REGISTERED NUMBER: 03872099 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
AUDITED CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2022 |
FOR |
CENTREBUS LIMITED |
REGISTERED NUMBER: 03872099 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
AUDITED CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2022 |
FOR |
CENTREBUS LIMITED |
CENTREBUS LIMITED (REGISTERED NUMBER: 03872099) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2022 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Income Statement | 9 |
Consolidated Other Comprehensive Income | 10 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Financial Statements | 17 |
CENTREBUS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 APRIL 2022 |
Directors: |
Registered office: |
Registered number: |
Auditors: |
1st Floor Waterside House |
Waterside Drive |
Wigan |
Lancashire |
WN3 5AZ |
Bankers: | HSBC |
Penman Way |
Grove Park |
Enderby |
Leicester |
LE19 1SY |
CENTREBUS LIMITED (REGISTERED NUMBER: 03872099) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 APRIL 2022 |
The directors present their strategic report of the company and the group for the year ended 30 April 2022. |
Review of business |
The group has continued to be a bus service operator. |
The results of the group for the year show turnover of £27,876,539 (2021: £23,564,574) and a pre-tax (Loss)/profit of (£29,532) (2021: £387,161). In the year the group received government support in the form of CBSSG BRG support schemes totalling £2,913,345 which has been included within turnover. |
Trading conditions for the current year have continued to be challenging which is illustrated by the reduction in profit for the year despite increased turnover. |
Having emerged from the COVID pandemic, the business is adapting to the new trading conditions which face us and many other businesses. The directors remain confident that the company will continue to adapt and will be able to meet future challenges and as such the directors consider both the performance of the company and its overall financial position to be satisfactory |
The directors are well aware that the business environment remains challenging and will continue to review all aspects of the business to ensure that it can take full advantage of any opportunities as they arise.The directors are also constantly reviewing costs and identifying any potential savings that are available to them. |
The directors have assessed the main risks facing the group as being the commercial risks in respect of competition and overall market conditions, liquidity risk and the price of fuel which is a key issue for the group. |
The directors consider the key performance indicators of the business to be: |
2022 | 2021 | % change |
Turnover | £27,876,539 | £23,564,574 | 18.30% |
Operating profit | £27,136 | £427,697 | (93.66%) |
Profit / (Loss) after tax | (£161,543) | £302,818 | (153.35%) |
Number of employees | 593 | 537 | 10.43% |
Principal risks and uncertainties |
The bus service sector has seen consistent pressure on margins as a result of competition and market conditions. The directors continue to place service delivery as a key performance indicator and every effort is made to ensure delivery for the customer is as high as it can be across all depots and services. |
The directors have considered the potential implications of the ongoing COVID-19 pandemic on the business. Whilst the eventual financial impact of the pandemic on the group, and on the overall economy is uncertain, they are confident that the overall impact on the business will not be significant. To mitigate the impact on the business as far as possible, the group have accessed the various government support available. |
The group has exposure to two main areas of financial risk - liquidity risk and fuel prices. |
Liquidity Risk |
The objective of the group in managing its liquidity risk is to ensure that it can meet its financial obligations as and when they fall due. The group expects to meet its financial obligations through operating cash flows. The group is reliant on asset funders to finance new vehicles purchases. The company always operates within its agreed banking facilities. All income is generated within the UK and all suppliers are UK based so the company has no requirement to enter into any hedging arrangements relating to its debtors and creditors. |
