Company Registration No. SC559788 (Scotland)
SMITH'S COACHES (PATNA) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
SMITH'S COACHES (PATNA) LTD
COMPANY INFORMATION
Director
Mr A Smith Jnr
Company number
SC559788
Registered office
Fallside Garage
Hillside
PATNA
Ayr
Ayrshire
United Kingdom
KA6 7JW
Accountants
Azets
3 Wellington Square
Ayr
Ayrshire
United Kingdom
KA7 1EN
SMITH'S COACHES (PATNA) LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
SMITH'S COACHES (PATNA) LTD
BALANCE SHEET
AS AT
31 MARCH 2020
31 March 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
225,048
255,387
Current assets
Stocks
2,600
2,600
Debtors
4
44,670
41,229
Cash at bank and in hand
26,165
16,064
73,435
59,893
Creditors: amounts falling due within one year
Loans and overdrafts
40,158
100,823
Obligations under finance leases
38,779
41,998
Taxation and social security
12,725
Other creditors
6
28,566
25,193
120,228
168,014
Net current liabilities
(46,793)
(108,121)
Total assets less current liabilities
178,255
147,266
Creditors: amounts falling due after more than one year
5
(67,768)
(108,023)
Provisions for liabilities
(28,888)
(34,250)
Net assets
81,599
4,993
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
81,499
4,893
Total equity
81,599
4,993
SMITH'S COACHES (PATNA) LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2020
31 March 2020
- 2 -
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 27 May 2021
Mr A Smith Jnr
Director
SMITH'S COACHES (PATNA) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
- 3 -
1
Accounting policies
Company information
Smith's Coaches (Patna) Ltd is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
Fallside Garage, Hillside, PATNA, Ayr, Ayrshire, United Kingdom, KA6 7JW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% reducing balance
Motor vehicles
10%, 20% and 25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
SMITH'S COACHES (PATNA) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 4 -
1.5
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current tax
Current or deferred taxation assets and liabilities are not discounted
.
The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reserved at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and law that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
1.6
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
4
4
SMITH'S COACHES (PATNA) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 5 -
3
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2019
63,340
705
174
237,660
301,879
Additions
9,160
9,160
At 31 March 2020
63,340
705
174
246,820
311,039
Depreciation and impairment
At 1 April 2019
141
35
46,316
46,492
Depreciation charged in the year
113
28
39,358
39,499
At 31 March 2020
254
63
85,674
85,991
Carrying amount
At 31 March 2020
63,340
451
111
161,146
225,048
At 31 March 2019
63,340
564
139
191,344
255,387
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
36,299
33,959
Other debtors
8,371
7,270
44,670
41,229
5
Creditors: amounts falling due after more than one year
2020
2019
£
£
Other creditors
67,768
108,023
6
Other creditors falling due within one year
2020
2019
£
£
Trade creditors
17,658
15,939
Accruals and deferred income
10,908
9,254
28,566
25,193
SMITH'S COACHES (PATNA) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 6 -
7
Called up share capital
2020
2019
2020
2019
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
8
Ultimate Controlling Party
The company is controlled by
Mr A Smith
.