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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 2018 |
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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 2018 |
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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 2018 |
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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 2018 |
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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 2018 |
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The directors present their strategic report for the year ended 31 March 2018. |
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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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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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2018 | 2017 |
£ | £ |
Turnover | 26,945,355 | 27,400,390 |
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Turnover has decreased by over 1.6%. |
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Operating profit has decreased from £3,397,979 to £3,388,805. Profit before tax has increased from £3,194,283 to |
£3,227,505. After taxation and dividends £676,545 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 2018 |
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The directors present their report with the financial statements of the company for the year ended 31 March 2018. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of coach operators. |
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DIVIDENDS |
An interim dividend of £ paid. |
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The total distribution of dividends for the year ended 31 March 2018 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 2017 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 2018 |
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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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Opinion |
We have audited the financial statements of Park's of Hamilton (Coach Hirers) Ltd (the 'company') for the year ended |
31 March 2018 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, |
Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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). |
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In our opinion the financial statements: |
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give a true and fair view of the state of the company's affairs as at 31 March 2018 and of its profit 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. |
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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 company 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. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to |
you where: |
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the directors' use of the going concern basis of accounting in the preparation of the financial statements is not
appropriate; or |
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the directors have not disclosed in the financial statements any identified material uncertainties that may cast
significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic |
Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors |
thereon. |
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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. |
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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 there is a material misstatement in the financial |
statements or a material misstatement of the other information. 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. |
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Opinion on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
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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 |
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the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal
requirements. |
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 |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, |
we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
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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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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. |
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In preparing the financial statements, the directors are responsible for assessing the 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 company or to cease operations, or have no realistic |
alternative but to do so. |
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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. |
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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. |
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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. |
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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 2018 |
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2017 | 2018 |
£ | £ | Notes | £ | £ |
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TURNOVER | 3 |
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Other operating income |
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27,425,020 | 26,970,329 |
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Raw materials and consumables |
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18,062,786 | 18,016,185 |
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Staff costs | 4 |
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Depreciation |
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Other operating expenses |
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14,664,807 | 14,627,380 |
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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 2018 |
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2017 | 2018 |
£ | 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 2018 |
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2017 | 2018 |
£ | £ | 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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( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
( |
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Amounts falling due after more than one
year |
13 |
( |
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( |
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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
by: |
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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 2018 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1 April 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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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 31 March 2018 |
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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 2018 |
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2017 | 2018 |
£ | 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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( |
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Interest element of hire purchase payments
paid |
( |
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( |
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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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( |
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(Decrease)/increase in cash and cash equivalents | ( |
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4,129,121 |
Cash and cash equivalents at beginning of
year |
2 |
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4,868,455 | Cash and cash equivalents at end of year | 2 | 1,546,714 |
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 2018 |
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1. |
RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS |
2018 | 2017 |
£ | £ |
Profit before taxation |
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Depreciation charges |
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Profit on disposal of fixed assets | ( |
