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REGISTERED NUMBER:
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STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2017 |
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FOR |
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PARK'S OF HAMILTON (COACH HIRERS) LTD |
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REGISTERED NUMBER:
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STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2017 |
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FOR |
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PARK'S OF HAMILTON (COACH HIRERS) LTD |
PARK'S OF HAMILTON (COACH HIRERS) LTD (REGISTERED NUMBER: SC067046) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 MARCH 2017 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 3 |
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Report of the Independent Auditors | 5 |
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Income Statement | 7 |
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Other Comprehensive Income | 8 |
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Statement of Financial Position | 9 |
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Statement of Changes in Equity | 10 |
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Statement of Cash Flows | 11 |
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Notes to the Statement of Cash Flows | 12 |
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Notes to the Financial Statements | 13 |
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PARK'S OF HAMILTON (COACH HIRERS) LTD |
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COMPANY INFORMATION |
for the Year Ended 31 MARCH 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditor |
Chartered Accountants |
Atlantic House |
1a Cadogan Street |
Glasgow |
G2 6QE |
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BANKERS: |
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110 St Vincent Street |
Glasgow |
G2 5ER |
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SOLICITORS: |
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110 Queen Street |
Glasgow |
G1 3BX |
PARK'S OF HAMILTON (COACH HIRERS) LTD (REGISTERED NUMBER: SC067046) |
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STRATEGIC REPORT |
for the Year Ended 31 MARCH 2017 |
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The directors present their strategic report for the year ended 31 March 2017. |
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REVIEW OF BUSINESS |
We aim to present a balanced and comprehensive review of the development and performance of our business during the |
year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is |
written in the context of the risks and uncertainties we face. |
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The company continues to operate as an express coach operator along with providing private hire for the general public. |
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We consider that our key financial performance indicators are those that communicate the financial performance and |
strength of the company as a whole, these being turnover and operating profit. |
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2017 | 2016 |
£ | £ |
Turnover | 27,400,390 | 27,776,094 |
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Turnover has decreased by over 1.4%. |
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Operating profit has increased from £3,189,365 to £3,397,979. Profit before tax has increased from £2,953,776 to |
£3,194,283. After taxation and dividends £295,274 has been added to reserves. |
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As for many businesses of our size, the business environment in which we operate continues to be challenging. We are |
subject to consumer spending patterns and consumers' overall level of disposable income within our economy. |
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With these risks and uncertainties in mind, we are aware that any plans for the future development of the business may be |
subject to unforeseen events outside of our control. |
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PRINCIPAL RISKS AND UNCERTAINTIES |
The group has exposure to one main area of risk - liquidity risk. To a lesser extent the group is exposed to interest rate risk. |
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Liquidity Risk |
The objective of the group in managing 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. In the event that the operating cash |
flows would not cover all the financial obligations the group has credit facilities available. |
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Interest Rate Risk |
The group borrows from its bankers using either overdrafts or term loans whose tenure depends on the nature of the asset |
and management's view of the future direction of interest rate. |
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ON BEHALF OF THE BOARD: |
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PARK'S OF HAMILTON (COACH HIRERS) LTD (REGISTERED NUMBER: SC067046) |
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REPORT OF THE DIRECTORS |
for the Year Ended 31 MARCH 2017 |
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The directors present their report with the financial statements of the company for the year ended 31 March 2017. |
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DIVIDENDS |
An interim dividend of £ |
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The total distribution of dividends for the year ended 31 March 2017 will be £
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FUTURE DEVELOPMENTS |
The Directors will continue to look for opportunities to expand the Company's core business. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2016 to the date of this report. |
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Other changes in directors holding office are as follows: |
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Qualifying third party indemnity provisions |
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The company has put in place qualifying third party indemnity provisions for all of the directors. |
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EMPLOYEES |
Every effort is made to keep staff informed of and involved in the operations and progress of the company. |
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The company is committed to providing a safe and pleasant environment for its employees and training and career |
development opportunities are available. No discrimination is made on the grounds of age, colour, disability, marital status, |
