson (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.

Higson & Co

Chartered Accountants

White House

Wollaton Street

Nottingham

NG1 5GF

21 January 2019

Paul S. Winson (Coaches) Limited

Statement of financial position

1 May 2018

		2018		2017
	Note	£	£	£	£

Fixed assets
Tangible assets	5	1,448,210		1,453,135
Investments	6	740,200		281,875
		_______		_______
			2,188,410		1,735,010

Current assets
Stocks		22,657		19,351
Debtors	7	428,001		407,997
Cash at bank and in hand		3,517,800		4,051,764
		_______		_______
		3,968,458		4,479,112
Creditors: amounts falling due
within one year	8	( 564,244)		( 762,300)
		_______		_______
Net current assets			3,404,214		3,716,812
			_______		_______
Total assets less current liabilities			5,592,624		5,451,822

Creditors: amounts falling due
after more than one year	9		( 363,369)		( 333,693)

Provisions for liabilities			( 173,090)		( 189,687)

			_______		_______
Net assets			5,056,165		4,928,442
			_______		_______

Capital and reserves
Called up share capital			100		100
Profit and loss account			5,056,065		4,928,342
			_______		_______
Shareholders funds			5,056,165		4,928,442
			_______		_______

For the year ending 01 May 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 21 January 2019 , and are signed on behalf of the board by:

Mr P S Winson

Director

Company registration number: 1692596

Paul S. Winson (Coaches) Limited

Notes to the financial statements

Year ended 1 May 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is White House, Wollaton Street, Nottingham, NG1 5GF.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Plant and machinery	-	25 %	reducing balance
Motor vehicles	-	25 %	reducing balance
Coaches	-	25 %	reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

4. Staff costs

The average number of persons employed by the company during the year amounted to 36 (2017: 38 ).

5. Tangible assets

	Freehold property	Plant and machinery	Motor vehicles	Coaches	Total
	£	£	£	£	£
Cost
At 2 May 2017	309,430	399,701	119,284	3,252,500	4,080,915
Additions	-	18,966	-	278,500	297,466
Disposals	-	-	-	( 30,000)	( 30,000)
	_______	_______	_______	_______	_______
At 1 May 2018	309,430	418,667	119,284	3,501,000	4,348,381
	_______	_______	_______	_______	_______
Depreciation
At 2 May 2017	-	319,368	59,213	2,249,199	2,627,780
Charge for the year	-	22,550	15,019	260,150	297,719
Disposals	-	-	-	( 25,328)	( 25,328)
	_______	_______	_______	_______	_______
At 1 May 2018	-	341,918	74,232	2,484,021	2,900,171
	_______	_______	_______	_______	_______
Carrying amount
At 1 May 2018	309,430	76,749	45,052	1,016,979	1,448,210
	_______	_______	_______	_______	_______
At 1 May 2017	309,430	80,333	60,071	1,003,301	1,453,135
	_______	_______	_______	_______	_______

6. Investments

	Other investments other than loans	Total
	£	£
Cost
At 2 May 2017	281,875	281,875
Additions	753,900	753,900
Disposals	( 281,875)	( 281,875)
Fair value adjustment	(13,700)	(13,700)
	_______	_______
At 1 May 2018	740,200	740,200
	_______	_______
Impairment
At 2 May 2017 and 1 May 2018	-	-
	_______	_______
Carrying amount
At 1 May 2018	740,200	740,200
	_______	_______
At 1 May 2017	281,875	281,875
	_______	_______

7. Debtors

	2018	2017
	£	£
Trade debtors	142,877	209,120
Amounts owed by group undertakings and undertakings in which the company has a participating interest	177,350	177,350
Other debtors	107,774	21,527
	_______	_______
	428,001	407,997
	_______	_______

8. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	-	213,381
Trade creditors	33,420	23,427
Amounts owed to group undertakings and undertakings in which the company has a participating interest	180,743	180,743
Corporation tax	69,782	77,276
Social security and other taxes	6,981	12,097
Other creditors	273,318	255,376
	_______	_______
	564,244	762,300
	_______	_______

Within other creditors is an amount of £125,464 (2017: £119,889) for finance agreements. The finance leases are secured on the assets concerned.

9. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Other creditors	363,369	333,693
	_______	_______

Within other creditors is an amount of £363,369 (2017: £333,693) for finance agreements.

Included within creditors: amounts falling due after more than one year is an amount of £ - (2017 £ 2,381 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

The finance leases are secured on the assets concerned.

10. Controlling party

The Company is a subsidiary of Paul S. Winson (Holdings) Limited, a Company incorporated in England & Wales under company number 01507550. Paul S. Winson (Holdings) Limited holds 99 of the 100 issued Ordinary Shares of £1 each, this Company having changed its name from Paul S. Winson (Garage Services) Limited with effect from 18 February 2002. Paul S. Winson (Holdings) Limited traded in previous years in the provision of garage services. Mr P S Winson and Mrs M A Winson own between them 100 Ordinary Shares of £1 out of the total issued share capital of £100 in Paul S. Winson (Holdings) Limited.