REGISTERED NUMBER:
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Financial Statements for the Year Ended 31 March 2020 |
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LOCHS AND GLENS (TRANSPORT) LIMITED |
REGISTERED NUMBER:
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Financial Statements for the Year Ended 31 March 2020 |
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for |
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LOCHS AND GLENS (TRANSPORT) LIMITED |
LOCHS AND GLENS (TRANSPORT) LIMITED (REGISTERED NUMBER: SC161833) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2020 |
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Page |
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Balance Sheet | 1 |
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Notes to the Financial Statements | 2 |
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LOCHS AND GLENS (TRANSPORT) LIMITED (REGISTERED NUMBER: SC161833) |
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Balance Sheet |
31 March 2020 |
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2020 | 2019 |
Notes | £ | £ |
Fixed assets |
Tangible assets | 4 |
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Current assets |
Debtors | 5 |
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Cash at bank |
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Creditors |
Amounts falling due within one year | 6 | ( |
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Net current assets/(liabilities) |
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Total assets less current liabilities |
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Provisions for liabilities | ( |
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Net assets |
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Capital and reserves |
Called up share capital | 7 |
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Retained earnings |
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Shareholders' funds |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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LOCHS AND GLENS (TRANSPORT) LIMITED (REGISTERED NUMBER: SC161833) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2020 |
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1. | Statutory information |
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Lochs And Glens (Transport) Limited is a
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Registered number: | SC161833 |
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Registered office: | School Road |
Gartocharn |
Alexandria |
Dunbartonshire |
G83 8RW |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | Accounting policies |
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Basis of preparing the financial statements |
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Significant judgements and estimates |
In the application of the company's accounting policies, which are described below, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
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The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
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The key source of estimation uncertainty that has a significant effect on the amounts recognised in the financial statements is the fair value of the company's coach fleet. |
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Turnover |
Turnover comprises the consideration received or receivable for the provision of coach hire services and excludes Value Added Tax. Turnover is recognised when the company fulfills its obligations to its customers by supplying coach hire services. |
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Tangible fixed assets |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows: |
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Fixtures & equipment | 15% on reducing balance |
Motor vehicles | 25% on reducing balance |
Coaches | 12.5% on cost |
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Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
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Government grants |
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model. |
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LOCHS AND GLENS (TRANSPORT) LIMITED (REGISTERED NUMBER: SC161833) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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2. | Accounting policies - continued |
Taxation |
Current taxation represents the amount of taxation payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the taxation rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred taxation represents the future taxation consequences of transactions and events recognised in the |
financial statements of current and previous periods. It is recognised in respect of all timing differences, with |
certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved taxation losses and other deferred taxation assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred taxation liabilities or other future taxable profits. |
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Deferred taxation is measured using the taxation rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. |
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Pension costs and other post-retirement benefits |
The company operates money purchase (defined contribution) pension scheme. Contributions are charged against profits on the amounts payable for the year. |
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Loans and borrowings |
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value. |
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Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
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Bank and cash |
Cash at bank and in hand includes cash and short term highly liquid investments with a short |
maturity of three months or less from the date of acquisition or opening of the deposit or similar account. |
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3. | Employees and directors |
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The average number of employees during the year was
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4. | Tangible fixed assets |
Plant and |
machinery |
etc |
£ |
Cost |
At 1 April 2019 |
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Additions |
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Disposals | ( |
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At 31 March 2020 |
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Depreciation |
At 1 April 2019 |
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Charge for year |
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Written back on disposals | ( |
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At 31 March 2020 |
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Net book value |
At 31 March 2020 |
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At 31 March 2019 |
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LOCHS AND GLENS (TRANSPORT) LIMITED (REGISTERED NUMBER: SC161833) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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5. | Debtors |
2020 | 2019 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Other debtors |
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Amounts falling due after more than one year: |
Other debtors |
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Aggregate amounts |
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6. | Creditors: amounts falling due within one year |
2020 | 2019 |
£ | £ |
Trade creditors |
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Corporation tax |
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Taxation and social security |
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Other creditors |
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Accruals |
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Other creditors include amounts due to a company under common control of £366,891 (2019 - £539,858). |
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7. | Called up share capital |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
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Ordinary | £1 | 8 | 8 |