Fuel Prices |
Fuel costs are a significant cost to the organisation and and the board of directors does use a fuel hedge to fix the price of fuel upto twelve months in advance to provide certainty of a very volatile cost. The hedging policy is periodically reviewed and the directors are confident that the policy is appropriate to the risk of fuel price volatility. |
Environmental policy |
The company recognises its corporate responsibility to carry out its operations whilst minimising its impact on the environment. The directors continued aim is to reduce waste wherever possible and comply with all environmental legislation. |
CENTREBUS LIMITED (REGISTERED NUMBER: 03872099) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 APRIL 2022 |
Human resources and employment policy |
The company ensures that employees are provided with information of relevance to them as employees by means of direct communication and notice boards. The involvement of the employees in the company's performance is encouraged through various employee schemes. The company seeks to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance. |
Applications for employment by disabled persons are fully considered having regard to the aptitudes and abilities of each applicant. Training and career development and promotion of disabled persons is, as far as possible, identical to that of other employees who are not disabled. Arrangement are made, wherever possible, for retraining employees who become disabled, to perform work identified as appropriate to their aptitudes and abilities. |
Health and safety |
The company is committed to achieving high standards in health and safety management and strives to make its depots and offices safe environment for both its employees and customers alike. |
On behalf of the board: |
CENTREBUS LIMITED (REGISTERED NUMBER: 03872099) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 APRIL 2022 |
The directors present their report with the financial statements of the company and the group for the year ended 30 April 2022. |
Principal activity |
The principal activity of the group in the year under review was that of a bus service operator. |
Dividends |
The total distribution of dividends for the year ended 30 April 2022 will be £ 238,424 . |
Directors |
The directors shown below have held office during the whole of the period from 1 May 2021 to the date of this report. |
Other changes in directors holding office are as follows: |
Disclosure in the strategic report |
The disclosures in respect of the business review, future developments and the financial risk management, objectives and policies are included in the group strategic report. The principal activities of the group are also disclosed in the Strategic Report. |
Statement of directors' responsibilities |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
Statement as to disclosure of information to auditors |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
CENTREBUS LIMITED (REGISTERED NUMBER: 03872099) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 APRIL 2022 |
Auditors |
The auditors, NRB, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
On behalf of the board: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CENTREBUS LIMITED |
Opinion |
We have audited the financial statements of Centrebus Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2022 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 30 April 2022 and of the group's loss for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CENTREBUS LIMITED |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below : |
- Consideration was given to the entity's susceptibility to material misstatement at all times during the audit including consideration of how fraud could occur. This involved consideration of the nature of the entity's activities and transactions with the potential identification of fraud |
- Identification of key laws and regulations considered central to the entity, including a review of any policies and procedures in place to ensure compliance. Key laws and regulations identified include the UK Companies Act, tax legislation and health and safety regulations |
