Relate AccountsProduction v2.5.2 v2.5.2 2020-12-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The Principal activity of the company is the sale of motor parts. 13 July 2022 NI048522 2021-11-30 NI048522 2020-11-30 NI048522 2019-11-30 NI048522 2020-12-01 2021-11-30 NI048522 2019-12-01 2020-11-30 NI048522 uk-bus:PrivateLimitedCompanyLtd 2020-12-01 2021-11-30 NI048522 uk-bus:SmallCompaniesRegimeForAccounts 2020-12-01 2021-11-30 NI048522 uk-bus:FullAccounts 2020-12-01 2021-11-30 NI048522 uk-core:ShareCapital 2021-11-30 NI048522 uk-core:ShareCapital 2020-11-30 NI048522 uk-core:RetainedEarningsAccumulatedLosses 2021-11-30 NI048522 uk-core:RetainedEarningsAccumulatedLosses 2020-11-30 NI048522 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2021-11-30 NI048522 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2020-11-30 NI048522 uk-bus:FRS102 2020-12-01 2021-11-30 NI048522 uk-core:PlantMachinery 2020-12-01 2021-11-30 NI048522 uk-core:FurnitureFittingsToolsEquipment 2020-12-01 2021-11-30 NI048522 uk-core:CurrentFinancialInstruments 2021-11-30 NI048522 uk-core:CurrentFinancialInstruments 2020-11-30 NI048522 uk-core:WithinOneYear 2021-11-30 NI048522 uk-core:WithinOneYear 2020-11-30 NI048522 uk-core:WithinOneYear 2021-11-30 NI048522 uk-core:WithinOneYear 2020-11-30 NI048522 uk-core:AfterOneYear 2021-11-30 NI048522 uk-core:AfterOneYear 2020-11-30 NI048522 uk-core:BetweenTwoFiveYears 2021-11-30 NI048522 uk-core:BetweenTwoFiveYears 2020-11-30 NI048522 uk-core:EmployeeBenefits 2020-11-30 NI048522 uk-core:EmployeeBenefits 2020-12-01 2021-11-30 NI048522 uk-core:AcceleratedTaxDepreciationDeferredTax 2021-11-30 NI048522 uk-core:TaxLossesCarry-forwardsDeferredTax 2021-11-30 NI048522 uk-core:OtherDeferredTax 2021-11-30 NI048522 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2021-11-30 NI048522 uk-core:EmployeeBenefits 2021-11-30 NI048522 2020-12-01 2021-11-30 NI048522 uk-bus:Director1 2020-12-01 2021-11-30 NI048522 uk-bus:AuditExempt-NoAccountantsReport 2020-12-01 2021-11-30 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
 
 
Company Registration Number: NI048522
 
 
Caldwell Motor Factors Limited
 
Unaudited Financial Statements
 
for the financial year ended 30 November 2021
Caldwell Motor Factors Limited
Company Registration Number: NI048522
BALANCE SHEET
as at 30 November 2021

2021 2020
Notes £ £
 
Fixed Assets
Tangible assets 4 79,323 52,980
───────── ─────────
 
Current Assets
Stocks 5 853,008 937,000
Debtors 6 657,065 371,279
Cash and cash equivalents 709,849 683,003
───────── ─────────
2,219,922 1,991,282
───────── ─────────
Creditors: amounts falling due within one year 7 (1,284,855) (1,210,570)
───────── ─────────
Net Current Assets 935,067 780,712
───────── ─────────
Total Assets less Current Liabilities 1,014,390 833,692
 
Creditors:
amounts falling due after more than one year 8 (37,254) (188,333)
 
Provisions for liabilities 10 (15,072) (10,066)
───────── ─────────
Net Assets 962,064 635,293
═════════ ═════════
 
Capital and Reserves
Called up share capital 100 100
Retained earnings 961,964 635,193
───────── ─────────
Equity attributable to owners of the company 962,064 635,293
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
The company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account and Directors' Report.
           
For the financial year ended 30 November 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.
           
