Registered number
02701233
SOUTH NORWOOD COACHWORKS LIMITED
Unaudited Filleted Accounts
31 March 2022
SOUTH NORWOOD COACHWORKS LIMITED
Registered number: 02701233
Balance Sheet
as at 31 March 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 563,956 569,457
Current assets
Stocks 71,138 36,985
Debtors 4 257,781 191,598
Cash at bank and in hand 177,921 170,317
506,840 398,900
Creditors: amounts falling due within one year 5 (233,369) (175,122)
Net current assets 273,471 223,778
Total assets less current liabilities 837,427 793,235
Provisions for liabilities (67,586) (67,539)
Net assets 769,841 725,696
Capital and reserves
Called up share capital 2 2
Revaluation reserve 6 429,576 429,576
Profit and loss account 340,263 296,118
Shareholders' funds 769,841 725,696
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
N D McGarvie
Director
Approved by the board on 8 August 2022
SOUTH NORWOOD COACHWORKS LIMITED
Notes to the Accounts
for the year ended 31 March 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Improvements to short leasehold property over the lease term
Plant, equipment and vehigles over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
Operating lease payments are recognised as an expense on a straight line basis over the leases term
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 11 10
3 Tangible fixed assets
Freehold property Plant, equipment and vehicles Improvements to short leasehold property Total
£ £ £ £
Cost
At 1 April 2021 575,000 75,662 37,648 688,310
Additions - 684 - 684
At 31 March 2022 575,000 76,346 37,648 688,994
Depreciation
At 1 April 2021 5,750 75,455 37,648 118,853
Charge for the year 5,750 435 - 6,185
At 31 March 2022 11,500 75,890 37,648 125,038
Net book value
At 31 March 2022 563,500 456 - 563,956
At 31 March 2021 569,250 207 - 569,457
Freehold land and buildings: 2022 2021
£ £
Historical cost 134,352 134,352
Cumulative depreciation based on historical cost 61,802 59,115
72,550 75,237
4 Debtors 2022 2021
£ £
Trade debtors 257,781 191,598
5 Creditors: amounts falling due within one year 2022 2021
£ £
Trade creditors 65,930 56,884
Taxation and social security costs 72,460 50,257
Other creditors 94,979 67,981
233,369 175,122
6 Revaluation reserve 2022 2021
£ £
At 1 April 2021 429,576 429,576
At 31 March 2022 429,576 429,576
7 Other financial commitments 2022 2021
£ £
Total future minimum payments under non-cancellable operating leases 54,545 38,283
8 Related party transactions
The company pays rent of £21,000 per annum to Hazelbrook Limited, a company in which Mr N McGarvie is a director and has a material interest.
McGarvie is a director and has a material interest.
9 Controlling party
The company is controlled by the director.
10 Other information
SOUTH NORWOOD COACHWORKS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
130-132 Albert Road
South Norwood
London
SE25 4JT
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