- Ensured that the engagement team had the necessary competence and capabilities to identify any examples of non-compliance at all stages |
- Audit work was completed in all relevant areas that were deemed to be appropriate for the client and the associated risks in respect of potential misstatements, including fraud. Our audit work was designed to assess these risks in all areas and included enquiry of management, testing the appropriateness of journal entries, reviewing financial statement disclosures and tracing to relevant documentation as well as the consideration of the risk of potential management override |
Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CENTREBUS LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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 members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
1st Floor Waterside House |
Waterside Drive |
Wigan |
Lancashire |
WN3 5AZ |
CENTREBUS LIMITED (REGISTERED NUMBER: 03872099) |
CONSOLIDATED |
INCOME STATEMENT |
FOR THE YEAR ENDED 30 APRIL 2022 |
30.4.22 | 30.4.21 |
Notes | £ | £ |
TURNOVER | 4 | 27,876,539 | 23,564,574 |
Cost of sales | 24,509,311 | 21,277,007 |
GROSS PROFIT | 3,367,228 | 2,287,567 |
Administrative expenses | 3,340,092 | 2,994,009 |
27,136 | (706,442 | ) |
Other operating income | - | 1,134,139 |
OPERATING PROFIT | 6 | 27,136 | 427,697 |
Interest payable and similar expenses | 7 | 56,488 | 40,536 |
(LOSS)/PROFIT BEFORE TAXATION | (29,352 | ) | 387,161 |
Tax on (loss)/profit | 8 | 132,191 | 84,343 |
(LOSS)/PROFIT FOR THE FINANCIAL YEAR | ( |
) |
(Loss)/profit attributable to: |
Owners of the parent | (161,543 | ) | 302,818 |
CENTREBUS LIMITED (REGISTERED NUMBER: 03872099) |
CONSOLIDATED |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 APRIL 2022 |
30.4.22 | 30.4.21 |
Notes | £ | £ |
(LOSS)/PROFIT FOR THE YEAR | (161,543 | ) | 302,818 |
OTHER COMPREHENSIVE INCOME |
Purchase of own shares | (7,681 | ) | - |
Income tax relating to other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
(7,681 |
) |
- |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
(169,224 |
) |
302,818 |
Total comprehensive income attributable to: |
Owners of the parent | (169,224 | ) | 302,818 |
CENTREBUS LIMITED (REGISTERED NUMBER: 03872099) |
CONSOLIDATED BALANCE SHEET |
30 APRIL 2022 |
30.4.22 | 30.4.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 12 | 272,653 | 308,216 |
Tangible assets | 13 | 5,192,924 | 5,904,337 |
Investments | 14 | - | - |
5,465,577 | 6,212,553 |
CURRENT ASSETS |
Stocks | 15 | 374,152 | 360,593 |
Debtors | 16 | 3,036,758 | 3,103,724 |
Cash at bank | 2,117,537 | 2,560,351 |
5,528,447 | 6,024,668 |
CREDITORS |
Amounts falling due within one year | 17 | 7,548,440 | 7,998,240 |
NET CURRENT LIABILITIES | (2,019,993 | ) | (1,973,572 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
3,445,584 |
4,238,981 |
CREDITORS |
Amounts falling due after more than one year |
18 |
(1,118,472 |
) |
(1,643,324 |
) |
PROVISIONS FOR LIABILITIES | 21 | (538,001 | ) | (405,810 | ) |
NET ASSETS | 1,789,111 | 2,189,847 |
CAPITAL AND RESERVES |
Called up share capital | 22 | 106 | 107 |
Share premium | 23 | 306,883 | 299,970 |
Capital redemption reserve | 23 | 66 | 56 |
Retained earnings | 23 | 1,482,056 | 1,889,714 |
SHAREHOLDERS' FUNDS | 1,789,111 | 2,189,847 |
The financial statements were approved by the Board of Directors and authorised for issue on 26 July 2023 and were signed on its behalf by: |
Mr C F Brown - Director |
CENTREBUS LIMITED (REGISTERED NUMBER: 03872099) |
COMPANY BALANCE SHEET |
30 APRIL 2022 |
30.4.22 | 30.4.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 12 |
Tangible assets | 13 |
Investments | 14 |
CURRENT ASSETS |
Stocks | 15 |
Debtors | 16 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 17 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
18 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 21 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 22 |
Share premium | 23 |
Capital redemption reserve | 23 |
Retained earnings | 23 |
SHAREHOLDERS' FUNDS |
Company's (loss)/profit for the financial year | (165,787 | ) | 299,723 |
