REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Statements for the Year Ended 31 December 2020 |
|
for |
|
York Pullman Bus Company Limited |
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Statements for the Year Ended 31 December 2020 |
|
for |
|
York Pullman Bus Company Limited |
York Pullman Bus Company Limited (Registered number: 06047813) |
|
|
|
|
|
|
Contents of the Financial Statements |
for the Year Ended 31 December 2020 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 3 |
|
York Pullman Bus Company Limited |
|
Company Information |
for the Year Ended 31 December 2020 |
|
|
|
|
|
|
|
DIRECTOR: |
|
|
|
|
|
|
SECRETARY: |
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
AUDITORS: |
|
Triune Court |
Monks Cross Drive |
York |
YO32 9GZ |
York Pullman Bus Company Limited (Registered number: 06047813) |
|
Balance Sheet |
31 December 2020 |
|
31.12.20 | 31.12.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
|
|
Tangible assets | 5 |
|
|
Investment property | 6 |
|
|
|
|
|
CURRENT ASSETS |
Stocks |
|
|
Debtors | 7 |
|
|
Cash at bank and in hand |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 8 |
|
|
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CREDITORS |
Amounts falling due after more than one
year |
9 |
( |
) |
( |
) |
|
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital |
|
|
Retained earnings |
|
|
SHAREHOLDERS' FUNDS |
|
|
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
|
The financial statements were approved by the director and authorised for issue on
|
|
|
|
|
|
|
|
York Pullman Bus Company Limited (Registered number: 06047813) |
|
Notes to the Financial Statements |
for the Year Ended 31 December 2020 |
|
1. | STATUTORY INFORMATION |
|
York Pullman Bus Company Limited is a
|
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006 other than where additional disclosure is required to show a true and fair view. |
|
The financial statements have been prepared under the historical cost convention. |
|
The Financial Statements are prepared in Sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1. |
|
The ultimate parent company is York Pullman Holdings Limited, which is the smallest and largest group into which these financial statements are consolidated. The registered office of York Pullman Holdings Limited is 2 Clifton Moor Business Village, James Nicolson Link, York, North Yorkshire, YO30 4XG. |
|
The company has taken advantage of the disclosure exemptions of Section 33.1A of FRS 102 which permit it to not present details of its transactions with members of the group headed by York Pullman Holdings Limited where relevant group companies are all wholly owned. Details of outstanding balances as at the year end are disclosed within the debtor and creditor notes. |
|
Going concern |
The Director has considered all factors, including the wider economy and COVID-19, as part of his assessment of going concern. Although the current economic climate creates both cashflow and profitability risks for the company, the Director believes on balance that the company has sufficient resources for a period of at least 12 months from the date of approval of the financial statements, on the basis of information currently available to them as at the point of approving the financial statements. Accordingly, these financial statements have been prepared on the going concern basis. |
|
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
|
Goodwill |
|
|
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
York Pullman Bus Company Limited (Registered number: 06047813) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
|
2. | ACCOUNTING POLICIES - continued |
|
Tangible fixed assets |
|
Freehold land and buildings | - |
|
Plant and machinery | - |
|
Fixtures and fittings | - |
|
Motor vehicles | - |
|
|
Freehold Land is not depreciated. |
|
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss. |
|
Government grants |
Government grants received for capital expenditure are recognised in income over the useful life of the assets to which they relate under the accruals model. |
|
Grants relating to revenue are recognised in income and expenditure over the same period as the expenditure to which they relate once reasonable assurance has been gained that the entity will comply with the conditions and that the funds will be received. |
|
Grants due from government organisations or received in advance are included as current assets or liabilities. |
|
Grants received from non-government sources are recognised using the performance model. A grant which does not impose specified future performance conditions is recognised as revenue when the grant proceeds are received or receivable. A grant that imposes specified future performance-related conditions on the association is recognised only when these conditions are met. A grant received before the revenue recognition criteria are satisfied is recognised as deferred income |
York Pullman Bus Company Limited (Registered number: 06047813) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
|
2. | ACCOUNTING POLICIES - continued |
|
Impairment of fixed assets |
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
|
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. |
|
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. |
|
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. |
|
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
York Pullman Bus Company Limited (Registered number: 06047813) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
|
2. | ACCOUNTING POLICIES - continued |
|
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
|
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
|
