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COMPANY REGISTRATION NUMBER: 01741661
Brocksford Motors Limited
Filleted Unaudited Financial Statements
30 September 2023
Brocksford Motors Limited
Financial Statements
Year ended 30 September 2023
Contents
Pages
Balance sheet
1 to 2
Notes to the financial statements
3 to 6
Brocksford Motors Limited
Balance Sheet
30 September 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
1,202,943
464,526
Current assets
Stocks
245,972
178,005
Debtors
6
255,155
193,054
Cash at bank and in hand
167,766
150,629
---------
---------
668,893
521,688
Creditors: amounts falling due within one year
7
249,324
212,315
---------
---------
Net current assets
419,569
309,373
------------
---------
Total assets less current liabilities
1,622,512
773,899
Provisions
17,000
19,000
------------
---------
Net assets
1,605,512
754,899
------------
---------
Capital and reserves
Called up share capital
48,964
48,964
Revaluation reserve
749,435
Profit and loss account
807,113
705,935
------------
---------
Shareholders funds
1,605,512
754,899
------------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 30 September 2023 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Brocksford Motors Limited
Balance Sheet (continued)
30 September 2023
These financial statements were approved by the board of directors and authorised for issue on 20 November 2023 , and are signed on behalf of the board by:
Mrs S A Hughes
Director
Company registration number: 01741661
Brocksford Motors Limited
Notes to the Financial Statements
Year ended 30 September 2023
1. General information
The company os a private company limited by shares, registered in England and Wales. The address of the registered office is Spedding Road, Fenton Industrial Estate, Fenton, Stoke-on-Trent, ST4 2ST. The company registration number is 01741661 .
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
Revenue recognition
Turnover comprises the value, net of Value Added Tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers. Turnover in respect of service contracts is recognised when the company obtains the right to receive consideration for services provided.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Plant and machinery
-
10% reducing balance
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stock is valued at the lower of cost and net realisable value. Cost comprises invoice cost for materials. Net realisable value is the estimated proceeds from the sale of stock items. In respect of work in progress, cost includes a relevant proportion of overheads according to the stage of completion.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. The basic financial instruments of the company are as follows: Debtors Debtors do not carry any interest and are stated at their nominal values. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired. Cash at bank and in hand This comprises cash at bank. Trade creditors Trade creditors are not interest bearing and are stated at their nominal value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 23 (2022: 24 ).
5. Tangible assets
Freehold property
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost or valuation
At 1 October 2022
587,291
571,431
34,260
1,192,982
Additions
1,124
1,124
Revaluations
517,709
517,709
------------
---------
--------
------------
At 30 September 2023
1,105,000
572,555
34,260
1,711,815
------------
---------
--------
------------
Depreciation
At 1 October 2022
231,726
470,404
26,326
728,456
Charge for the year
10,158
1,984
12,142
Revaluations
( 231,726)
( 231,726)
------------
---------
--------
------------
At 30 September 2023
480,562
28,310
508,872
------------
---------
--------
------------
Carrying amount
At 30 September 2023
1,105,000
91,993
5,950
1,202,943
------------
---------
--------
------------
At 30 September 2022
355,565
101,027
7,934
464,526
------------
---------
--------
------------
The property was revalued during the year, the directors have valued the investment property at fair value based on judgement and experience.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property
£
At 30 September 2023
Aggregate cost
587,291
Aggregate depreciation
(231,726)
---------
Carrying value
355,565
---------
At 30 September 2022
Aggregate cost
587,291
Aggregate depreciation
(231,726)
---------
Carrying value
355,565
---------
6. Debtors
2023
2022
£
£
Trade debtors
236,087
154,967
Other debtors
19,068
38,087
---------
---------
255,155
193,054
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
112,461
113,349
Corporation tax
12,000
Social security and other taxes
45,038
58,371
Other creditors
79,825
40,595
---------
---------
249,324
212,315
---------
---------
8. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
21,492
Later than 1 year and not later than 5 years
53,730
--------
----
75,222
--------
----