race, religion or sex. Employees are given the opportunity to develop and progress according to their ability. Disabled |
people are given fair consideration for all job vacancies for which they offer themselves as suitable applicants, having regard |
to their particular aptitudes and abilities. |
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PARK'S OF HAMILTON (COACH HIRERS) LTD (REGISTERED NUMBER: SC067046) |
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REPORT OF THE DIRECTORS |
for the Year Ended 31 MARCH 2017 |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in |
accordance with applicable law and regulations. |
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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 of |
the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will
continue in business. |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's |
transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
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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 company'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 company's auditors are |
aware of that information. |
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AUDITORS |
The auditors, Thomas Barrie & Co LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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ON BEHALF OF THE BOARD: |
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
PARK'S OF HAMILTON (COACH HIRERS) LTD |
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We have audited the financial statements of Park's of Hamilton (Coach Hirers) Ltd for the year ended 31 March 2017 on |
pages seven to twenty two. The financial reporting framework that has been applied in their preparation is applicable law and |
United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial |
Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. |
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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. |
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Respective responsibilities of directors and auditors |
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Scope of the audit of the financial statements |
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give |
reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. |
This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances and have |
been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the |
directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial |
information in the Strategic Report and the Report of the Directors to identify material inconsistencies with the audited |
financial statements and to identify any information that is apparently materially incorrect based on, or materially |
inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent |
material misstatements or inconsistencies we consider the implications for our report. |
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Opinion on financial statements |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 March 2017 and of its profit for the year then ended; |
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including
Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Opinion on other matter prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of our audit, the information given in the 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 has been prepared in accordance with applicable legal requirements. In the light of the knowledge and |
understanding of the company and its environment, we have not identified any material misstatements in the Strategic Report |
or the Report of the Directors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
PARK'S OF HAMILTON (COACH HIRERS) LTD |
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Matters on which we are required to report by exception |
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: |
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches
not visited by us; or |
- | the 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. |
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for and on behalf of
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Statutory Auditor |
Chartered Accountants |
Atlantic House |
1a Cadogan Street |
Glasgow |
G2 6QE |
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PARK'S OF HAMILTON (COACH HIRERS) LTD (REGISTERED NUMBER: SC067046) |
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INCOME STATEMENT |
for the Year Ended 31 MARCH 2017 |
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2016 | 2017 |
£ | £ | Notes | £ | £ |
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TURNOVER | 3 |
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Other operating income |
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27,808,692 | 27,425,020 |
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Raw materials and consumables |
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18,121,120 | 18,062,786 |
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Staff costs | 4 |
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Depreciation |
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Other operating expenses |
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14,931,755 | 14,664,807 |
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OPERATING PROFIT | 5 |
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Interest payable and similar expenses | 6 |
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PROFIT BEFORE TAXATION |
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Tax on profit | 7 |
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PROFIT FOR THE FINANCIAL YEAR |
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PARK'S OF HAMILTON (COACH HIRERS) LTD (REGISTERED NUMBER: SC067046) |
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OTHER COMPREHENSIVE INCOME |
for the Year Ended 31 MARCH 2017 |
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2016 | 2017 |
£ | Notes | £ |
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PROFIT FOR THE YEAR |
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- | OTHER COMPREHENSIVE INCOME | - |
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TOTAL COMPREHENSIVE INCOME
FOR THE YEAR |
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PARK'S OF HAMILTON (COACH HIRERS) LTD (REGISTERED NUMBER: SC067046) |
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STATEMENT OF FINANCIAL POSITION |
31 MARCH 2017 |
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2016 | 2017 |
£ | £ | Notes | £ | £ |
FIXED ASSETS |
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Tangible assets | 9 |
