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Registration number: 11092545

Hatherleigh Motor Services Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Hatherleigh Motor Services Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Hatherleigh Motor Services Ltd

Company Information

Director

Mr Christopher Brown-Martin

Registered office

Hatherleigh Motors
Bridge Street
Hatherleigh
Devon
EX20 3JH

Accountants

Nigel K Wayne & Co Ltd Trading as W R Frost
Chartered Accountants
15a East Street
Okehampton
Devon
EX20 1AS

 

Hatherleigh Motor Services Ltd

(Registration number: 11092545)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

26,533

35,377

Current assets

 

Stocks

5

61,500

61,161

Debtors

6

15,256

14,423

Cash at bank and in hand

 

169,820

177,129

 

246,576

252,713

Creditors: Amounts falling due within one year

7

(131,395)

(185,518)

Net current assets

 

115,181

67,195

Total assets less current liabilities

 

141,714

102,572

Creditors: Amounts falling due after more than one year

7

(44,167)

(50,000)

Provisions for liabilities

(5,041)

(6,722)

Net assets

 

92,506

45,850

Capital and reserves

 

Called up share capital

8

10

10

Profit and loss account

92,496

45,840

Shareholders' funds

 

92,506

45,850

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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his 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.

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.

 

Hatherleigh Motor Services Ltd

(Registration number: 11092545)
Balance Sheet as at 31 December 2021

Approved and authorised by the director on 7 September 2022
 

.........................................
Mr Christopher Brown-Martin
Director

 

Hatherleigh Motor Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Hatherleigh Motors
Bridge Street
Hatherleigh
Devon
EX20 3JH

These financial statements were authorised for issue by the director on 7 September 2022.

2

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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 income 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 countries where the company operates and generates taxable income.

 

Hatherleigh Motor Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

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 balance sheet 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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & Machinery

25% reducing balance

Vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Hatherleigh Motor Services Ltd

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 if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2020 - 5).

 

Hatherleigh Motor Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

4

Tangible assets

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2021

80,162

1,065

81,227

At 31 December 2021

80,162

1,065

81,227

Depreciation

At 1 January 2021

45,384

466

45,850

Charge for the year

8,694

150

8,844

At 31 December 2021

54,078

616

54,694

Carrying amount

At 31 December 2021

26,084

449

26,533

At 31 December 2020

34,778

599

35,377

5

Stocks

2021
£

2020
£

Other inventories

61,500

61,161

6

Debtors

2021
£

2020
£

Trade debtors

10,166

9,204

Prepayments

3,656

2,945

Other debtors

1,434

2,274

15,256

14,423

7

Creditors

Creditors: amounts falling due within one year

 

Hatherleigh Motor Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Note

2021
£

2020
£

Due within one year

 

Trade creditors

 

14,523

8,822

Corporation tax liability

 

13,093

17,595

Other creditors

 

103,779

159,101

 

131,395

185,518

Due after one year

 

Loans and borrowings

9

44,167

50,000

 

Hatherleigh Motor Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

9

44,167

50,000

8

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinery Shares of £0.01 each

1,000

10.00

1,000

10.00

         

9

Loans and borrowings

2021
£

2020
£

Non-current loans and borrowings

Bank borrowings

44,167

50,000

10

Dividends

   

2021

 

2020

   

£

 

£

Interim dividend of £200 (2020 - £200) per ordinary share

 

2,000

 

2,000

         

11

Related party transactions

Directors' remuneration

The director's remuneration for the year was as follows:

 

Hatherleigh Motor Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

2021
£

2020
£

Remuneration

12,500

13,102

Contributions paid to money purchase schemes

57

10,122

12,557

23,224