Registration number:
Brecon Motors (Distributors) Limited
Unaudited Financial Statements
for the
Year Ended 31 December 2021
Brecon Motors (Distributors) Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Brecon Motors (Distributors) Limited
Company Information
Directors |
Mr J L Williams Miss S M Williams |
Company secretary |
Mrs H M Williams |
Registered office |
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Bankers |
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Accountants |
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Brecon Motors (Distributors) Limited
(Registration number: 01335620)
Balance Sheet
as at 31 December 2021
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2021 |
2020 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets/(liabilities) |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Fair value reserve |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Brecon Motors (Distributors) Limited
(Registration number: 01335620)
Balance Sheet
as at 31 December 2021
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Brecon Motors (Distributors) Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2021
General information |
The company is a incorporated in England and Wales within the United Kingdom.
The address of its registered office is:
United Kingdom
The principal place of business is:
Rich Way
The Watton
Brecon
Powys
LD3 7EH
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in sterling, which is the functional currency of the company, and rounded to the nearest £1.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services to customers, and the receipt of rental income from tenants.
Trading revenue is recognised when a vehicle that has been sold, serviced or repaired is accepted by the customer, and rental income is recognised in accordance with the daily amounts receivable in accordance with the leases.
Government grants
Government grants are accounted for as received, except that grants under the Job Retention Scheme are accounted for in accordance with the payroll periods to which they relate.
The interest on the Bounce Back Loan is paid by the UK Government for the first 12 months. Interest paid in this way during the accounting period is shown as an interest cost and as a matching government grant received.
Brecon Motors (Distributors) Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2021
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the UK, which is where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
Tangible assets
Tangible assets are stated in the statement of financial position at cost less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures and equipment |
4% and 15% on cost |
Freehold property |
1% on cost |
Motor vehicles |
25% on cost or 25% on reducing balance |
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Trade debtors
Trade debtors are amounts due from customers for vehicles sold , services performed or rent receivable in the ordinary course of business.
Trade debtors are recognised at the transaction price.
Stocks
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated selling cosrs.
Brecon Motors (Distributors) Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2021
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities
Trade creditors are recognised at the transaction price.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash received .
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Brecon Motors (Distributors) Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2021
Tangible assets |
Freehold land and buildings |
Fixtures and fittings |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 January 2021 |
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Additions |
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At 31 December 2021 |
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Depreciation |
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At 1 January 2021 |
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Charge for the year |
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At 31 December 2021 |
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Carrying amount |
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At 31 December 2021 |
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At 31 December 2020 |
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Included in freehold property is freehold land with a cost price of £229,937 which is not depreciated.
Investment properties |
2021 |
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At 1 January |
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Additions |
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At 31 December |
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The investment property class of fixed assets was revalued on 31 December 2021 by a director who is internal to the company. The properties have been valued on an open market basis, taking into account similar properties in the locality, and the terms and length of the current leases.
Debtors |
Note |
2021 |
2020 |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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- |
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Prepayments |
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Other debtors |
- |
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Brecon Motors (Distributors) Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2021
Creditors |
Creditors: amounts falling due within one year
Note |
2021 |
2020 |
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Due within one year |
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Loans and borrowings |
- |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
- |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2021 |
2020 |
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Due after one year |
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Loans and borrowings |
- |
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2021 |
2020 |
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Due after more than five years |
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After more than five years by instalments |
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- |
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Creditors include bank loans not repayable by instalments of £0.00 (2020 - £6,156.00) due after more than five years.
Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
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No. |
£ |
No. |
£ |
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6,000 |
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6,000 |
Brecon Motors (Distributors) Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2021
Loans and borrowings |
2021 |
2020 |
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Non-current loans and borrowings |
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Bank borrowings |
- |
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2021 |
2020 |
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Current loans and borrowings |
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Bank borrowings |
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The bank loans are secured on the some of the investment properties. |
Parent and ultimate parent undertaking |
The company's immediate parent is