IRIS Accounts Production v23.1.5.20 04482976 Board of Directors Board of Directors 1.3.22 28.2.23 28.2.23 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure044829762022-02-28044829762023-02-28044829762022-03-012023-02-28044829762021-02-28044829762021-03-012022-02-28044829762022-02-2804482976ns16:EnglandWales2022-03-012023-02-2804482976ns15:PoundSterling2022-03-012023-02-2804482976ns11:Director12022-03-012023-02-2804482976ns11:Director22022-03-012023-02-2804482976ns11:PrivateLimitedCompanyLtd2022-03-012023-02-2804482976ns11:SmallEntities2022-03-012023-02-2804482976ns11:AuditExempt-NoAccountantsReport2022-03-012023-02-2804482976ns11:SmallCompaniesRegimeForDirectorsReport2022-03-012023-02-2804482976ns11:SmallCompaniesRegimeForAccounts2022-03-012023-02-2804482976ns11:FullAccounts2022-03-012023-02-280448297612022-03-012023-02-2804482976ns6:CurrentFinancialInstruments2023-02-2804482976ns6:CurrentFinancialInstruments2022-02-2804482976ns6:Non-currentFinancialInstruments2023-02-2804482976ns6:Non-currentFinancialInstruments2022-02-2804482976ns6:ShareCapital2023-02-2804482976ns6:ShareCapital2022-02-2804482976ns6:RetainedEarningsAccumulatedLosses2023-02-2804482976ns6:RetainedEarningsAccumulatedLosses2022-02-2804482976ns6:NetGoodwill2022-03-012023-02-2804482976ns6:IntangibleAssetsOtherThanGoodwill2022-03-012023-02-2804482976ns6:LandBuildings2022-03-012023-02-2804482976ns6:PlantMachinery2022-03-012023-02-2804482976ns6:NetGoodwill2022-02-2804482976ns6:NetGoodwill2023-02-2804482976ns6:NetGoodwill2022-02-2804482976ns6:LandBuildings2022-02-2804482976ns6:PlantMachinery2022-02-2804482976ns6:LandBuildings2023-02-2804482976ns6:PlantMachinery2023-02-2804482976ns6:LandBuildings2022-02-2804482976ns6:PlantMachinery2022-02-2804482976ns6:WithinOneYearns6:CurrentFinancialInstruments2023-02-2804482976ns6:WithinOneYearns6:CurrentFinancialInstruments2022-02-2804482976ns6:Secured2023-02-2804482976ns6:Secured2022-02-2804482976ns6:AcceleratedTaxDepreciationDeferredTax2023-02-2804482976ns6:AcceleratedTaxDepreciationDeferredTax2022-02-2804482976ns6:DeferredTaxation2022-02-2804482976ns6:DeferredTaxation2022-03-012023-02-2804482976ns6:DeferredTaxation2023-02-28
REGISTERED NUMBER: 04482976 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

COMMERCIAL VEHICLE LININGS LIMITED

COMMERCIAL VEHICLE LININGS LIMITED (REGISTERED NUMBER: 04482976)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023










Page

Balance Sheet 1

Notes to the Financial Statements 3


COMMERCIAL VEHICLE LININGS LIMITED (REGISTERED NUMBER: 04482976)

BALANCE SHEET
28 FEBRUARY 2023

28.2.23 28.2.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 425,538 448,794
425,538 448,794

CURRENT ASSETS
Stocks 329,240 283,102
Debtors 6 436,092 361,892
Cash at bank and in hand 14,872 33,974
780,204 678,968
CREDITORS
Amounts falling due within one year 7 802,476 738,752
NET CURRENT LIABILITIES (22,272 ) (59,784 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

403,266

389,010

CREDITORS
Amounts falling due after more than one
year

8

(72,500

)

(102,500

)

PROVISIONS FOR LIABILITIES 10 (66,000 ) (65,000 )
NET ASSETS 264,766 221,510

CAPITAL AND RESERVES
Called up share capital 200 200
Retained earnings 264,566 221,310
264,766 221,510

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

COMMERCIAL VEHICLE LININGS LIMITED (REGISTERED NUMBER: 04482976)

BALANCE SHEET - continued
28 FEBRUARY 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 September 2023 and were signed on its behalf by:




K Kolleth - Director



Mrs J L Kolleth - Director


COMMERCIAL VEHICLE LININGS LIMITED (REGISTERED NUMBER: 04482976)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023


1. STATUTORY INFORMATION

Commercial Vehicle Linings Limited is a private company, limited by shares, registered in England and Wales,
registered number 04482976. Its registered office is CVL House, 1 Hopesay Hill Road, Craven Arms Business
Park, Craven Arms, Shropshire, SY7 8DU.

The financial statements are presented in Sterling, which is the functional currency of the company.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2002, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 33% on cost and 4% on cost
Plant and machinery etc - 33% on reducing balance, 25% on reducing balance and 10% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and
Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or
directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or
substantively enacted by the balance sheet date.


COMMERCIAL VEHICLE LININGS LIMITED (REGISTERED NUMBER: 04482976)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance
sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the
timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they
will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension
scheme are charged to profit or loss in the period to which they relate.

Job retention scheme
Amounts receivable under the Coronavirus Job Retention Scheme have been accounted for on an accruals basis.

Financial instruments
Basic financial liabilities, including trade and other debtors, bank loans and other loans are initially recognised at
transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is
measured at the present value of the future receipts discounted at a market rate of interest.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2022 - 23 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2022
and 28 February 2023 75,000
AMORTISATION
At 1 March 2022
and 28 February 2023 75,000
NET BOOK VALUE
At 28 February 2023 -
At 28 February 2022 -

COMMERCIAL VEHICLE LININGS LIMITED (REGISTERED NUMBER: 04482976)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 March 2022 360,504 1,179,194 1,539,698
Additions - 34,576 34,576
Disposals - (12,900 ) (12,900 )
At 28 February 2023 360,504 1,200,870 1,561,374
DEPRECIATION
At 1 March 2022 192,290 898,614 1,090,904
Charge for year 13,476 41,845 55,321
Eliminated on disposal - (10,389 ) (10,389 )
At 28 February 2023 205,766 930,070 1,135,836
NET BOOK VALUE
At 28 February 2023 154,738 270,800 425,538
At 28 February 2022 168,214 280,580 448,794

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Trade debtors 413,781 341,240
Other debtors 22,311 20,652
436,092 361,892

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Bank loans and overdrafts 342,144 334,814
Hire purchase contracts - 4,080
Trade creditors 270,000 241,941
Taxation and social security 168,941 138,046
Other creditors 21,391 19,871
802,476 738,752

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
28.2.23 28.2.22
£    £   
Bank loans 72,500 102,500

COMMERCIAL VEHICLE LININGS LIMITED (REGISTERED NUMBER: 04482976)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


9. SECURED DEBTS

The following secured debts are included within creditors:

28.2.23 28.2.22
£    £   
Bank overdrafts 299,197 304,814
Bank loans 115,447 132,500
Hire purchase contracts - 4,080
414,644 441,394

The above loans are secured by way of a fixed and floating charge over the assets of the company.

The Hire purchase amount outstanding is secured over the asset to which the agreements relate.

10. PROVISIONS FOR LIABILITIES
28.2.23 28.2.22
£    £   
Deferred tax
Accelerated capital allowances 66,000 65,000

Deferred
tax
£   
Balance at 1 March 2022 65,000
Provided during year 1,000
Balance at 28 February 2023 66,000

11. RELATED PARTY DISCLOSURES

During the year, total dividends of £210,000 (2022 - £116,250) were paid to the directors .