Year Ended
Registration number:
Tally Ho! Coaches Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Tally Ho! Coaches Limited
Company Information
Directors |
Mr D McIntosh Mr R E Pullan Mr M P Drews |
Company secretary |
Mr D McIntosh |
Registered office |
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Accountants |
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Tally Ho! Coaches Limited
Balance Sheet
30 September 2022
Note |
2022 |
2021 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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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 |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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Tally Ho! Coaches Limited
Balance Sheet
30 September 2022
For the financial year ending 30 September 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 05040510
Tally Ho! Coaches Limited
Notes to the Unaudited Financial Statements
Year Ended 30 September 2022
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
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' , including Section 1A and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax.
The company recognises revenue when the value of services provided to date can be reliably measured.
Government grants
Grant income is accounted for using the accruals method. Revenue grants are recognised on a systematic basis over the periods to which the costs to which the grants relate are recognised. Capital grants are recognised over the useful life of the related asset on the same basis as depreciation is charged.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tally Ho! Coaches Limited
Notes to the Unaudited Financial Statements
Year Ended 30 September 2022
FRS102 requires the provision of deferred tax on timing differences between the tax and accounting treatment of qualifying fixed assets. The directors do not consider that providing for deferred tax in accordance with FRS102 would give an accurate representation of the company's financial position and have not included it within the accounts. In this respect the accounts do not comply with FRS102.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Motor vehicles |
10-25% reducing balance |
Plant and machinery |
20-25% reducing balance |
Fixtures and fittings |
20-33.3% reducing balance |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Tally Ho! Coaches Limited
Notes to the Unaudited Financial Statements
Year Ended 30 September 2022
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
Government grants |
During the year the company received the following grants:
- £1,231 Coronavirus Job Retention Scheme
- £95,271 Coronavirus Support
The amount of grants recognised in the financial statements was £96,502 (2021 - £591,541).
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tally Ho! Coaches Limited
Notes to the Unaudited Financial Statements
Year Ended 30 September 2022
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 October 2021 |
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Additions |
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Disposals |
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- |
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At 30 September 2022 |
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Depreciation |
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At 1 October 2021 |
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Charge for the year |
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Eliminated on disposal |
- |
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- |
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At 30 September 2022 |
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Carrying amount |
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At 30 September 2022 |
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At 30 September 2021 |
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Debtors |
2022 |
2021 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Tally Ho! Coaches Limited
Notes to the Unaudited Financial Statements
Year Ended 30 September 2022
Creditors |
Creditors: amounts falling due within one year
Note |
2022 |
2021 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Corporation tax |
17,392 |
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Social security and other taxes |
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Other creditors |
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Accruals and deferred income |
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Deferred income |
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- |
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Payments on account |
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Creditors: amounts falling due after more than one year
Note |
2022 |
2021 |
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Due after one year |
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Loans and borrowings |
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Tally Ho! Coaches Limited
Notes to the Unaudited Financial Statements
Year Ended 30 September 2022
Loans and borrowings |
2022 |
2021 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
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Hire purchase contracts |
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2022 |
2021 |
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Loans and borrowings due after one year |
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Bank borrowings |
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HP and finance lease liabilities |
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Security is given on the company's HP liabilities by the assets held under hire purchase.
Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
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No. |
£ |
No. |
£ |
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57,000 |
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57,000 |
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57,000 |
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57,000 |
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