Company registration number 01236217 (England and Wales)
CORNWALL AND DEVON TRANSMISSIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
CORNWALL AND DEVON TRANSMISSIONS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
CORNWALL AND DEVON TRANSMISSIONS LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
388,064
380,056
Investment properties
4
1,148,060
1,148,060
1,536,124
1,528,116
Current assets
Stocks
10,000
10,000
Debtors
5
28,698
10,018
Cash at bank and in hand
294,789
360,200
333,487
380,218
Creditors: amounts falling due within one year
6
(151,506)
(184,644)
Net current assets
181,981
195,574
Total assets less current liabilities
1,718,105
1,723,690
Provisions for liabilities
(85,774)
(61,567)
Net assets
1,632,331
1,662,123
Capital and reserves
Called up share capital
11,000
11,000
Revaluation reserve
7
694,999
720,160
Profit and loss reserves
926,332
930,963
Total equity
1,632,331
1,662,123

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 23 November 2023 and are signed on its behalf by:
Mr N P A Price
Director
Company Registration No. 01236217
CORNWALL AND DEVON TRANSMISSIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 2 -
1
Accounting policies
Company information

Cornwall and Devon Transmissions Limited is a private company limited by shares incorporated in England and Wales. The principal place of business is Heddon Gate Cottage, Gibb Hill, Lutton, Ivybridge, Devon, England, PL21 9SG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the reconditioning and retailing of vehicle transmission systems provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

 

The directors have elected to use the revalued amount of freehold land and buildings at the date of transition to FRS 102 as its deemed cost.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Freehold
2% per annum on deemed cost
Plant and machinery
15% per annum on the reducing balance method
Office equipment
15% per annum on the reducing balance method
Motor vehicles
25% per annum on the reducing balance method

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

CORNWALL AND DEVON TRANSMISSIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell after making due allowance for obsolete and slow moving items.

1.7
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.

1.8
Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

CORNWALL AND DEVON TRANSMISSIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
10
10
3
Tangible fixed assets
Land and buildings Freehold
Plant and machinery
Office equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 March 2022
542,405
218,438
11,577
49,927
822,347
Additions
-
0
29,316
2,383
-
0
31,699
Disposals
-
0
-
0
-
0
(20,790)
(20,790)
At 28 February 2023
542,405
247,754
13,960
29,137
833,256
Depreciation and impairment
At 1 March 2022
204,853
184,906
9,094
43,438
442,291
Depreciation charged in the year
10,848
9,427
730
1,268
22,273
Eliminated in respect of disposals
-
0
-
0
-
0
(19,372)
(19,372)
At 28 February 2023
215,701
194,333
9,824
25,334
445,192
Carrying amount
At 28 February 2023
326,704
53,421
4,136
3,803
388,064
At 28 February 2022
337,552
33,532
2,483
6,489
380,056

The directors have elected to use the revalued amount of freehold land and buildings at the date of transition to FRS 102 as its deemed cost. If the freehold properties were included in the balance sheet on an historical cost basis the carrying amount would be £69,238 (2022: £72,015).

4
Investment properties
2023
£
Fair value
At 1 March 2022 and 28 February 2023
1,148,060

Investment properties comprises of both commercial and domestic rental properties. The fair value of the investment properties has been arrived at on the basis of a valuation carried out at the year end by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The historical cost of investment properties was £881,941 (2022: £881,941).

CORNWALL AND DEVON TRANSMISSIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 5 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
27,053
6,280
Other debtors
1,645
3,738
28,698
10,018
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
21,317
45,173
Taxation and social security
36,117
56,847
Other creditors
94,072
82,624
151,506
184,644
7
Revaluation reserve
2023
2022
£
£
At beginning of year
720,160
728,231
Adjustment to deferred tax rate - tangible assets
(17,090)
-
Transfer to retained earnings
(8,071)
(8,071)
At end of year
694,999
720,160

The deferred tax calculated on the gain on revaluation of land and buildings and investment properties recognised in the revaluation reserve has been included in the deferred tax liability at the year end and amounts to £71,206 (2022: £54,116). Such tax would become payable only if the properties were sold.

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