The financial statements were approved by the Board of Directors and authorised for issue on |
CENTREBUS LIMITED (REGISTERED NUMBER: 03872099) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 APRIL 2022 |
Called up | Capital |
share | Retained | Share | redemption | Total |
capital | earnings | premium | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 May 2020 | 107 | 1,924,396 | 299,970 | 56 | 2,224,529 |
Changes in equity |
Dividends | - | (337,500 | ) | - | - | (337,500 | ) |
Total comprehensive income | - | 302,818 | - | - | 302,818 |
Balance at 30 April 2021 | 107 | 1,889,714 | 299,970 | 56 | 2,189,847 |
Changes in equity |
Increase in share capital | 9 | - | - | - | 9 |
Reduction in share capital | (10 | ) | - | - | - | (10 | ) |
Dividends | - | (238,424 | ) | - | - | (238,424 | ) |
Total comprehensive income | - | (169,234 | ) | - | 10 | (169,224 | ) |
Balance at 30 April 2022 | 106 | 1,482,056 | 299,970 | 66 | 1,782,198 |
CENTREBUS LIMITED (REGISTERED NUMBER: 03872099) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 APRIL 2022 |
Called up | Capital |
share | Retained | Share | redemption | Total |
capital | earnings | premium | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 May 2020 |
Changes in equity |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - | - |
Balance at 30 April 2021 |
Changes in equity |
Increase in share capital | 9 | - | - | - | 9 |
Reduction in share capital | (10 | ) | - | - | - | (10 | ) |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - | ( |
) | - | ( |
) |
Balance at 30 April 2022 | 106 | 443,512 | 299,970 | 743,654 |
CENTREBUS LIMITED (REGISTERED NUMBER: 03872099) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 APRIL 2022 |
30.4.22 | 30.4.21 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 891,257 | 3,019,854 |
Interest paid | (21,173 | ) | (18,000 | ) |
Interest element of hire purchase payments paid |
(35,315 |
) |
(22,536 |
) |
Tax paid | (230,927 | ) | (165,147 | ) |
Net cash from operating activities | 603,842 | 2,814,171 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (424,853 | ) | (770,792 | ) |
Sale of tangible fixed assets | 95,530 | 178,017 |
Net cash from investing activities | (329,323 | ) | (592,775 | ) |
Cash flows from financing activities |
Capital repayments in year | (453,868 | ) | (489,225 | ) |
Amount introduced by directors | - | 175,879 |
Amount withdrawn by directors | (24,372 | ) | - |
Share issue | 7,022 | - |
Purchase of own shares | (7,691 | ) | - |
Equity dividends paid | (238,424 | ) | (337,500 | ) |
Net cash from financing activities | (717,333 | ) | (650,846 | ) |
(Decrease)/increase in cash and cash equivalents | (442,814 | ) | 1,570,550 |
Cash and cash equivalents at beginning of year |
2 |
2,560,351 |
989,801 |
Cash and cash equivalents at end of year | 2 | 2,117,537 | 2,560,351 |
CENTREBUS LIMITED (REGISTERED NUMBER: 03872099) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 APRIL 2022 |
1. | RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
30.4.22 | 30.4.21 |
£ | £ |
(Loss)/profit before taxation | (29,352 | ) | 387,161 |
Depreciation charges | 1,806,309 | 1,943,412 |
Loss/(profit) on disposal of fixed assets | 8,689 | (87,080 | ) |
Finance costs | 56,488 | 40,536 |
1,842,134 | 2,284,029 |
Increase in stocks | (13,559 | ) | (130,995 | ) |
Decrease/(increase) in trade and other debtors | 100,466 | (1,474,949 | ) |
(Decrease)/increase in trade and other creditors | (1,037,784 | ) | 2,341,769 |
Cash generated from operations | 891,257 | 3,019,854 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 April 2022 |
30.4.22 | 1.5.21 |
£ | £ |
Cash and cash equivalents | 2,117,537 | 2,560,351 |
Year ended 30 April 2021 |
30.4.21 | 1.5.20 |
£ | £ |
Cash and cash equivalents | 2,560,351 | 989,801 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
Other |
non-cash |
At 1.5.21 | Cash flow | changes | At 30.4.22 |
£ | £ | £ | £ |
Net cash |
Cash at bank |
and in hand | 2,560,351 | (442,814 | ) | 2,117,537 |
2,560,351 | (442,814 | ) | 2,117,537 |
Debt |
Finance leases | (646,241 | ) | 453,868 | - | (931,073 | ) |
(646,241 | ) | 453,868 | - | (931,073 | ) |
Total | 1,914,110 | 11,054 | - | 1,186,464 |
CENTREBUS LIMITED (REGISTERED NUMBER: 03872099) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2022 |