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CURRENT ASSETS |
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Stocks | 10 |
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Debtors | 11 |
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Cash at bank and in hand |
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CREDITORS |
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Amounts falling due within one year | 12 |
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( |
) | NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
( |
) | Amounts falling due after more than one year | 13 | ( |
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( |
) | PROVISIONS FOR LIABILITIES | 17 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
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Called up share capital | 18 |
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Retained earnings | 19 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors on
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PARK'S OF HAMILTON (COACH HIRERS) LTD (REGISTERED NUMBER: SC067046) |
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STATEMENT OF CHANGES IN EQUITY |
for the Year Ended 31 MARCH 2017 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1 April 2015 |
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Changes in equity |
Dividends | - | ( |
) | ( |
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Total comprehensive income | - |
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Balance at 31 March 2016 |
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Changes in equity |
Dividends | - | ( |
) | ( |
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Total comprehensive income | - |
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Balance at 31 March 2017 |
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PARK'S OF HAMILTON (COACH HIRERS) LTD (REGISTERED NUMBER: SC067046) |
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STATEMENT OF CASH FLOWS |
for the Year Ended 31 MARCH 2017 |
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2016 | 2017 |
£ | Notes | £ |
Cash flows from operating activities |
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Cash generated from operations | 1 |
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( |
) | Interest paid | ( |
) |
( |
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Interest element of hire purchase payments
paid |
( |
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( |
) | Tax paid | ( |
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Net cash from operating activities |
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Cash flows from investing activities |
( |
) | Purchase of tangible fixed assets | ( |
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Sale of tangible fixed assets |
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Net cash from investing activities |
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Cash flows from financing activities |
( |
) | Capital repayments in year | ( |
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( |
) | Equity dividends paid | ( |
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( |
) | Net cash from financing activities | ( |
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Increase in cash and cash equivalents |
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2,899,908 |
Cash and cash equivalents at beginning of
year |
2 |
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4,129,121 | Cash and cash equivalents at end of year | 2 | 4,868,455 |
PARK'S OF HAMILTON (COACH HIRERS) LTD (REGISTERED NUMBER: SC067046) |
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NOTES TO THE STATEMENT OF CASH FLOWS |
for the Year Ended 31 MARCH 2017 |
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1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2017 | 2016 |
£ | £ |
Profit before taxation |
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Depreciation charges |
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Profit on disposal of fixed assets | ( |
) | ( |
) |
Finance costs | 203,696 | 235,589 |
6,694,726 | 6,765,553 |
Increase in stocks | ( |
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(Increase)/decrease in trade and other debtors | ( |
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(Decrease)/increase in trade and other creditors | ( |
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Cash generated from operations |
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2. | CASH AND CASH EQUIVALENTS |
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The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these |
Statement of Financial Position amounts: |
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Year ended 31 March 2017 |
31.3.17 | 1.4.16 |
£ | £ |
Cash and cash equivalents | 4,868,455 | 4,129,121 |
Year ended 31 March 2016 |
31.3.16 | 1.4.15 |
£ | £ |
Cash and cash equivalents | 4,129,121 | 2,899,908 |
PARK'S OF HAMILTON (COACH HIRERS) LTD (REGISTERED NUMBER: SC067046) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 MARCH 2017 |
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1. | STATUTORY INFORMATION |
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Park's of Hamilton (Coach Hirers) Ltd is a
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company's registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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The Company's Registered Office is Park House, 14 Bothwell Road, Hamilton ML3 0AY. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going Concern |
The group meets is day to day working capital requirements through loans from finance houses and a group overdraft |
facility which is due for renewal withing the next financial year. |
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The group's forecasts and projections, taking into account of possible changes in trading performance, show that the |
company will be able to operate within the level of its current facilities. The group will open renewal negotiations |
with the bank in due course, who have indicated that it is their intention to renew all group facilities. The group has |
held discussions with its bankers about its future borrowing needs and no matters have been drawn to its attention to |
suggest that finance may not be forthcoming on acceptable terms. |
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Related party exemption |
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. |
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Significant judgements and estimates |
In preparing these consolidated financial statements, the directors are required to make judgements, estimates and |
