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REGISTERED NUMBER: 00782602 (England and Wales)















Central Motors (Chard) Limited

Unaudited Financial Statements for the Year Ended 31 March 2023






Central Motors (Chard) Limited (Registered number: 00782602)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


Central Motors (Chard) Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: D Ricciardi
P J Ricciardi
Mrs C T Ricciardi-Powers
Mrs A J Carr



REGISTERED OFFICE: East Street
Chard
Somerset
TA20 1EP



REGISTERED NUMBER: 00782602 (England and Wales)



ACCOUNTANTS: Maxwells
Chartered Accountants
4 King Square
Bridgwater
Somerset
TA6 3YF



BANKERS: Lloyds Bank plc
31 Fore Street
Taunton
Somerset
TA1 1HN

Central Motors (Chard) Limited (Registered number: 00782602)

Abridged Statement of Financial Position
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 599,094 193,627
Investments 6 45,891 45,891
Investment property 7 656,000 -
1,300,985 239,518

CURRENT ASSETS
Stocks 587,042 507,110
Debtors 1,263,300 22,163
Investments - 1,592,250
Cash at bank and in hand 780,470 728,415
2,630,812 2,849,938
CREDITORS
Amounts falling due within one year 114,215 231,314
NET CURRENT ASSETS 2,516,597 2,618,624
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,817,582

2,858,142

PROVISIONS FOR LIABILITIES 60,345 62,219
NET ASSETS 3,757,237 2,795,923

Central Motors (Chard) Limited (Registered number: 00782602)

Abridged Statement of Financial Position - continued
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 33,660 33,660
Freehold property revaluation reserve 8 473,500 -
Capital redemption reserve 32,340 32,340
Capital reserve 112,005 112,005
Investment property revaluation reserve 8 539,147 -
Retained earnings 2,566,585 2,617,918
SHAREHOLDERS' FUNDS 3,757,237 2,795,923

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

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

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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

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





D Ricciardi - Director


Central Motors (Chard) Limited (Registered number: 00782602)

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

1. STATUTORY INFORMATION

Central Motors (Chard) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Preparation of consolidated financial statements
The financial statements contain information about Central Motors (Chard) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added tax.

Filling station sales are recognised at point of sale. Sales of vehicles are recognised when the significant risks and rewards of ownership have been transferred to the buyer which generally occurs when the vehicles are delivered to the customer and title has passed. Servicing and body shop sales are recognised on completion of the agreed work. Bonuses and commissions are recognised when the company becomes entitled to the income on a risk and rewards basis.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold buildings - 2% on cost
Freehold land - not provided
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% and 30% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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

New vehicles are invoiced to the company by the manufacturer at the point of consignment. As such these vehicles are shown within motor vehicle stock and the liability is shown within trade creditors.


Central Motors (Chard) Limited (Registered number: 00782602)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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.

Listed investments
Listed investments in shares are included at market value.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 15 ) .

5. TANGIBLE FIXED ASSETS
Totals
£   
COST OR VALUATION
At 1 April 2022 515,526
Revaluations 492,084
Reclassification/transfer (81,000 )
At 31 March 2023 926,610
DEPRECIATION
At 1 April 2022 321,899
Charge for year 5,617
At 31 March 2023 327,516
NET BOOK VALUE
At 31 March 2023 599,094
At 31 March 2022 193,627

Central Motors (Chard) Limited (Registered number: 00782602)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

5. TANGIBLE FIXED ASSETS - continued

Included in land and buildings is land amounting to £69,000 (2022: £150,000) which is not depreciated.

Cost or valuation at 31 March 2023 is represented by:

Totals
£   
Valuation in 2023 492,084
Cost 434,526
926,610

6. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST
At 1 April 2022
and 31 March 2023 45,891
NET BOOK VALUE
At 31 March 2023 45,891
At 31 March 2022 45,891

7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
Revaluations 575,000
Reclassification/transfer 81,000
At 31 March 2023 656,000
NET BOOK VALUE
At 31 March 2023 656,000

Included in fair value of investment property is freehold land of £ 81,000 which is not depreciated.

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2023 575,000
Cost 81,000
656,000

Central Motors (Chard) Limited (Registered number: 00782602)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

8. RESERVES
Freehold Investment
property property
revaluation revaluation
reserve reserve Totals
£    £    £   
Revaluation in year 492,084 575,000 1,067,084
Deferred tax on revaluation (18,584 ) - (18,584 )
Deferred tax on revaluation - (35,853 ) (35,853 )

At 31 March 2023 473,500 539,147 1,012,647