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REGISTERED NUMBER: 03192650 (England and Wales)














CORBETTS DUDLEY LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH APRIL 2023






CORBETTS DUDLEY LTD (REGISTERED NUMBER: 03192650)






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 DUDLEY LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH APRIL 2023







DIRECTORS: R B Corbett
Mrs S Corbett
Mrs S V Round



SECRETARY: Mrs S V Round



REGISTERED OFFICE: White Lodge
Old Ham Lane
Pedmore
Stourbridge
West Midlands
DY9 0UJ



REGISTERED NUMBER: 03192650 (England and Wales)



ACCOUNTANTS: BK Plus Limited
Chartered Certified Accountants
Churchfield House
36 Vicar Street
Dudley
West Midlands
DY2 8RG



BANKERS: Lloyds Bank plc
49 Halesowen Road
Netherton
Dudley
West Midlands
DY2 9QD

CORBETTS DUDLEY LTD (REGISTERED NUMBER: 03192650)

BALANCE SHEET
30TH APRIL 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investments 4 1,000 1,000

CURRENT ASSETS
Debtors 5 4,079,626 3,370,538
Cash at bank 90,411 63,760
4,170,037 3,434,298
CREDITORS
Amounts falling due within one year 6 1,953,288 1,634,840
NET CURRENT ASSETS 2,216,749 1,799,458
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,217,749

1,800,458

CREDITORS
Amounts falling due after more than one
year

7

974,834

667,915
NET ASSETS 1,242,915 1,132,543

CAPITAL AND RESERVES
Called up share capital 9 75,100 75,100
Retained earnings 1,167,815 1,057,443
SHAREHOLDERS' FUNDS 1,242,915 1,132,543

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th April 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.

CORBETTS DUDLEY LTD (REGISTERED NUMBER: 03192650)

BALANCE SHEET - continued
30TH APRIL 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22nd November 2023 and were signed on its behalf by:





R B Corbett - Director


CORBETTS DUDLEY LTD (REGISTERED NUMBER: 03192650)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH APRIL 2023

1. STATUTORY INFORMATION

Corbetts Dudley Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


The financial statements have been rounded to the nearest pound.

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.

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.

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A
These financial statements for the year ended 30th April 2023 are the first that are prepared in accordance with FRS 102 Section 1A. The previous financial statements were prepared in accordance with FRS 105, the date of transition to FRS 102 Section 1A is 1st May 2021.

Turnover
Turnover represents hire purchase interest, loan interest and other finance charges receivable, less commissions.

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

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.

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.

Loan interest
Loan interest is charged to the profit and loss account on a straight line basis, in line with the income from finance agreements.

CORBETTS DUDLEY LTD (REGISTERED NUMBER: 03192650)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2023

2. ACCOUNTING POLICIES - continued

Cash and cash equivalents
Cash and cash equivalents includes deposits held at call at banks.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Creditors
Short term creditors are measured at transaction price, less any impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1st May 2022
and 30th April 2023 1,000
NET BOOK VALUE
At 30th April 2023 1,000
At 30th April 2022 1,000

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 3,382,389 2,828,409
Other debtors 697,237 542,129
4,079,626 3,370,538

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Amounts owed to group undertakings 383,038 355,958
Taxation and social security 62,625 49,597
Other creditors 1,497,625 1,219,285
1,953,288 1,634,840

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 20,833 30,833
Other creditors 954,001 637,082
974,834 667,915

CORBETTS DUDLEY LTD (REGISTERED NUMBER: 03192650)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2023

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 30,833 40,833
Other loans 1,816,931 1,414,137
1,847,764 1,454,970

Bank borrowings are secured by a Lloyds Bank plc unlimited debenture dated 27th June 2000.

This company guarantees the bank borrowings of the subsidiary company, Corbetts Motor Co. Limited.

Included in creditors are other loans which are secured by block discounting agreements, incorporating a floating charge over the debts and assets of the company dated 12th December 2006 and 16 April 2020.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
75,100 Ordinary £1 75,100 75,100

10. FIRST YEAR ADOPTION

This is the first period that the Company has presented its financial statements under Financial Reporting Standard 102 Section 1A issued by the Financial Reporting Council. The last financial statements presented its financial statements under FRS 105 for the year ended 30th April 2022 and the date of transition was therefore the 1st May 2021. The policies applied for the year ended 30th April 2023 are not materially different and have not impacted on equity or profit or loss.