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Registration number: 05578036

Chesil Beach Motors Limited
Unaudited Filleted Financial Statements
for the Year Ended 31 March 2023

Chesil Beach Motors Limited

Contents

Balance Sheet | 1
Notes to the Unaudited Financial Statements | 2 to 8

Chesil Beach Motors Limited

(Registration number: 05578036)
Balance Sheet as at 31 March 2023

| Note | 2023 £ | 2022 £
Fixed assets |  |  |
Tangible assets | 4 | 23,108 | 29,995
Current assets |  |  |
Stocks | 5 | 545,093 | 388,434
Debtors | 6 | 228,588 | 295,233
Cash at bank and in hand |  | 205,992 | 167,953
|  | 979,673 | 851,620
Creditors: Amounts falling due within one year | 7 | (514,383) | (407,231)
Net current assets |  | 465,290 | 444,389
Total assets less current liabilities |  | 488,398 | 474,384
Creditors: Amounts falling due after more than one year | 7 | (24,116) | (34,035)
Provisions for liabilities |  | (5,340) | (5,294)
Net assets |  | 458,942 | 435,055
Capital and reserves |  |  |
Called up share capital |  | 200 | 200
Retained earnings |  | 458,742 | 434,855
Shareholders' funds |  | 458,942 | 435,055

For the financial year ending 31 March 2023 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. As permitted by section 444 (5A) of the Companies Act 2006, the Director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 24 August 2023

......................................... D D England Company secretary and director

Chesil Beach Motors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1 | General information

The company is a private company limited by share capital incorporated in United Kingdom and the company registration number is 05578036.

The address of its registered office is:
Top O' the hill
Easton Lane
Portland
Dorset
DT5 1BW

These financial statements were authorised for issue by the director on 24 August 2023.

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.
The financial statements are for the individual entity and have been prepared in sterling which is the functional currency of the company and have been rounded to the nearest pound.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

Going concern

Specifically in connection with the current economic climate, the directors have considered the impact of COVID-19 on the business and they are satisfied that the company has sufficient financial headroom to continue trading for at least the next twelve months. For this reason the financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Government grants

Government grants which become receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, are recognised as income in the period in which they become receivable.

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.

Chesil Beach Motors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

Asset class | Depreciation method and rate
Plant and machinery | 20% straight line basis
Fixtures and fittings | 20-33% straight line basis
Leasehold land and buildings | 10% straight line basis

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

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks.

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.

Chesil Beach Motors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity.

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

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

3 | Staff numbers

The average number of persons employed by the Company (including the Director) during the year, was 20 (2022 - 23).

Chesil Beach Motors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4 | Tangible assets

| Land and buildings £ | Furniture, fittings and equipment £ | Total £
Cost or valuation
At 1 April 2022 | 2,677 | 198,020 | 200,697
Additions | - | 5,865 | 5,865
At 31 March 2023 | 2,677 | 203,885 | 206,562
Depreciation
At 1 April 2022 | 2,677 | 168,025 | 170,702
Charge for the year | - | 12,752 | 12,752
At 31 March 2023 | 2,677 | 180,777 | 183,454
Carrying amount
At 31 March 2023 | - | 23,108 | 23,108
At 31 March 2022 | - | 29,995 | 29,995

Included within the net book value of land and buildings above is £Nil (2022 - £Nil) in respect of freehold land and buildings.

5 | Stocks

| 2023 £ | 2022 £
Other inventories | 545,093 | 388,434

6 | Debtors

Current | 2023 £ | 2022 £
Trade debtors | 202,238 | 239,051
Prepayments | 26,350 | 40,546
Other debtors | - | 15,636
| 228,588 | 295,233

Chesil Beach Motors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7 | Creditors

Creditors: amounts falling due within one year

| Note | 2023 £ | 2022 £
Due within one year |  |  |
Bank loans and overdrafts | 8 | 9,910 | 9,666
Trade creditors |  | 151,558 | 56,773
Taxation and social security |  | 27,173 | 40,972
Other creditors |  | 196,455 | 90,421
Accruals and deferred income |  | 129,287 | 209,399
|  | 514,383 | 407,231
Due after one year |  |  |
Loans and borrowings | 8 | 24,116 | 34,035

Creditors: amounts falling due after more than one year

| Note | 2023 £ | 2022 £
Due after one year |  |  |
Loans and borrowings | 8 | 24,116 | 34,035

| 2023 £ | 2022 £
Due after more than five years |  |
| - | -

8 | Loans and borrowings

| 2023 £ | 2022 £
Non-current loans and borrowings
Bank borrowings | 24,116 | 34,035

| 2023 £ | 2022 £
Current loans and borrowings
Bank borrowings | 9,910 | 9,666
Other borrowings | 151,834 | 66,785
| 161,744 | 76,451

9 | Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £61,604 (2022 - £88,080).

Chesil Beach Motors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

10 | Related party transactions

Key management compensation

| 2023 £ | 2022 £
Salaries and other short term employee benefits | 12,235 | 13,834
Post-employment benefits | 7,200 | 7,200
| 19,435 | 21,034

Chesil Beach Motors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Director's remuneration

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

| 2023 £ | 2022 £
Remuneration | 11,070 | 9,564
Contributions paid to money purchase schemes | 7,200 | 7,200
| 18,270 | 16,764