assumptions that affect the application of the Group’s accounting policies and the reported amounts of assets, |
liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying |
assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively. |
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The following areas provide estimation uncertainty: |
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Fixed Assets |
The estimates and assumptions made to determine asset lives require judgements to be made as regards useful lives |
and residual values. The useful lives and residual values of the company's financial assets are determined by |
management at the time the asset is acquired and reviewed annually for appropriateness. The lives are based on |
management experience with similar assets. The depreciation rates being applied are outlined on the following page. |
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Bad Debts |
Bad debts are provided for where objective evidence of the need for a provision exists. |
PARK'S OF HAMILTON (COACH HIRERS) LTD (REGISTERED NUMBER: SC067046) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 MARCH 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Turnover is generated from operating express & local coach services across the UK and the private hire of luxury |
coaches to the general public. These services are recognised when performed, such that risks and rewards have been |
transferred. |
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Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of |
each asset over its estimated useful life. |
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Computer equipment | - | 25% on cost |
Plant and machinery | - | 10% to 25% on cost |
Fixtures and fittings | - | 25% on cost |
Motor vehicles | - | 25% on cost |
Coaches | - | from 10% on cost |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
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Financial instruments |
Basic financial instruments are recognised at amortised cost, except for investments in nonconvertible preference and |
non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative |
financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or |
loss. |
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Debtors |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at |
fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest |
method, less any impairment. |
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Cash and cash equivalents |
Cash and cash equivalents comprises cash balances. Bank overdrafts that are payable on demand and form an |
integral part of the company's cash management are included as a component of cash and cash equivalents for the |
purpose only of the cash flow statement. |
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Creditors |
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are |
measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the |
effective interest method. |
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Provisions |
Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market |
assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is |
recognised as finance cost. |
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PARK'S OF HAMILTON (COACH HIRERS) LTD (REGISTERED NUMBER: SC067046) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 MARCH 2017 |
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2. | ACCOUNTING POLICIES - continued |
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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement |
of financial position date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will |
be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement |
of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling |
at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are |
depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of |
the future payments is treated as a liability. |
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Interest is charged on a reducing balance basis. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
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Short-term employee benefits |
Short-term employee benefits are expensed as the related service is provided. A liability is recognised for the amount |
expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result of past |
service provided by the employee and the obligation can be estimated reliably. |
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3. | TURNOVER |
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Turnover is generated from operating express & local coach services across the UK and the private hire of luxury |
coaches to the general public. |
PARK'S OF HAMILTON (COACH HIRERS) LTD (REGISTERED NUMBER: SC067046) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 MARCH 2017 |
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4. | EMPLOYEES AND DIRECTORS |
2017 | 2016 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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The average monthly number of employees during the year was as follows: |
2017 | 2016 |
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Office and Management | 30 | 28 |
Production | 291 | 299 |
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2017 | 2016 |
£ | £ |
Directors' remuneration |
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Directors' pension contributions to money purchase schemes |
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The number of directors to whom retirement benefits were accruing was as follows: |
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Money purchase schemes |
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5. | OPERATING PROFIT |
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The operating profit is stated after charging/(crediting): |
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2017 | 2016 |
£ | £ |
Depreciation - owned assets |
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Depreciation - assets on hire purchase contracts |
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Profit on disposal of fixed assets | ( |
) | ( |
) |
Auditors' remuneration |
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In accordance with SI 2008/489 the company has not disclosed the fees payable to the company’s auditors for ‘Other |
services’ as this information is included in the consolidated financial statements of Park's of Hamilton (Holdings) |
Limited. |
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6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2017 | 2016 |
£ | £ |
Bank interest |
