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Unaudited Financial Statements for the Year Ended 30th September 2020 |
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Wright Bro's Coaches Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 30th September 2020 |
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for |
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Wright Bro's Coaches Limited |
Wright Bro's Coaches Limited (Registered number: 00345221) |
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Contents of the Financial Statements |
for the Year Ended 30th September 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Wright Bro's Coaches Limited |
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Company Information |
for the Year Ended 30th September 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Tarn Villa |
Culgaith |
Penrith |
Cumbria |
CA10 1QL |
Wright Bro's Coaches Limited (Registered number: 00345221) |
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Balance Sheet |
30th September 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Other reserves |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
Wright Bro's Coaches Limited (Registered number: 00345221) |
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Balance Sheet - continued |
30th September 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Wright Bro's Coaches Limited (Registered number: 00345221) |
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Notes to the Financial Statements |
for the Year Ended 30th September 2020 |
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1. | STATUTORY INFORMATION |
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Wright Bro's Coaches Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Freehold property | - |
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Short leasehold | - |
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Plant and machinery | - |
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Motor vehicles | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
Wright Bro's Coaches Limited (Registered number: 00345221) |
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Notes to the Financial Statements - continued |
for the Year Ended 30th September 2020 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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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. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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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. |
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Investment properties |
Land and buildings include investment properties. Investment properties are valued in the financial statements at their current market value. No depreciation is provided in respect of freehold investment properties or leasehold investment properties which have more than 20 years of the lease to run. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Freehold | Short | Plant and | Motor |
property | leasehold | machinery | vehicles | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1st October 2019 |
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Additions |
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Disposals |
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Revaluations |
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At 30th September 2020 |
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DEPRECIATION |
At 1st October 2019 |
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Charge for year |
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Eliminated on disposal |
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At 30th September 2020 |
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NET BOOK VALUE |
At 30th September 2020 |
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At 30th September 2019 |
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Wright Bro's Coaches Limited (Registered number: 00345221) |
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Notes to the Financial Statements - continued |
for the Year Ended 30th September 2020 |
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4. | TANGIBLE FIXED ASSETS - continued |
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Within Land and Buildings are investment properties 1 and 2 Hillersdon Terrace, Nenthead, Cumbria. Under |
FRS102 these properties were revalued as at 29th September 2020 by a further £20,250 above the revaluation increase of £7,450 conducted on 30th September 2018. The market value was carried out by Red Hot Properties of 13 Battle Hill, Hexham. |
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The valuation increase of £20,250 was credited to the Profit and Loss Account in Other Operating Income in the year. A corresponding charge to the Profit and Loss Account was made in Administrative Expenses for £20,250 to take the revaluation to Other Reserves that are not distributable. The balance on Other Reserves has risen to £147,218 as a result. All other properties within Land and Buildings are stated at cost and have not been revalued. |
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Cost or valuation at 30th September 2020 is represented by: |
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Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
Valuation in 2015 | 119,518 | - | 119,518 |
Valuation in 2018 | 7,450 | - | 7,450 |
Valuation in 2020 | 20,250 | - | 20,250 |
Cost | 90,085 | 892,103 | 982,188 |
237,303 | 892,103 | 1,129,406 |
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If investment property had not been revalued it would have been included at the following historical cost: |
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2020 | 2019 |
£ | £ |
Cost | 17,416 | 17,416 |
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Value of land in freehold land and buildings | 3,998 | 3,998 |
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Included in motor vehicles are assets held on hire purchase contracts with a net book value of £61,600 |
(2019: £34,898). The depreciation charge in the year arising on these assets is £15,400 (2019: £8,724). |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Other debtors |
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Wright Bro's Coaches Limited (Registered number: 00345221) |
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Notes to the Financial Statements - continued |
for the Year Ended 30th September 2020 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2020 | 2019 |
£ | £ |
Bank loans |
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Hire purchase contracts |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | 8,000 | - |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2020 | 2019 |
£ | £ |
Bank overdraft |
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Hire purchase contracts | 64,767 | 11,867 |
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