1. | STATUTORY INFORMATION |
Centrebus Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention. |
The group financial statements consolidate the financial statements of Centrebus Limited and all its subsidiary undertakings drawn up to 30th April each year. |
Going Concern |
The directors have reviewed the group's forecasts and projections and, in particular, have considered the potential implications of the recent Coronavirus (COVID-19) pandemic. |
The directors have a reasonable expectation that the group will have adequate funding and resources to continue in operational existence for the foreseeable future |
The group therefore continues to adopt the going concern basis in preparing their financial statements. |
Business combinations |
Acquisitions of subsidiaries and businesses are accounted for using the purchase method. The cost of the business combination is measured at the aggregate of the fair values (at the date of exchange) of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquiree plus costs directly attributable to the business combination. |
Any excess of the cost of the business combination over the acquirers interest in the net fair value of the identifiable assets and liabilities is recognised as goodwill. |
Investment in subsidiaries |
The consolidated financial statements incorporate the financial statements of the company and its entities (including special purpose entities) controlled by the group (its subsidiaries). Control is achieved where the group has the power to to govern the financial and operating policies of an entity so as to obtain benefits from its activities. |
All intra-group transactions, balances, income and expenses are eliminated in full on consolidation. |
Investment in subsidiaries are accounted for at cost less impairment in the individual financial statements. |
Significant judgements and estimates |
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial where these estimates and judgements have been made include: |
Useful life of assets and residual value |
Fixed assets are depreciated over a period estimated over their useful life and taking into account their residual value at the end of this period. Both of these factors are estimates and as a result are under constant review. The company continually monitors any fixed assets disposals to ensure reasonable estimates are being used in the above areas. |
CENTREBUS LIMITED (REGISTERED NUMBER: 03872099) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2022 |
3. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. |
Turnover relates to revenue earned from the rendering of services by companies within the group. These services relate to the operation of bus services. |
Turnover is made up of on-bus revenue which is recognised immediately on receipt, as well as contract income which is recognised in line with the terms of the contact and at the point at the which the company has satisfied the relevant terms of the contract to be entitled to the income. |
Goodwill |
Goodwill relates to the amount arising on the consolidation of subsidiary undertakings and is measured by calculating the excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired. The goodwill is capitalised and written off over its estimated useful economic life, which is 10 years. Provision is made for any impairment. |
Tangible fixed assets |
Plant and machinery | - |
Public Service Vehicles | - |
Motor vehicles | - |
Computer equipment | - |
Plant and machinery, public service vehicles, office equipment and motor vehicles are stated at cost less accumulated depreciation and accumulated impairment losses. |
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 Consolidated 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. |
CENTREBUS LIMITED (REGISTERED NUMBER: 03872099) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2022 |
3. | ACCOUNTING POLICIES - continued |
Impairment |
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the income statement. |
If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the 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 the income statement. |
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. |
Trade and other debtors |
Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivable are stated at cost less impairment losses for bad and doubtful debts |
Trade and other creditors |
Trade and other creditors are initially recognised at the transaction price and are thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. |
4. | TURNOVER |
Turnover relates to the group's principal activity of operating bus services. All of the group's turnover in the current and prior year relates to the rendering of services and arises in the UK. |
5. | EMPLOYEES AND DIRECTORS |
30.4.22 | 30.4.21 |
£ | £ |
Wages and salaries | 15,519,547 | 13,797,767 |
The average number of employees during the year was as follows: |
30.4.22 | 30.4.21 |
Drivers | 456 | 411 |
Engineering & Cleaning | 97 | 82 |
Administration | 40 | 44 |
30.4.22 | 30.4.21 |
£ | £ |
Directors' remuneration | 161,727 | 160,212 |
CENTREBUS LIMITED (REGISTERED NUMBER: 03872099) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2022 |
6. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
30.4.22 | 30.4.21 |
£ | £ |
Other operating leases | 407,312 | 403,673 |
Depreciation - owned assets | 1,610,299 | 1,617,383 |
Depreciation - assets on hire purchase contracts | 160,448 | 290,466 |
Loss/(profit) on disposal of fixed assets | 8,555 | (87,080 | ) |
Goodwill amortisation | 35,563 | 35,563 |
Auditors' remuneration | 35,136 | 25,996 |
Amounts received in respect of CBSSG and BRG support schemes | (2,913,345 | ) | (4,351,712 | ) |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
30.4.22 | 30.4.21 |
£ | £ |
Other Interest | 18,000 | 18,000 |
Loan | 3,173 | - |
Hire purchase | 35,315 | 22,536 |
56,488 | 40,536 |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the loss for the year was as follows: |
30.4.22 | 30.4.21 |
£ | £ |
Current tax: |
UK corporation tax | - | 91,361 |
Deferred tax | 132,191 | (7,018 | ) |
Tax on (loss)/profit | 132,191 | 84,343 |
UK corporation tax was charged at 19 %) in 2021. |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
30.4.22 | 30.4.21 |
£ | £ |
(Loss)/profit before tax | (29,352 | ) | 387,161 |
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of 19 % (2021 - 19 %) |
(5,577 |
) |
73,561 |
Effects of: |
Depreciation in excess of capital allowances | 5,445 | 17,800 |
tax rate during the year |
provided |
Deferred tax | 132,191 | (7,018 | ) |
Loss carried forward | 132 | - |
Total tax charge | 132,191 | 84,343 |
CENTREBUS LIMITED (REGISTERED NUMBER: 03872099) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2022 |
8. | TAXATION - continued |
Tax effects relating to effects of other comprehensive income |
30.4.22 |
Gross | Tax | Net |
£ | £ | £ |
Purchase of own shares | (7,681 | ) | - | (7,681 | ) |
9. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
10. | DIVIDENDS |
30.4.22 | 30.4.21 |
£ | £ |
Ordinary A shares of £1 each |
Interim | - | 200,000 |
ESS Shares shares of £1 each |
Interim | 238,424 | 137,500 |
238,424 | 337,500 |
11. | PARENT COMPANY GUARANTEE |
The company has provided parent company guarantees under section 479C of Companies Act 2006. These guarantees have been provided to Chaserider Buses Limited (company number 13309223) for the year ended 30 April 2022. On this basis, the individual accounts of those companies for that period are exempt from audit. |
12. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 May 2021 |
and 30 April 2022 | 355,634 |
AMORTISATION |
At 1 May 2021 | 47,418 |
Amortisation for year | 35,563 |
At 30 April 2022 | 82,981 |
NET BOOK VALUE |
At 30 April 2022 | 272,653 |
At 30 April 2021 | 308,216 |
CENTREBUS LIMITED (REGISTERED NUMBER: 03872099) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2022 |
13. | TANGIBLE FIXED ASSETS |
Group |
Improvements | Public |
to | Plant and | Service |
property | machinery | Vehicles |
£ | £ | £ |
COST |
At 1 May 2021 | 194,703 | 1,759,476 | 14,064,284 |
Additions | - | 242,768 | 891,160 |
Disposals | - | (34,876 | ) | (1,085,665 | ) |
At 30 April 2022 | 194,703 | 1,967,368 | 13,869,779 |
DEPRECIATION |
At 1 May 2021 | 77,886 | 1,190,804 | 9,049,759 |
Charge for year | 58,412 | 201,091 | 1,441,918 |
Eliminated on disposal | - | (34,876 | ) | (996,464 | ) |
At 30 April 2022 | 136,298 | 1,357,019 | 9,495,213 |