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Finance costs | 161,300 | 203,696 |
6,368,147 | 6,694,726 |
Increase in stocks | ( |
) | ( |
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Increase in trade and other debtors | ( |
) | ( |
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Decrease 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 2018 |
31.3.18 | 1.4.17 |
£ | £ |
Cash and cash equivalents | 1,546,714 | 4,868,455 |
Year ended 31 March 2017 |
31.3.17 | 1.4.16 |
£ | £ |
Cash and cash equivalents | 4,868,455 | 4,129,121 |
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 2018 |
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1. | STATUTORY INFORMATION |
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Park's of Hamilton (Coach Hirers) Ltd is a private company, limited by shares, registered in Scotland, |
registration number SC067046. The registered office is Park House, 14 Bothwell Road, Hamilton, ML3 0AY. |
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The presentation currency of the financial statements is Pounds Sterling (£). |
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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. |
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Turnover |
Turnover is measured at the fair value of consideration received or receivable, taking into account the amount of |
any discounts and rebates allowed by the entity, but excluding 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. |
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 2018 |
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2. | ACCOUNTING POLICIES - continued |
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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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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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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 2018 |
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2. | ACCOUNTING POLICIES - continued |
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. |
|
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. |
|
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. |
|
3. | TURNOVER |
|
Turnover is generated from operating express & local coach services across the UK and the private hire of |
luxury coaches to the general public. |
|
4. | EMPLOYEES AND DIRECTORS |
2018 | 2017 |
£ | £ |
Wages and salaries |
|
|
Social security costs |
|
|
Other pension costs |
|
|
|
|
PARK'S OF HAMILTON (COACH HIRERS) LTD (REGISTERED NUMBER: SC067046) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 MARCH 2018 |
|
4. | EMPLOYEES AND DIRECTORS - continued |
|
The average number of employees during the year was as follows: |
2018 | 2017 |
|
Office and Management | 29 | 30 |
Production | 295 | 291 |
|
|
|
2018 | 2017 |
£ | £ |
Directors' remuneration |
|
|
Directors' pension contributions to money purchase schemes |
|
|
|
The number of directors to whom retirement benefits were accruing was as follows: |
|
Money purchase schemes |
|
|
|
5. | OPERATING PROFIT |
|
The operating profit is stated after charging/(crediting): |
|
2018 | 2017 |
£ | £ |
Depreciation - owned assets |
|
|
Depreciation - assets on hire purchase contracts |
|
|
Profit on disposal of fixed assets | ( |
) | ( |
) |
Auditors' remuneration |
|
|
|
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. |
|
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2018 | 2017 |
£ | £ |
Bank interest |
|
|
Hire purchase |
|
|
|
|
PARK'S OF HAMILTON (COACH HIRERS) LTD (REGISTERED NUMBER: SC067046) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 MARCH 2018 |
|
7. | TAXATION |
|
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2018 | 2017 |
£ | £ |
Current tax: |
UK corporation tax |
|
|
Underprovided in previous year | - | 59,848 |
Overprovided in previous year | (11,810 | ) | - |
Total current tax |
|
|
|
Deferred tax | ( |
) | ( |
) |
Tax on profit |
|
|
|
UK corporation tax has been charged at 19% (2017 - 20%). |
|
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is |
explained below: |
|
2018 | 2017 |
£ | £ |
Profit before tax |
|
|
Profit multiplied by the standard rate of corporation tax in the UK of
(2017 - |
|
|
|
Effects of: |
Expenses not deductible for tax purposes |
|
|
Capital allowances in excess of depreciation | ( |
) | - |
Depreciation in excess of capital allowances | - |
|
Adjustments to tax charge in respect of previous periods | ( |
) |
|
Movement in deferred taxation | ( |
) | ( |
) |
Total tax charge | 550,960 | 899,009 |
|
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 |
2018 | 2017 |
£ | £ |
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 2018 |
|
9. | TANGIBLE FIXED ASSETS |
Computer | Plant and |
Totals | equipment | machinery |
£ | £ | £ |
COST |
At 1 April 2017 |
|
|
|
Additions |
|
|
|
Disposals | ( |
) | ( |
) | ( |
) |
At 31 March 2018 |
|
|
|
DEPRECIATION |
At 1 April 2017 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 March 2018 |
|
|
|
NET BOOK VALUE |
At 31 March 2018 |
|
|
|
At 31 March 2017 |
|
|
|
|
Fixtures |
and | Motor |
fittings | vehicles | Coaches |
£ | £ | £ |
COST |
At 1 April 2017 |
|
|
|
Additions |
|
|
|
Disposals | ( |
) | ( |
) | ( |
) |
At 31 March 2018 |
|
|
|
DEPRECIATION |
At 1 April 2017 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 March 2018 |
|
|
|
NET BOOK VALUE |
At 31 March 2018 |
|
|
|
At 31 March 2017 |
|
|
|
PARK'S OF HAMILTON (COACH HIRERS) LTD (REGISTERED NUMBER: SC067046) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 MARCH 2018 |
|
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 2017 |
|
Additions |
|
Disposals | ( |
) |
Transfer to ownership | (2,771,032 | ) |
At 31 March 2018 |
|
DEPRECIATION |
At 1 April 2017 |
|
Charge for year |
|
Eliminated on disposal | ( |
) |
Transfer to ownership | 323,066 |
At 31 March 2018 |
|
NET BOOK VALUE |
At 31 March 2018 |
|
At 31 March 2017 |
|
|
10. | STOCKS |
2018 | 2017 |
£ | £ |
Stocks |
|
|
|
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
|
|
Amounts due by group companies |
|
|
Other debtors | 4,345 | 3,739 |
VAT |
|
|
Prepayments and accrued income |
|
|
|
|
|
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Hire purchase contracts (see note 14) |
|
|
Trade creditors |
|
|
Corporation Tax |
|
|
Social security and other taxes |
|
|
Other creditors |
|
|
Amounts due to group companies | 2,522,519 | 4,017,887 |
Accrued expenses |
|
|
|
|
PARK'S OF HAMILTON (COACH HIRERS) LTD (REGISTERED NUMBER: SC067046) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 MARCH 2018 |
|
13. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2018 | 2017 |
£ | £ |
Hire purchase contracts (see note 14) |
|
|
|
14. | LEASING AGREEMENTS |
|
Minimum lease payments under hire purchase fall due as follows: |
|
2018 | 2017 |
£ | £ |
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 |
|
|
|
|
|
15. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
2018 | 2017 |
£ | £ |
Hire purchase contracts | 11,032,781 | 8,465,825 |
|
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 |
|
2018 | 2017 |
£ | £ |
Financial assets |
Financial assets that are debt instruments measured at amortised cost | 4,938,868 | 7,556,277 |
Financial liabilities |
Financial liabilities measured at amortised cost | 16,649,782 | 16,068,852 |
PARK'S OF HAMILTON (COACH HIRERS) LTD (REGISTERED NUMBER: SC067046) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 MARCH 2018 |
|
17. | PROVISIONS FOR LIABILITIES |
2018 | 2017 |
£ | £ |
Deferred tax | 1,354,333 | 1,387,207 |
|
Deferred |
tax |
£ |
Balance at 1 April 2017 |
|
Provision reduction | (32,874 | ) |
Balance at 31 March 2018 |
|
|
18. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
|
Ordinary | £1 | 500,000 | 500,000 |
|
19. | RESERVES |
Retained |
earnings |
£ |
|
At 1 April 2017 |
|
Profit for the year |
|
Dividends | ( |
) |
At 31 March 2018 |
|
|
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 £57,966 |
(2017 - £52,684) |
|
21. | ULTIMATE PARENT COMPANY |
|
Park's of Hamilton (Holdings) Limited 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, Macrae and Dick Limited, Menzies Motors Limited and Trathens Travel Services |
Limited have entered into cross guarantees in respect of each company's indebtedness to the Bank of Scotland |
plc. |
PARK'S OF HAMILTON (COACH HIRERS) LTD (REGISTERED NUMBER: SC067046) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 MARCH 2018 |
|
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 D I Park. |