Bournville Van Centre Ltd 07557541 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is used commercial van sales Digita Accounts Production Advanced 6.30.9574.0 true 07557541 2022-04-01 2023-03-31 07557541 2023-03-31 07557541 core:RetainedEarningsAccumulatedLosses 2023-03-31 07557541 core:ShareCapital 2023-03-31 07557541 core:CurrentFinancialInstruments 2023-03-31 07557541 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 07557541 core:Non-currentFinancialInstruments 2023-03-31 07557541 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 07557541 core:FurnitureFittingsToolsEquipment 2023-03-31 07557541 core:LandBuildings 2023-03-31 07557541 core:MotorVehicles 2023-03-31 07557541 bus:SmallEntities 2022-04-01 2023-03-31 07557541 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 07557541 bus:FullAccounts 2022-04-01 2023-03-31 07557541 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 07557541 bus:RegisteredOffice 2022-04-01 2023-03-31 07557541 bus:Director1 2022-04-01 2023-03-31 07557541 bus:Director2 2022-04-01 2023-03-31 07557541 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 07557541 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 07557541 core:LandBuildings 2022-04-01 2023-03-31 07557541 core:MotorVehicles 2022-04-01 2023-03-31 07557541 countries:England 2022-04-01 2023-03-31 07557541 2022-03-31 07557541 core:FurnitureFittingsToolsEquipment 2022-03-31 07557541 core:LandBuildings 2022-03-31 07557541 core:MotorVehicles 2022-03-31 07557541 2021-04-01 2022-03-31 07557541 2022-03-31 07557541 core:RetainedEarningsAccumulatedLosses 2022-03-31 07557541 core:ShareCapital 2022-03-31 07557541 core:CurrentFinancialInstruments 2022-03-31 07557541 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 07557541 core:Non-currentFinancialInstruments 2022-03-31 07557541 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 07557541 core:FurnitureFittingsToolsEquipment 2022-03-31 07557541 core:LandBuildings 2022-03-31 07557541 core:MotorVehicles 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 07557541

Bournville Van Centre Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Bournville Van Centre Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Bournville Van Centre Ltd

Company Information

Directors

Mr M A Carr

Mr A Carr

Registered office

35 Pensford Road
Birmingham
B31 3AG

Accountants

Ballards LLP
Chartered Accountants
Oakmoore Court
11c Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

 

Bournville Van Centre Ltd

(Registration number: 07557541)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

366,233

370,266

Current assets

 

Stocks

5

288,793

525,672

Debtors

6

729,983

148,697

Cash at bank and in hand

 

481,259

419,395

 

1,500,035

1,093,764

Creditors: Amounts falling due within one year

7

(686,593)

(337,827)

Net current assets

 

813,442

755,937

Total assets less current liabilities

 

1,179,675

1,126,203

Creditors: Amounts falling due after more than one year

7

(306,461)

(389,940)

Net assets

 

873,214

736,263

Capital and reserves

 

Called up share capital

1

1

Retained earnings

873,213

736,262

Shareholders' funds

 

873,214

736,263

For the financial year ending 31 March 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 November 2023 and signed on its behalf by:
 

.........................................
Mr M A Carr
Director

   
 

Bournville Van Centre Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
35 Pensford Road
Birmingham
B31 3AG

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Bournville Van Centre Ltd

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

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% straight line

Fixtures, fittings and equipment

25% straight line

Freehold property

No depreciation

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Bournville Van Centre Ltd

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 3).

 

Bournville Van Centre Ltd

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

361,778

15,607

14,472

391,857

At 31 March 2023

361,778

15,607

14,472

391,857

Depreciation

At 1 April 2022

-

12,605

8,986

21,591

Charge for the year

-

1,290

2,743

4,033

At 31 March 2023

-

13,895

11,729

25,624

Carrying amount

At 31 March 2023

361,778

1,712

2,743

366,233

At 31 March 2022

361,778

3,002

5,486

370,266

Included within the net book value of land and buildings above is £361,778 (2022 - £361,778) in respect of freehold land and buildings.
 

5

Stocks

2023
£

2022
£

Other inventories

288,793

525,672

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

502,501

2,184

Amounts owed by related parties

145,670

61,293

Prepayments

 

6,238

5,429

Other debtors

 

75,574

79,791

   

729,983

148,697

 

Bournville Van Centre Ltd

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

8

111,617

134,694

Trade creditors

 

395,021

18,626

Amounts owed to related parties

102,506

61,509

Taxation and social security

 

6,044

-

Other creditors

 

71,405

122,998

 

686,593

337,827

Due after one year

 

Loans and borrowings

8

306,461

389,940

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

163,626

172,569

Other borrowings

142,835

217,371

306,461

389,940

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,068

9,063

Other borrowings

101,549

125,631

111,617

134,694