NET BOOK VALUE |
At 30 April 2022 | 58,405 | 610,349 | 4,374,566 |
At 30 April 2021 | 116,817 | 568,672 | 5,014,525 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 May 2021 | 243,614 | 540,644 | 16,802,721 |
Additions | 29,625 | - | 1,163,553 |
Disposals | (77,603 | ) | - | (1,198,144 | ) |
At 30 April 2022 | 195,636 | 540,644 | 16,768,130 |
DEPRECIATION |
At 1 May 2021 | 81,765 | 498,170 | 10,898,384 |
Charge for year | 48,200 | 21,126 | 1,770,747 |
Eliminated on disposal | (62,585 | ) | - | (1,093,925 | ) |
At 30 April 2022 | 67,380 | 519,296 | 11,575,206 |
NET BOOK VALUE |
At 30 April 2022 | 128,256 | 21,348 | 5,192,924 |
At 30 April 2021 | 161,849 | 42,474 | 5,904,337 |
CENTREBUS LIMITED (REGISTERED NUMBER: 03872099) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2022 |
13. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Public |
Service |
Vehicles |
£ |
COST |
At 1 May 2021 | 1,566,842 |
Additions | 826,000 |
Transfer to ownership | (787,829 | ) |
At 30 April 2022 | 1,605,013 |
DEPRECIATION |
At 1 May 2021 | 392,293 |
Charge for year | 160,448 |
Transfer to ownership | (363,037 | ) |
At 30 April 2022 | 189,704 |
NET BOOK VALUE |
At 30 April 2022 | 1,415,309 |
At 30 April 2021 | 1,174,549 |
Company |
Public |
Plant and | Service | Motor | Computer |
machinery | Vehicles | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 May 2021 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
At 30 April 2022 |
DEPRECIATION |
At 1 May 2021 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
At 30 April 2022 |
NET BOOK VALUE |
At 30 April 2022 |
At 30 April 2021 |
CENTREBUS LIMITED (REGISTERED NUMBER: 03872099) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2022 |
13. | TANGIBLE FIXED ASSETS - continued |
Company |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Public |
Service |
Vehicles |
£ |
COST |
At 1 May 2021 |
Additions |
Transfer to ownership | (707,162 | ) |
At 30 April 2022 |
DEPRECIATION |
At 1 May 2021 |
Charge for year |
Transfer to ownership | (336,147 | ) |
At 30 April 2022 |
NET BOOK VALUE |
At 30 April 2022 |
At 30 April 2021 |
14. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 May 2021 |
and 30 April 2022 |
NET BOOK VALUE |
At 30 April 2022 |
At 30 April 2021 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: 43 Wenlock Way, Leicester,LE4 9HU |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Mossfield Road, Stoke-On-Trent, Staffordshire, ST3 5BW |
Nature of business: |
% |
Class of shares: | holding |
CENTREBUS LIMITED (REGISTERED NUMBER: 03872099) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2022 |
14. | FIXED ASSET INVESTMENTS - continued |
Registered office: Mossfield Road, Stoke-On-Trent, Staffordshire, ST3 5BW |
Nature of business: |
% |
Class of shares: | holding |
These shares are owned indirectly. |
15. | STOCKS |
Group | Company |
30.4.22 | 30.4.21 | 30.4.22 | 30.4.21 |
£ | £ | £ | £ |
Fuel and parts stock | 374,152 | 360,593 |
16. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
30.4.22 | 30.4.21 | 30.4.22 | 30.4.21 |
£ | £ | £ | £ |
Trade debtors | 2,075,190 | 2,195,338 |
Amounts owed by group undertakings | - | - |
Amounts owed by participating interests | 1,347 | 1,347 | 1,347 | 1,347 |
Other debtors | 572,969 | 203,400 |
Tax | 20,115 | 20,115 |
VAT | 155,277 | 298,115 |
Prepayments and accrued income | 211,860 | 385,409 |
3,036,758 | 3,103,724 |
17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
30.4.22 | 30.4.21 | 30.4.22 | 30.4.21 |
£ | £ | £ | £ |
Hire purchase contracts (see note 19) | 446,142 | 296,398 |
Trade creditors | 1,306,114 | 1,748,996 |
Amounts owed to group undertakings | - | - |
Amounts owed to participating interests | 1,097,540 | 841,621 | 1,076,198 | 841,621 |
Tax | 88,581 | 316,935 |
Social security and other taxes | 476,897 | 390,350 |
Other creditors | 2,953,334 | 2,957,220 |
Directors' current accounts | 174,584 | 198,956 | 174,584 | 198,956 |
Accrued expenses | 1,005,248 | 1,247,764 |
7,548,440 | 7,998,240 |
18. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
30.4.22 | 30.4.21 | 30.4.22 | 30.4.21 |
£ | £ | £ | £ |
Hire purchase contracts (see note 19) | 484,931 | 349,843 |
Other creditors | 633,541 | 1,293,481 |
1,118,472 | 1,643,324 |
