John Martin Coaches Ltd Filleted accounts for Companies House (small and micro)

John Martin Coaches Ltd Filleted accounts for Companies House (small and micro)

JOHN MARTIN COACHES LTD - Company Information

Print Friendly Version

4 false false false false false false false false false true false false false false false false No description of principal activity 2019-04-01 Sage Accounts Production Advanced 2020 - FRS102_2019 15,000 12,750 1,125 13,875 1,125 2,250 xbrli:pure xbrli:shares iso4217:GBP 04379404 2019-04-01 2020-09-30 04379404 2020-09-30 04379404 2019-03-31 04379404 2018-04-01 2019-03-31 04379404 2019-03-31 04379404 core:PlantMachinery 2019-04-01 2020-09-30 04379404 core:FurnitureFittings 2019-04-01 2020-09-30 04379404 core:MotorVehicles 2019-04-01 2020-09-30 04379404 core:NetGoodwill 2019-04-01 2020-09-30 04379404 bus:RegisteredOffice 2019-04-01 2020-09-30 04379404 bus:LeadAgentIfApplicable 2019-04-01 2020-09-30 04379404 bus:Director1 2019-04-01 2020-09-30 04379404 bus:Director2 2019-04-01 2020-09-30 04379404 bus:Director3 2019-04-01 2020-09-30 04379404 bus:Director4 2019-04-01 2020-09-30 04379404 bus:CompanySecretary1 2019-04-01 2020-09-30 04379404 core:NetGoodwill 2019-03-31 04379404 core:NetGoodwill 2020-09-30 04379404 core:PlantMachinery 2019-03-31 04379404 core:FurnitureFittings 2019-03-31 04379404 core:MotorVehicles 2019-03-31 04379404 core:PlantMachinery 2020-09-30 04379404 core:FurnitureFittings 2020-09-30 04379404 core:MotorVehicles 2020-09-30 04379404 core:WithinOneYear 2020-09-30 04379404 core:WithinOneYear 2019-03-31 04379404 core:AfterOneYear 2020-09-30 04379404 core:AfterOneYear 2019-03-31 04379404 core:ShareCapital 2020-09-30 04379404 core:ShareCapital 2019-03-31 04379404 core:RetainedEarningsAccumulatedLosses 2020-09-30 04379404 core:RetainedEarningsAccumulatedLosses 2019-03-31 04379404 core:BetweenOneFiveYears 2020-09-30 04379404 core:NetGoodwill 2019-03-31 04379404 core:AcceleratedTaxDepreciationDeferredTax 2020-09-30 04379404 core:AcceleratedTaxDepreciationDeferredTax 2019-03-31 04379404 core:ProvisionsDeferredTax 2020-09-30 04379404 core:ProvisionsDeferredTax 2019-03-31 04379404 core:PlantMachinery 2019-03-31 04379404 core:FurnitureFittings 2019-03-31 04379404 core:MotorVehicles 2019-03-31 04379404 bus:SmallEntities 2019-04-01 2020-09-30 04379404 bus:AuditExemptWithAccountantsReport 2019-04-01 2020-09-30 04379404 bus:FullAccounts 2019-04-01 2020-09-30 04379404 bus:SmallCompaniesRegimeForAccounts 2019-04-01 2020-09-30 04379404 bus:PrivateLimitedCompanyLtd 2019-04-01 2020-09-30 04379404 core:CommercialMotorVehicles 2019-04-01 2020-09-30 04379404 core:CommercialMotorVehicles 2019-03-31 04379404 core:CommercialMotorVehicles 2020-09-30
COMPANY REGISTRATION NUMBER: 04379404
John Martin Coaches Ltd
Filleted Unaudited Financial Statements
30 September 2020
John Martin Coaches Ltd
Financial Statements
Period from 1st April 2019 to 30th September 2020
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
John Martin Coaches Ltd
Officers and Professional Advisers
The board of directors
Mr M Rawlings
Mr J Tamblyn
Mrs L Tamblyn
Mrs J Rawlings
Company secretary
Mrs Judy Rawlings
Registered office
Radstock Road
Midsomer Norton
Radstock
Somerset
United Kingdom
BA3 2AA
Accountants
Chalmers HB Ltd
Chartered Accountants
20 Chamberlain Street
Wells
Somerset BA5 2PF
John Martin Coaches Ltd
Statement of Financial Position
30 September 2020
30 Sep 20
31 Mar 19
Note
£
£
£
Fixed assets
Intangible assets
5
1,125
2,250
Tangible assets
6
83,098
148,599
--------
---------
84,223
150,849
Current assets
Debtors
7
17,289
18,710
Cash at bank and in hand
13,735
5,324
--------
--------
31,024
24,034
Creditors: amounts falling due within one year
8
83,412
133,871
--------
---------
Net current liabilities
52,388
109,837
--------
---------
Total assets less current liabilities
31,835
41,012
Creditors: amounts falling due after more than one year
9
47,222
9,325
Provisions
Taxation including deferred tax
10,357
14,296
--------
--------
Net (liabilities)/assets
( 25,744)
17,391
--------
--------
Capital and reserves
Called up share capital
600
600
Profit and loss account
( 26,344)
16,791
--------