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Hire purchase |
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PARK'S OF HAMILTON (COACH HIRERS) LTD (REGISTERED NUMBER: SC067046) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 MARCH 2017 |
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7. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2017 | 2016 |
£ | £ |
Current tax: |
UK corporation tax |
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Underprovided in previous year | 59,848 | - |
Total current tax |
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Deferred tax | ( |
) | ( |
) |
Tax on profit |
|
|
|
UK corporation tax has been charged at 20% . |
|
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: |
|
2017 | 2016 |
£ | £ |
Profit before tax |
|
|
Profit multiplied by the standard rate of corporation tax in the UK of
(2016 - |
|
|
|
Effects of: |
Expenses not deductible for tax purposes |
|
|
Depreciation in excess of capital allowances |
|
|
Adjustments to tax charge in respect of previous periods |
|
|
Movement in deferred taxation | ( |
) | ( |
) |
Total tax charge | 899,009 | 164,590 |
|
Further reductions to the UK Corporation tax rates were substantially enacted as part of the Finance Bill 2016 on 6 |
September 2016. These reduce the main rate to 19% from 1 April 2017 and to 17% from 1 April 2020. The deferred |
tax assets and liabilities reflect the reduction to 19%. |
|
8. | DIVIDENDS |
2017 | 2016 |
£ | £ |
Ordinary shares of £1 each |
Interim |
|
|
PARK'S OF HAMILTON (COACH HIRERS) LTD (REGISTERED NUMBER: SC067046) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 MARCH 2017 |
|
9. | TANGIBLE FIXED ASSETS |
Computer | Plant and |
Totals | equipment | machinery |
£ | £ | £ |
COST |
At 1 April 2016 |
|
|
|
Additions |
|
|
|
Disposals | ( |
) |
|
|
At 31 March 2017 |
|
|
|
DEPRECIATION |
At 1 April 2016 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal | ( |
) |
|
|
At 31 March 2017 |
|
|
|
NET BOOK VALUE |
At 31 March 2017 |
|
|
|
At 31 March 2016 |
|
|
|
|
Fixtures |
and | Motor |
fittings | vehicles | Coaches |
£ | £ | £ |
COST |
At 1 April 2016 |
|
|
|
Additions |
|
|
|
Disposals |
|
( |
) | ( |
) |
At 31 March 2017 |
|
|
|
DEPRECIATION |
At 1 April 2016 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal |
|
( |
) | ( |
) |
At 31 March 2017 |
|
|
|
NET BOOK VALUE |
At 31 March 2017 |
|
|
|
At 31 March 2016 |
|
|
|
PARK'S OF HAMILTON (COACH HIRERS) LTD (REGISTERED NUMBER: SC067046) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 MARCH 2017 |
|
9. | TANGIBLE FIXED ASSETS - continued |
|
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Coaches |
£ |
COST |
At 1 April 2016 |
|
Additions |
|
Disposals | ( |
) |
At 31 March 2017 |
|
DEPRECIATION |
At 1 April 2016 |
|
Charge for year |
|
Eliminated on disposal | ( |
) |
At 31 March 2017 |
|
NET BOOK VALUE |
At 31 March 2017 |
|
At 31 March 2016 |
|
|
10. | STOCKS |
2017 | 2016 |
£ | £ |
Stocks |
|
|
|
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
|
|
Amounts due by group companies |
|
|
Other debtors | 3,739 | 7,640 |
VAT |
|
|
Prepayments and accrued income |
|
|
|
|
PARK'S OF HAMILTON (COACH HIRERS) LTD (REGISTERED NUMBER: SC067046) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 MARCH 2017 |
|
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Hire purchase contracts (see note 14) |
|
|
Trade creditors |
|
|
Corporation Tax |
|
|
Social security and other taxes |
|
|
Other creditors |
|
|
Amounts due to group companies | 4,017,887 | 3,870,689 |
Accrued expenses |
|
|
|
|
|
13. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2017 | 2016 |
£ | £ |
Hire purchase contracts (see note 14) |
|
|
|
14. | LEASING AGREEMENTS |
|
Minimum lease payments under hire purchase fall due as follows: |
|
2017 | 2016 |
£ | £ |
Gross obligations repayable: |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
Finance charges repayable: |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
Net obligations repayable: |
Within one year |
|
|
Between one and five years |
|
|
|
|
PARK'S OF HAMILTON (COACH HIRERS) LTD (REGISTERED NUMBER: SC067046) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 MARCH 2017 |
|
15. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
2017 | 2016 |
£ | £ |
Hire purchase contracts | 8,465,825 | 8,809,330 |
|
The company has granted bonds and floating charges in favour of the Bank of Scotland plc. |
|
16. | FINANCIAL INSTRUMENTS |
|
The carrying amount for each category of financial instrument is as follows |
|
2017 | 2016 |
£ | £ |
Financial assets |
Financial assets that are debt instruments measured at amortised cost | 7,556,277 | 6,572,327 |
Financial liabilities |
Financial liabilities measured at amortised cost | 6,098,852 | 6,608,378 |
|
17. | PROVISIONS FOR LIABILITIES |
2017 | 2016 |
£ | £ |
Deferred tax | 1,387,207 | 1,408,443 |
|
Deferred |
tax |
£ |
Balance at 1 April 2016 |
|
Provision reduction | (21,236 | ) |
Balance at 31 March 2017 |
|
|
18. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
|
Ordinary | £1 | 500,000 | 500,000 |
PARK'S OF HAMILTON (COACH HIRERS) LTD (REGISTERED NUMBER: SC067046) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 MARCH 2017 |
|
19. | RESERVES |
Retained |
earnings |
£ |
|
At 1 April 2016 |
|
Profit for the year |
|
Dividends | ( |
) |
At 31 March 2017 |
|
|
Includes all current and prior year retained profits and losses less dividends. |
|
20. | PENSION COMMITMENTS |
|
The company operates a defined contribution pension scheme for certain employees, which is managed by the |
company's parent company Park's of Hamilton (Holdings) Ltd. The assets of the scheme are held separately from |
those of the company in independently administered funds. |
|
The pension cost charge represents contributions payable by the company to the funds and amounted to £52,684 |
(2016 - £54,546) |
|
21. | ULTIMATE PARENT COMPANY |
|
Park's of Hamilton (Holdings) Limited (incorporated in Scotland ) is regarded by the directors as being the |
company's ultimate parent company. |
|
22. | CONTINGENT LIABILITIES |
|
The company together with the parent company, Park's of Hamilton (Townhead Garage) Limited, Douglas Park |
Limited, Park's (Ayr) Limited and Macrae and Dick Limited have entered into cross guarantees in respect of each |
company's indebtedness to the Bank of Scotland plc. |
|
23. | RELATED PARTY DISCLOSURES |
|
There were no material related party transactions. The company has taken advantage of the exemption from |
presenting information relating to transactions within the group. |
|
All remuneration for Key Management Personnel is paid from the holding Company. |
|
24. | ULTIMATE CONTROLLING PARTY |
|
The controlling party is Park's of Hamilton (Holdings) Ltd. |
|
The ultimate controlling party is
|