REGISTERED NUMBER: |
CORBETTS MOTOR COMPANY LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH APRIL 2023 |
REGISTERED NUMBER: |
CORBETTS MOTOR COMPANY LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH APRIL 2023 |
CORBETTS MOTOR COMPANY LIMITED (REGISTERED NUMBER: 01613752) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH APRIL 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
CORBETTS MOTOR COMPANY LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30TH APRIL 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
Churchfield House |
36 Vicar Street |
Dudley |
West Midlands |
DY2 8RG |
BANKERS: |
49 Halesowen Road |
Netherton |
Dudley |
West Midlands |
DY2 9QD |
CORBETTS MOTOR COMPANY LIMITED (REGISTERED NUMBER: 01613752) |
BALANCE SHEET |
30TH APRIL 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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. |
CORBETTS MOTOR COMPANY LIMITED (REGISTERED NUMBER: 01613752) |
BALANCE SHEET - continued |
30TH APRIL 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
CORBETTS MOTOR COMPANY LIMITED (REGISTERED NUMBER: 01613752) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH APRIL 2023 |
1. | STATUTORY INFORMATION |
Corbetts Motor Company Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
The place of business of the company is The Corbett Trading Estate, Cinderbank, Netherton. |
The financial statements have been rounded to the nearest £. |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year and have been consistently applied within the same accounts. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover from the sale of goods is recognised at the point of sale. |
Turnover from repairs and servicing is recognised upon completion of the service. |
Tangible fixed assets |
Plant and machinery etc | - |
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 Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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. |
CORBETTS MOTOR COMPANY LIMITED (REGISTERED NUMBER: 01613752) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH APRIL 2023 |
3. | 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. |
Cash and cash equivalents |
Cash and cash equivalents includes deposits held at call at banks. |
Debtors and creditors |
Short term debtors and creditors are measured at transaction price, less any impairment. |
Basic financial instruments are measured at amortised cost.Short term debtors and creditors are measured at transaction price, less any impairment. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1st May 2022 |
and 30th April 2023 |
DEPRECIATION |
At 1st May 2022 |
Charge for year |
At 30th April 2023 |
NET BOOK VALUE |
At 30th April 2023 |
At 30th April 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
CORBETTS MOTOR COMPANY LIMITED (REGISTERED NUMBER: 01613752) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH APRIL 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank overdrafts |
Other loans |
The bank overdraft and loan is secured by the unlimited guarantee of Corbetts Dudley Limited dated 4th August 2003. |
Other loans included in other creditors are secured by personal guarantees of the director. |
Stocking loans included in other creditors are secured by the vehicles stocked. |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 1,000 | 1,000 |
11. | CONTROLLING PARTY |
The company is a wholly owned subsidiary undertaking of Corbetts Dudley Limited, a company registered in England and Wales. |
The registered office address and principal place of business address of Corbetts Dudley Limited and Corbetts Motor Co Limited are the same. |