Silverfin false 31/03/2023 01/04/2022 31/03/2023 Mr A M Ewing 18/01/2023 20/05/2011 Ms K M Ruddle 11/12/2017 Mr A K Ruddle 05/07/1991 Mr M C Ruddle 25/02/2005 04 October 2023 The principal activity of the company is the sale and repair of road vehicles. 02178029 2023-03-31 02178029 bus:Director1 2023-03-31 02178029 bus:Director2 2023-03-31 02178029 bus:Director3 2023-03-31 02178029 bus:Director4 2023-03-31 02178029 2022-03-31 02178029 core:CurrentFinancialInstruments 2023-03-31 02178029 core:CurrentFinancialInstruments 2022-03-31 02178029 core:ShareCapital 2023-03-31 02178029 core:ShareCapital 2022-03-31 02178029 core:RevaluationReserve 2023-03-31 02178029 core:RevaluationReserve 2022-03-31 02178029 core:RetainedEarningsAccumulatedLosses 2023-03-31 02178029 core:RetainedEarningsAccumulatedLosses 2022-03-31 02178029 core:LandBuildings 2022-03-31 02178029 core:PlantMachinery 2022-03-31 02178029 core:Vehicles 2022-03-31 02178029 core:OtherPropertyPlantEquipment 2022-03-31 02178029 core:LandBuildings 2023-03-31 02178029 core:PlantMachinery 2023-03-31 02178029 core:Vehicles 2023-03-31 02178029 core:OtherPropertyPlantEquipment 2023-03-31 02178029 core:OtherMembersGroupNotDefinedElsewhere core:CurrentFinancialInstruments 2023-03-31 02178029 core:OtherMembersGroupNotDefinedElsewhere core:CurrentFinancialInstruments 2022-03-31 02178029 core:FurtherRelatedPartyRelationshipType2ComponentAllOtherRelatedParties core:CurrentFinancialInstruments 2023-03-31 02178029 core:FurtherRelatedPartyRelationshipType2ComponentAllOtherRelatedParties core:CurrentFinancialInstruments 2022-03-31 02178029 core:CurrentFinancialInstruments core:Secured 2023-03-31 02178029 bus:OrdinaryShareClass1 2023-03-31 02178029 bus:OrdinaryShareClass2 2023-03-31 02178029 bus:OrdinaryShareClass3 2023-03-31 02178029 bus:OrdinaryShareClass4 2023-03-31 02178029 bus:OrdinaryShareClass5 2023-03-31 02178029 bus:OtherShareClass1 2023-03-31 02178029 2022-04-01 2023-03-31 02178029 bus:FullAccounts 2022-04-01 2023-03-31 02178029 bus:SmallEntities 2022-04-01 2023-03-31 02178029 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 02178029 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 02178029 bus:Director1 2022-04-01 2023-03-31 02178029 bus:Director2 2022-04-01 2023-03-31 02178029 bus:Director3 2022-04-01 2023-03-31 02178029 bus:Director4 2022-04-01 2023-03-31 02178029 core:LandBuildings core:TopRangeValue 2022-04-01 2023-03-31 02178029 core:PlantMachinery 2022-04-01 2023-03-31 02178029 core:PlantMachinery core:TopRangeValue 2022-04-01 2023-03-31 02178029 core:Vehicles 2022-04-01 2023-03-31 02178029 core:OtherPropertyPlantEquipment core:TopRangeValue 2022-04-01 2023-03-31 02178029 2021-04-01 2022-03-31 02178029 core:LandBuildings 2022-04-01 2023-03-31 02178029 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 02178029 core:CurrentFinancialInstruments 2022-04-01 2023-03-31 02178029 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 02178029 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 02178029 bus:OrdinaryShareClass2 2022-04-01 2023-03-31 02178029 bus:OrdinaryShareClass2 2021-04-01 2022-03-31 02178029 bus:OrdinaryShareClass3 2022-04-01 2023-03-31 02178029 bus:OrdinaryShareClass3 2021-04-01 2022-03-31 02178029 bus:OrdinaryShareClass4 2022-04-01 2023-03-31 02178029 bus:OrdinaryShareClass4 2021-04-01 2022-03-31 02178029 bus:OrdinaryShareClass5 2022-04-01 2023-03-31 02178029 bus:OrdinaryShareClass5 2021-04-01 2022-03-31 02178029 bus:OtherShareClass1 2022-04-01 2023-03-31 02178029 bus:OtherShareClass1 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 02178029 (England and Wales)

