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REGISTERED NUMBER: 04346017















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

PROVEN MOTOR COMPANY LIMITED

PROVEN MOTOR COMPANY LIMITED (REGISTERED NUMBER: 04346017)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Accountants' Report 6

PROVEN MOTOR COMPANY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2021







DIRECTORS: V B Smith
K J Pattison





SECRETARY: K J Pattison





REGISTERED OFFICE: 25 West Street
Haslemere
Surrey
GU27 2AB





REGISTERED NUMBER: 04346017





ACCOUNTANTS: Goodale Mardle, Chartered Accountants
Greens Court
West Street
Midhurst
West Sussex
GU29 9NQ

PROVEN MOTOR COMPANY LIMITED (REGISTERED NUMBER: 04346017)

BALANCE SHEET
31 DECEMBER 2021

31.12.21 31.12.20
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 52,288 46,454

CURRENT ASSETS
Stocks 5 1,306,222 1,025,394
Debtors 6 238,197 223,662
Cash at bank 823,566 1,157,362
2,367,985 2,406,418
CREDITORS
Amounts falling due within one year 7 942,662 1,132,578
NET CURRENT ASSETS 1,425,323 1,273,840
TOTAL ASSETS LESS CURRENT LIABILITIES 1,477,611 1,320,294

CAPITAL AND RESERVES
Called up share capital 70,000 70,000
Capital redemption reserve 130,000 130,000
Retained earnings 1,277,611 1,120,294
SHAREHOLDERS' FUNDS 1,477,611 1,320,294

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 August 2022 and were signed on its behalf by:





K J Pattison - Director


PROVEN MOTOR COMPANY LIMITED (REGISTERED NUMBER: 04346017)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1. STATUTORY INFORMATION

Proven Motor Company Limited is a private company, limited by shares , registered in Not specified/Other. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost, 20% on cost and 10% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed 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 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.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2020 - 14 ) .

PROVEN MOTOR COMPANY LIMITED (REGISTERED NUMBER: 04346017)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2021 217,949
Additions 20,372
At 31 December 2021 238,321
DEPRECIATION
At 1 January 2021 171,495
Charge for year 14,538
At 31 December 2021 186,033
NET BOOK VALUE
At 31 December 2021 52,288
At 31 December 2020 46,454

5. STOCKS
31.12.21 31.12.20
£    £   
Stocks 48,060 48,072
Finished goods 1,258,162 977,322
1,306,222 1,025,394

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.21 31.12.20
£    £   
Trade debtors 189,182 169,150
Other debtors 49,015 54,512
238,197 223,662

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.21 31.12.20
£    £   
Trade creditors 801,818 1,000,361
Taxation and social security 136,512 88,130
Other creditors 4,332 44,087
942,662 1,132,578

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.21 31.12.20
£    £   
Within one year 84,044 104,044
Between one and five years 224,175 252,175
In more than five years 42,033 98,077
350,252 454,296

PROVEN MOTOR COMPANY LIMITED (REGISTERED NUMBER: 04346017)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

9. SECURED DEBTS

The following secured debts are included within creditors:

31.12.21 31.12.20
£    £   
Trade creditors 446,030 961,504

10. RELATED PARTY DISCLOSURES

During the year the company paid rent of £48,000 (2020 - £48,000) to Suffolk Life Annuities in respect of a personal pension scheme of which Dr V B Smith is a beneficiary. The rent is charged on a commercial basis.

K J Pattison has given a personal guarantee of £100,000 to the company's bankers. He has also given a personal guarantee in respect of vehicle financing loans.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
PROVEN MOTOR COMPANY LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Proven Motor Company Limited for the year ended 31 December 2021 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Proven Motor Company Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Proven Motor Company Limited and state those matters that we have agreed to state to the Board of Directors of Proven Motor Company Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Proven Motor Company Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Proven Motor Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Proven Motor Company Limited. You consider that Proven Motor Company Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Proven Motor Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Goodale Mardle, Chartered Accountants
Greens Court
West Street
Midhurst
West Sussex
GU29 9NQ


Date: .............................................