Approved by the Board and authorised for issue on 13 July 2022 and signed on its behalf by
           
________________________________          
Barry Caldwell          
Director          
           



Caldwell Motor Factors Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 30 November 2021

   
1. General Information
 
Caldwell Motor Factors Limited is a company limited by shares incorporated and registered in Northern Ireland. The registered number of the company is NI048522. The registered office of the company is 20 Dromore Road Retail Park, Omagh, Co Tyrone, BT78 1RE, Northern Ireland which is also the principal place of business of the company. The nature of the company's operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Pound Sterling (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the financial year ended 30 November 2021 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Plant and machinery - 20% Reducing balance
  Fixtures, fittings and equipment - 20% Reducing balance
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Stocks
Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The company also operates a defined benefit pension scheme for its employees providing benefits based on final pensionable pay. The assets of this scheme are also held separately from those of the company, being invested with pension fund managers.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.
 
Government grants
Capital grants received and receivable are treated as deferred income and amortised to the Profit and Loss Account annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the Profit and Loss Account when received.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
 
Prior period adjustment
In the previous financial statements a property was included.  The purchase of this property had not been fully completed at the year end and we have removed this as prior period adjustment.  The figures that have been revised from the previous financial statements are as folows:

Depreciation in the profit & loss account has been revised from £17,392 to £8,392
Land and buildings freehold in the balance sheet has been revised from £450,000 to £Nil.
       
3. Employees
 
The average monthly number of employees, including directors, during the financial year was 32, (2020 - 32).
 
  2021 2020
  Number Number
 
Employee 29 29
Director 3 3
  ───────── ─────────
  32 32
  ═════════ ═════════
         
4. Tangible assets
  Plant and Fixtures, Total
  machinery fittings and  
    equipment  
  £ £ £
Cost
At 1 December 2020 148,180 21,202 169,382
Additions 38,400 - 38,400
  ───────── ───────── ─────────
At 30 November 2021 186,580 21,202 207,782
  ───────── ───────── ─────────
Depreciation
At 1 December 2020 101,188 15,214 116,402
Charge for the financial year 10,859 1,198 12,057
  ───────── ───────── ─────────
At 30 November 2021 112,047 16,412 128,459
  ───────── ───────── ─────────
Net book value
At 30 November 2021 74,533 4,790 79,323
  ═════════ ═════════ ═════════
At 30 November 2020 46,992 5,988 52,980
  ═════════ ═════════ ═════════
       
5. Stocks 2021 2020
  £ £
 
Finished goods and goods for resale 853,008 937,000
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown.
       
6. Debtors 2021 2020
  £ £
 
Trade debtors 657,065 368,990
Other debtors - 2,289
  ───────── ─────────
  657,065 371,279
  ═════════ ═════════
       
7. Creditors 2021 2020
Amounts falling due within one year £ £
 
Bank overdrafts 28,921 11,972
Bank loan 9,579 11,667
Trade creditors 872,757 677,623
Taxation  (Note 9) 228,687 242,103
Directors' current accounts 133,713 145,894
Other creditors 3,886 115,000
Accruals:
Pension accrual 2,312 2,591
Other accruals 5,000 3,720
  ───────── ─────────
  1,284,855 1,210,570
  ═════════ ═════════
       
8. Creditors 2021 2020
Amounts falling due after more than one year £ £
 
Bank loan 37,254 188,333
  ═════════ ═════════
 
Loans
Repayable in one year or less, or on demand (Note 7) 38,500 23,639
Repayable between two and five years 37,254 188,333
  ───────── ─────────
  75,754 211,972
  ═════════ ═════════
 
       
9. Taxation 2021 2020
  £ £
 
Creditors:
VAT 140,406 178,543
Corporation tax 81,709 55,662
PAYE / NI 6,572 7,898
  ───────── ─────────
  228,687 242,103
  ═════════ ═════════
         
10. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Total Total
  allowances    
       
    2021 2020
  £ £ £
 
At financial year start 10,066 10,066 10,846
Charged to profit and loss 5,006 5,006 (780)
  ───────── ───────── ─────────
At financial year end 15,072 15,072 10,066
  ═════════ ═════════ ═════════
       
11. Capital commitments
 
The company had no material capital commitments at the financial year-ended 30 November 2021.
           
12. Related party transactions
 
The directors had an opening directors loan account balance of £145,894.  During the year Caldwell Motor Factors Limited borrowed £91,523 and repaid £103,704 to the directors, leaving a closing balance of £133,713 (2020: £145,984).  This is included in the creditors section of the balance sheet.
   
13. Post-Balance Sheet Events
 
There have been no significant events affecting the company since the financial year-end.