Company No:
Contents
DIRECTORS | Mr J W A Baugh |
Mr K F Jones | |
REGISTERED OFFICE | 59 Days Road |
St Phillips | |
Bristol | |
BS2 0QS | |
United Kingdom | |
COMPANY NUMBER | 01369495(England and Wales) |
CHARTERED ACCOUNTANTS | Bishop Fleming LLP |
10 Temple Back | |
Bristol | |
BS1 6FL |
We are subject to the ethical and other professional requirements of the Institute of Chartered Accountants in England and Wales (ICAEW) which are detailed at _http://www.icaew.com/en/members/regulations-standards-and-guidance/_.
It is your duty to ensure that Turners Coachways (Bristol) 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 Turners Coachways (Bristol) Limited. You consider that Turners Coachways (Bristol) Limited is exempt from the statutory audit requirement for the financial year.
We have not been instructed to carry out an audit or a review of the financial statements of Turners Coachways (Bristol) 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
Bristol
BS1 6FL
2020 | 2019 | |||
Note | £ | £ | ||
Fixed assets | ||||
Tangible assets | 3 |
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3,382,442 | 1,770,343 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand |
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1,848,918 | 817,237 | |||
Creditors | ||||
Amounts falling due within one year | 5 | (
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Net current assets | 1,144,284 | 583,953 | ||
Total assets less current liabilities | 4,526,726 | 2,354,296 | ||
Creditors | ||||
Amounts falling due after more than one year | 6 | (
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Provisions for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 8 |
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Profit and loss account |
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Total shareholder's funds |
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Directors’ responsibilities:
The financial statements of Turners Coachways (Bristol) Limited (registered number:
Mr K F Jones
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year.
Turners Coachways (Bristol) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 59 Days Road, St Phillips, Bristol, BS2 0QS, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.
The functional currency of Turners Coachways (Bristol) Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
At the Balance sheet date the Directors have carefully considered the recent COVID-19 events and have with these in mind considered the ability to continue as a going concern and believe this to be the appropriate basis on which to prepare the accounts.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Land and buildings - 1.7% straight line
Coaches - 12.5% reducing balance
Other vehicles - 20% straight line
Fixtures and fittings - 20% or 25% straight line
Leasehold improvements - 20% straight line
Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
2020 | 2019 | |
Number | Number | |
Monthly average number of persons employed by the Company during the year, including directors |
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Land and buildings | Leasehold improvements | Vehicles | Fixtures and fittings | Total | |
£ | £ | £ | £ | £ | |
Cost/Valuation | |||||
At 01 April 2019 |
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Additions |
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Disposals |
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At 31 March 2020 |
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Accumulated depreciation | |||||
At 01 April 2019 |
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Charge for the financial year |
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Disposals |
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At 31 March 2020 |
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Net book value | |||||
At 31 March 2020 |
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At 31 March 2019 |
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2020 | 2019 | |
£ | £ | |
Trade debtors |
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Short term loans to associates |
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Amounts owed by directors |
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Prepayments and accrued income |
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VAT recoverable |
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Other debtors |
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2020 | 2019 | |
£ | £ | |
Trade creditors |
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Other creditors |
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Accruals |
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Corporation tax |
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Other taxation and social security |
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Obligations under finance leases and hire purchase contracts |
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2020 | 2019 | |
£ | £ | |
Obligations under finance leases and hire purchase contracts |
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1,941,576 | 0 |
2020 | 2019 | |
£ | £ | |
At the beginning of financial year | (
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(Charged)/credited to the Statement of Income and Retained Earnings | (
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At the end of financial year | (
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2020 | 2019 | |
£ | £ | |
Allotted, called-up and fully-paid | ||
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1,000 | 1,000 |
Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
2020 | 2019 | |
£ | £ | |
- within one year |
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- between one and five years |
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Pensions
The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.
2020 | 2019 | |
£ | £ | |
Unpaid contributions due to the fund (inc. in other creditors) | 1,629 | 452 |
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At the year end an amount of £365,118 (2019: £Nil) was due to the company by Mr K F Jones, a director. The loan is interest free and has no fixed date for repayment.