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REGISTERED NUMBER: 01613752 (England and Wales)














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: R B Corbett



SECRETARY: Mrs S V Round



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



REGISTERED NUMBER: 01613752 (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 MOTOR COMPANY LIMITED (REGISTERED NUMBER: 01613752)

BALANCE SHEET
30TH APRIL 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 454 605

CURRENT ASSETS
Stocks 618,753 585,278
Debtors 6 510,094 376,260
1,128,847 961,538
CREDITORS
Amounts falling due within one year 7 542,809 368,960
NET CURRENT ASSETS 586,038 592,578
TOTAL ASSETS LESS CURRENT
LIABILITIES

586,492

593,183

CREDITORS
Amounts falling due after more than one
year

8

(20,833

)

(30,833

)

PROVISIONS FOR LIABILITIES - (151 )
NET ASSETS 565,659 562,199

CAPITAL AND RESERVES
Called up share capital 10 1,000 1,000
Retained earnings 564,659 561,199
SHAREHOLDERS' FUNDS 565,659 562,199

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 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


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 director and authorised for issue on 22nd November 2023 and were signed by:





R B Corbett - Director


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 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 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

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.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 50% on reducing balance and 25% 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 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 3 (2022 - 3 ) .

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st May 2022
and 30th April 2023 24,219
DEPRECIATION
At 1st May 2022 23,614
Charge for year 151
At 30th April 2023 23,765
NET BOOK VALUE
At 30th April 2023 454
At 30th April 2022 605

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 118,236 16,201
Amounts owed by group undertakings 383,038 355,958
Other debtors 8,820 4,101
510,094 376,260

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 107,920 126,834
Trade creditors 106,685 11,061
Taxation and social security 8,988 16,582
Other creditors 319,216 214,483
542,809 368,960

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 20,833 30,833

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 97,920 116,834
Other loans 163,221 111,936
261,141 228,770

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: £    £   
1,000 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.