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
|
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
|
Impairment of financial assets |
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. |
|
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
|
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
|
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
|
Classification of financial liabilities |
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. |
|
Basic financial liabilities |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
|
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
|
York Pullman Bus Company Limited (Registered number: 06047813) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
|
2. | ACCOUNTING POLICIES - continued |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
|
Derecognition of financial liabilities |
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. |
|
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 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. |
York Pullman Bus Company Limited (Registered number: 06047813) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
|
2. | ACCOUNTING POLICIES - continued |
|
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. |
|
Cash and cash equivalents |
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
|
Equity instruments |
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
|
Employee benefits |
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. |
|
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. |
|
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. |
|
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. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
York Pullman Bus Company Limited (Registered number: 06047813) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
|
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 January 2020 |
and 31 December 2020 |
|
AMORTISATION |
At 1 January 2020 |
|
Charge for year |
|
At 31 December 2020 |
|
NET BOOK VALUE |
At 31 December 2020 |
|
At 31 December 2019 |
|
|
5. | TANGIBLE FIXED ASSETS |
Freehold | Fixtures |
land and | Plant and | and | Motor |
buildings | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2020 |
|
|
|
|
|
Additions |
|
|
|
|
|
Disposals |
|
|
|
( |
) | ( |
) |
At 31 December 2020 |
|
|
|
|
|
DEPRECIATION |
At 1 January 2020 |
|
|
|
|
|
Charge for year |
|
|
|
|
|
Eliminated on disposal |
|
|
|
( |
) | ( |
) |
At 31 December 2020 |
|
|
|
|
|
NET BOOK VALUE |
At 31 December 2020 |
|
|
|
|
|
At 31 December 2019 |
|
|
|
|
|
York Pullman Bus Company Limited (Registered number: 06047813) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
|
5. | TANGIBLE FIXED ASSETS - continued |
|
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 January 2020 |
|
Disposals | ( |
) |
Reclassification/transfer | ( |
) |
At 31 December 2020 |
|
DEPRECIATION |
At 1 January 2020 |
|
Charge for year |
|
Eliminated on disposal | ( |
) |
Reclassification/transfer | ( |
) |
At 31 December 2020 |
|
NET BOOK VALUE |
At 31 December 2020 |
|
At 31 December 2019 |
|
|
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2020 |
|
Disposals | ( |
) |
At 31 December 2020 |
|
NET BOOK VALUE |
At 31 December 2020 |
|
At 31 December 2019 |
|
|
Investment property comprises property for let to the residential market. |
|
The fair value of the investment properties is equal to their historic cost. |
|
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
|
|
York Pullman Bus Company Limited (Registered number: 06047813) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
|
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Hire purchase contracts (see note 10) |
|
|
Trade creditors |
|
|
Amounts owed to group undertakings |
|
|
Taxation and social security |
|
|
Other creditors |
|
|
|
|
|
9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Hire purchase contracts (see note 10) |
|
|
|
10. | LEASING AGREEMENTS |
|
Hire purchase contracts |
31.12.20 | 31.12.19 |
£ | £ |
Future minimum lease payments due under finance leases: |
Within one year | 511,338 | 960,780 |
In two to five years | 125,935 | 637,272 |
In over five years | - | - |
637,273 | 1,598,052 |
Less: future finance charges | (22,055 | ) | (54,018 | ) |
615,218 | 1,544,034 |
|
|
Non-cancellable operating | leases |
31.12.20 | 31.12.19 |
£ | £ |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as above: |
York Pullman Bus Company Limited (Registered number: 06047813) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
|
11. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
31.12.20 | 31.12.19 |
£ | £ |
Hire purchase contracts | 615,218 | 1,544,034 |
|
Hire purchase contracts are secured against the assets to which they relate |
|
12. | CONTROLLING PARTY |
|
The company is a wholly owned subsidiary of York Pullman Holdings Limited, a company registered in England and Wales, which is the immediate and ultimate parent undertaking. |
|
The financial statements of the company are consolidated in the financial statements of York Pullman Holdings Limited. Copies of these financial statements are available from York Pullman Holdings Limited whose registered office is 2 Clifton Moor Business Village, James Nicolson Link, York, North Yorkshire, YO30 4XG. |
|
York Pullman Holdings Limited is the smallest and largest group into which York Pullman Bus Company Limited is consolidated. |
|
13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
|
As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006: |
|
The Report of the Auditors was unqualified. |
|
Martin Davey (Senior Statutory Auditor) |
for and on behalf of Garbutt and Elliott Audit Limited |
|
The audit report was dated on 29th September 2021 |