--------
Shareholders (deficit)/funds
( 25,744)
17,391
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the period ending 30th September 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
John Martin Coaches Ltd
Statement of Financial Position (continued)
30 September 2020
These financial statements were approved by the board of directors and authorised for issue on 7 December 2020 , and are signed on behalf of the board by:
Mr M Rawlings
Mr J Tamblyn
Director
Director
Company registration number: 04379404
John Martin Coaches Ltd
Notes to the Financial Statements
Period from 1st April 2019 to 30th September 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Radstock Road, Midsomer Norton, Radstock, Somerset, BA3 2AA, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate cash resources to continue in existence for the foreseeable future despite the impact of COVID-19 on the operation of the business during the period ended 30 September 2020. The directors have confirmed their continuing financial support to the company for the foreseeable future to enable it to meet any financial obligations of the business as they fall due.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis.
Goodwill
Positive goodwill of £15,000 was purchased on 1st April 2002. At that time the goodwill was calculated to have an estimated useful life of 20 years based on the average return business from the customers transferred across at that date. The directors feel that this estimate is still appropriate. Goodwill is reviewed for impairment when necessary if circumstances emerge that indicate that the carrying value may not be recoverable.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
On a straight line basis over 20 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Coaches
-
12% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 4 (2019: 4 ).
5. Intangible assets
Goodwill
£
Cost
At 1st April 2019 and 30th September 2020
15,000
--------
Amortisation
At 1st April 2019
12,750
Charge for the period
1,125
--------
At 30th September 2020
13,875
--------
Carrying amount
At 30th September 2020
1,125
--------
At 31st March 2019
2,250
--------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Coaches
Total
£
£
£
£
£
Cost
At 1st April 2019
11,824
8,304
57,407
359,950
437,485
Additions
–
1,790
–
2,200
3,990
Disposals
–
–
( 44,490)
( 169,950)
( 214,440)
--------
--------
--------
---------
---------
At 30th September 2020
11,824
10,094
12,917
192,200
227,035
--------
--------
--------
---------
---------
Depreciation
At 1st April 2019
10,739
6,441
24,569
247,137
288,886
Charge for the period
406
1,369
8,491
36,285
46,551
Disposals
–
–
( 21,550)
( 169,950)
( 191,500)
--------
--------
--------
---------
---------
At 30th September 2020
11,145
7,810
11,510
113,472
143,937
--------
--------
--------
---------
---------
Carrying amount
At 30th September 2020
679
2,284
1,407
78,728
83,098
--------
--------
--------
---------
---------
At 31st March 2019
1,085
1,863
32,838
112,813
148,599
--------
--------
--------
---------
---------
7. Debtors
30 Sep 20
31 Mar 19
£
£
Other debtors
17,289
18,710
--------
--------
8. Creditors: amounts falling due within one year
30 Sep 20
31 Mar 19
£
£
Bank loans and overdrafts
2,778
–
Trade creditors
8,127
4,922
Corporation tax
–
11,233
Social security and other taxes
1,399
2,149
Other creditors
71,108
115,567
--------
---------
83,412
133,871
--------
---------
9. Creditors: amounts falling due after more than one year
30 Sep 20
31 Mar 19
£
£
Bank loans and overdrafts
47,222
–
Other creditors
–
9,325
--------
-------
47,222
9,325
--------
-------
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
30 Sep 20
31 Mar 19
£
£
Included in provisions
10,357
14,296
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
30 Sep 20
31 Mar 19
£
£
Accelerated capital allowances
14,296
20,560
Provisions
( 3,939)
( 6,264)
--------
--------
10,357
14,296
--------
--------
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
30 Sep 20
31 Mar 19
£
£
Not later than 1 year
47,184
5,400
Later than 1 year and not later than 5 years
135,798
–
---------
-------
182,982
5,400
---------
-------