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Registration number: 03025902

Saville Carriage Company Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Saville Carriage Company Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Saville Carriage Company Limited

Company Information

Directors

JJ Sword

PC Sword

Mrs CE Sword

Registered office

St. Edmunds
Sandy Lane Road, Charlton Kings
Cheltenham
Gloucestershire
GL53 9DA

Accountants

Boon and Worth Limited
Suite A4, Skylon Court
Coldnose Road
Rotherwas
Hereford
HR2 6JS

 

Saville Carriage Company Limited

(Registration number: 03025902)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Current assets

 

Stocks

6

57,698

161,817

Debtors

7

624,526

642,107

Cash at bank and in hand

 

6,942

84,786

 

689,166

888,710

Creditors: Amounts falling due within one year

8

(106,054)

(120,397)

Total assets less current liabilities

 

583,112

768,313

Creditors: Amounts falling due after more than one year

8

-

(120,130)

Net assets

 

583,112

648,183

Capital and reserves

 

Called up share capital

100,000

100,000

Retained earnings

483,112

548,183

Shareholders' funds

 

583,112

648,183

 

Saville Carriage Company Limited

(Registration number: 03025902)
Balance Sheet as at 31 December 2021

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:

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 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.

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 Board on 22 August 2022 and signed on its behalf by:
 

.........................................
JJ Sword
Director

 

Saville Carriage Company Limited

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.

The address of its registered office is:
St. Edmunds
Sandy Lane Road, Charlton Kings
Cheltenham
Gloucestershire
GL53 9DA

These financial statements were authorised for issue by the Board on 22 August 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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

 

Saville Carriage Company Limited

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

Tax

The tax expense for the period comprises 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.

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 or fair value, less any subsequent accumulated depreciation and subsequent accumulated imparement losses.

The cost or fair value of tangible assets includes directly attributable incremental costs incurred in their aquisition 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

Freehold property

Over 30 years

Fixtures and fittings

10% and 33% straight line

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.

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.

 

Saville Carriage Company 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 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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2020 - 3).

 

Saville Carriage Company Limited

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

4

Loss/profit before tax

Arrived at after charging/(crediting)

2021
£

2020
£

Depreciation expense

-

1,673

5

Tangible assets

Cost or valuation

Depreciation

Carrying amount

At 31 December 2021

Included within the net book value of land and buildings above is £Nil (2020 - £Nil) in respect of freehold land and buildings.
 

6

Stocks

2021
£

2020
£

Used Cars

27,498

124,617

Other inventories

30,200

37,200

57,698

161,817

 

Saville Carriage Company Limited

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

7

Debtors

Current

2021
£

2020
£

Other debtors

624,526

642,107

8

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Loans and borrowings

10

-

14,104

Trade creditors

 

288

411

Taxation and social security

 

102,444

97,319

Accruals and deferred income

 

1,500

3,120

Other creditors

 

1,822

5,443

 

106,054

120,397

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

10

-

120,130

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on revaluation of other assets

(657,003)

(657,003)

 

Saville Carriage Company Limited

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

10

Loans and borrowings

2021
£

2020
£

Current loans and borrowings

HP and finance lease liability 1 (under 1yr)

-

14,104

11

Related party transactions

Transactions with directors

2021

At 1 January 2021
£

Advances to director
£

Repayments by director
£

At 31 December 2021
£

JJ Sword

JJ & Mrs C Sword

509,637

78,639

(96,220)

492,056

         
       

PC Sword

PC Sword

(5,443)

50,000

(46,379)

(1,822)

         
       

 

2020

At 1 January 2020
£

Advances to director
£

Repayments by director
£

At 31 December 2020
£

JJ Sword

JJ & Mrs C Sword

496,763

203,228

(190,355)

509,637

         
       

PC Sword

PC Sword

-

(5,443)

-

(5,443)

         
       

 

Directors' remuneration

The directors' remuneration for the year was as follows:

2021
£

2020
£

Remuneration

4,860

6,750