CENTREBUS LIMITED (REGISTERED NUMBER: 03872099) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2022 |
19. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
30.4.22 | 30.4.21 |
£ | £ |
Net obligations repayable: |
Within one year | 446,142 | 296,398 |
Between one and five years | 484,931 | 349,843 |
931,073 | 646,241 |
Company |
Hire purchase contracts |
30.4.22 | 30.4.21 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Group |
Non-cancellable operating | leases |
30.4.22 | 30.4.21 |
£ | £ |
Within one year | 310,628 | 358,965 |
Between one and five years | 592,001 | 779,237 |
In more than five years | 221,666 | 343,333 |
1,124,295 | 1,481,535 |
Company |
Non-cancellable operating | leases |
30.4.22 | 30.4.21 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
CENTREBUS LIMITED (REGISTERED NUMBER: 03872099) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2022 |
20. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group | Company |
30.4.22 | 30.4.21 | 30.4.22 | 30.4.21 |
£ | £ | £ | £ |
Hire purchase contracts | 931,073 | 646,241 | 931,073 | 643,270 |
The hire purchase creditors are secured by charges over the specific assets involved. |
Additional financing in relation to vehicle purchases has been provided by a related company and these amounts are shown within other creditors. These amounts are secured against the specific assets involved. |
Security has been provided to HSBC Bank Plc by way of debenture dated 27th June 2005. This incorporates a fixed and floating charge over the company's assets. In addition, the bank holds a right of set-off with regard to balances owed by group companies. |
21. | PROVISIONS FOR LIABILITIES |
Group | Company |
30.4.22 | 30.4.21 | 30.4.22 | 30.4.21 |
£ | £ | £ | £ |
Deferred tax | 538,001 | 405,810 | 538,001 | 372,184 |
Group |
Deferred |
tax |
£ |
Balance at 1 May 2021 | 405,810 |
Charge to Income Statement during year | 132,191 |
Balance at 30 April 2022 | 538,001 |
Company |
Deferred |
tax |
£ |
Balance at 1 May 2021 |
Charge to Income Statement during year |
Balance at 30 April 2022 |
22. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.4.22 | 30.4.21 |
value: | £ | £ |
Ordinary A | £1 | 27 | 27 |
Ordinary B | £1 | 40 | 40 |
39 | ESS Shares | £1 | 39 | 40 |
(30.4.21 - 40) |
106 | 107 |
During the year the company completed a purchase of own shares in respect of 10 ESS shares. |
Subsequently in the year there was a share issue of 9 ESS shares with a £1 nominal value for an amount of £6,922. |
CENTREBUS LIMITED (REGISTERED NUMBER: 03872099) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2022 |
23. | RESERVES |
Group |
Capital |
Retained | Share | redemption |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 May 2021 | 1,889,714 | 299,970 | 56 | 2,189,740 |
Deficit for the year | (161,543 | ) | (161,543 | ) |
Dividends | (238,424 | ) | (238,424 | ) |
Purchase of own shares | (7,691 | ) | - | 10 | (7,681 | ) |
Cash share issue | - | 6,913 | - | 6,913 |
At 30 April 2022 | 1,482,056 | 306,883 | 66 | 1,789,005 |
Company |
Capital |
Retained | Share | redemption |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 May 2021 | 1,155,440 |
Deficit for the year | ( |
) | ( |
) |
Dividends | ( |
) | ( |
) |
Purchase of own shares | (7,691 | ) | - | 10 | (7,681 | ) |
Cash share issue | - | 6,913 | - | 6,913 |
At 30 April 2022 | 750,461 |
24. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
At the year end date the group had an amount due from a related company of £1,347. |
Similarly at the same date, the owed amounts of £1,097,540 to related companies. |
During the year the group recharged vehicle expenses of £60,385 from a related company and was similarly recharged an amount of £104,975 by another related party. |
These recharges relate to vehicle running and finance costs, recharged on cost basis. |
The group recharged fuel expenses of £135,607, running costs of £114,912 and wages of £321,406 in the year to a related company. |
Additionally, the group also recharged an amount of £182,635 to related companies in respect of management recharges. |
During the year, a total of key management personnel compensation of £ 160,212 (2021 - £ 160,212 ) was paid. |
25. | ULTIMATE CONTROLLING PARTY |
The controlling party is Mr J H Peddle. |