AVALON MOTOR CO LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

AVALON MOTOR CO LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

AVALON MOTOR CO LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2023
AVALON MOTOR CO LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2023
DIRECTORS Ms K M Ruddle
Mr A K Ruddle
Mr M C Ruddle
SECRETARY Mr M C Ruddle
REGISTERED OFFICE Avalon Trading Estate
Wells Road
Glastonbury
BA6 9AG
England
United Kingdom
COMPANY NUMBER 02178029 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Centenary House
Peninsula Park
Rydon Lane
Exeter
Devon EX2 7XE
AVALON MOTOR CO LIMITED

BALANCE SHEET

As at 31 March 2023
AVALON MOTOR CO LIMITED

BALANCE SHEET (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 938,628 982,085
938,628 982,085
Current assets
Stocks 1,920,429 1,643,765
Debtors 4 373,033 503,751
Cash at bank and in hand 20 27,634
2,293,482 2,175,150
Creditors: amounts falling due within one year 5 ( 972,233) ( 951,759)
Net current assets 1,321,249 1,223,391
Total assets less current liabilities 2,259,877 2,205,476
Provision for liabilities ( 46,700) ( 57,266)
Net assets 2,213,177 2,148,210
Capital and reserves
Called-up share capital 6 90,000 90,000
Revaluation reserve 500,781 500,781
Profit and loss account 1,622,396 1,557,429
Total shareholders' funds 2,213,177 2,148,210

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.

Directors' responsibilities:

The financial statements of Avalon Motor Co Limited (registered number: 02178029) were approved and authorised for issue by the Board of Directors on 04 October 2023. They were signed on its behalf by:

Mr A K Ruddle
Director
AVALON MOTOR CO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
AVALON MOTOR CO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Avalon Motor Co Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Avalon Trading Estate, Wells Road, Glastonbury, BA6 9AG, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of the business and is shown net of Value Added Tax. Fair value consideration takes into account trade and settlement discounts.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer. Revenue from the sale of services is recognised at the point the services have been carried out.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life on the following bases:

Land and buildings 50 years straight line
Plant and machinery 20 % reducing balance
3 years straight line
Vehicles 25 % reducing balance
Other property, plant and equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials and where applicable, direct labour costs and overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit and loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 23 23

3. Tangible assets

Land and buildings Plant and machinery Vehicles Other property, plant
and equipment
Total
£ £ £ £ £
Cost
At 01 April 2022 1,116,702 645,913 17,645 45,990 1,826,250
Additions 0 9,630 0 0 9,630
At 31 March 2023 1,116,702 655,543 17,645 45,990 1,835,880
Accumulated depreciation
At 01 April 2022 218,701 598,621 17,645 9,198 844,165
Charge for the financial year 12,861 31,028 0 9,198 53,087
At 31 March 2023 231,562 629,649 17,645 18,396 897,252
Net book value
At 31 March 2023 885,140 25,894 0 27,594 938,628
At 31 March 2022 898,001 47,292 0 36,792 982,085

4. Debtors

2023 2022
£ £
Trade debtors 32,295 65,208
Amounts owed by connected persons 0 200
Amounts owed by connected companies 26,001 26,001
Other debtors 314,737 412,342
373,033 503,751

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank overdrafts (secured) 480,314 414,475
Trade creditors 207,628 236,229
Taxation and social security 130,047 100,611
Other creditors 154,244 200,444
972,233 951,759

Bank loans and overdrafts totalling £480,314 (2022: £414,475) are secured by way of fixed charges over the land and buildings owned by the company.

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
71,800 Ordinary A Shares shares of £ 1.00 each 71,800 71,800
17,899 Ordinary B Shares shares of £ 1.00 each 17,899 17,899
100 Ordinary C Shares shares of £ 1.00 each 100 100
197 Ordinary D Shares shares of £ 1.00 each 197 197
3 Ordinary E Shares shares of £ 1.00 each 3 3
1 Ordinary F Shares share of £ 1.00 1 1
90,000 90,000

7. Related party transactions

The company has provided an unlimited guarantee dated 20 March 1989 to its bankers in respect of the liabilities of Avalon Motor Services Limited, a company under the control of a director.