REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 June 2023 |
for |
Clynnog and Trevor Motor Company Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 June 2023 |
for |
Clynnog and Trevor Motor Company Limited |
Clynnog and Trevor Motor Company Limited (Registered number: 00121644) |
Contents of the Financial Statements |
for the Year Ended 30 June 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Chartered Accountants' Report | 10 |
Clynnog and Trevor Motor Company Limited |
Company Information |
for the Year Ended 30 June 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Adeilad St David's Building |
Stryd Lombard Street |
Porthmadog |
Gwynedd |
LL49 9AP |
Clynnog and Trevor Motor Company Limited (Registered number: 00121644) |
Balance Sheet |
30 June 2023 |
30.6.23 | 30.6.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
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 |
Share premium |
Other reserves |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
Clynnog and Trevor Motor Company Limited (Registered number: 00121644) |
Balance Sheet - continued |
30 June 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 Board of Directors and authorised for issue on |
Clynnog and Trevor Motor Company Limited (Registered number: 00121644) |
Notes to the Financial Statements |
for the Year Ended 30 June 2023 |
1. | STATUTORY INFORMATION |
Clynnog and Trevor Motor Company Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The balance sheet currently has net current liabilities of £31,192 (2020: £281,364), and the financial statements have been prepared on the going concern basis as the directors consider the position to be unremarkable, given that it arises as a result of the routine financing of vehicles. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Intangible assets, including goodwill, are initially recorded at cost. After initial recognition, they are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Recognition: |
Tangible fixed assets held for the companies own use are stated at cost less accumulated depreciation and accumulated impairment losses. |
Depreciation policy: |
Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives. |
- Assets held under hire purchase agreements of finance leases are depreciated in the same way as owned assets. |
- Freehold Property is depreciated on a straight line basis over 50 years. |
- Land held at Llandegai is not depreciated. |
- Motor Vehicles were depreciated at 15% on a reducing balance to the June 2020 year end, and thereafter at a rate of 20% on a reducing balance basis. |
- Plant and Machinery, Fixtures and Computer Equipment are all depreciated at 15% reducing balance basis. |
Changes in accounting estimates: |
During the compilation of the 2021 financial statements, the directors have reviewed the expected useful lives and recorded fair values of the company's motor vehicles, and concluded that a change in the depreciation rate, an accounting estimate, was required. This being to better align the disclosed economic use of the vehicles with their fair values. |
Up to the year ended in June 2020, motor vehicles were depreciated on the reducing balance basis at a rate of 15% per annum. Following the review, it was concluded that, going forward, a reducing balance rate of 20% would better reflect the economic use made of the vehicles. |
As part of the review process, an impairment evaluation was also carried out, this being so as to align the book values of the vehicles to their fair values. |
Clynnog and Trevor Motor Company Limited (Registered number: 00121644) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
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 or deferred taxation assets and liabilities are not discounted. |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
The goodwill of £15,000 related to a purchase of a competitor coach company in May 2013 and was evenly amortised over its expected life of 2 years. |
From the year ended in June 2015, the goodwill has been held at 'nil' value. |
Clynnog and Trevor Motor Company Limited (Registered number: 00121644) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 July 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
Included in cost of land and buildings is freehold land of £ 210,000 (2022 - £ 210,000 ) which is not depreciated. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.23 | 30.6.22 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.23 | 30.6.22 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.6.23 | 30.6.22 |
£ | £ |
Bank loans |
Hire purchase contracts |
Clynnog and Trevor Motor Company Limited (Registered number: 00121644) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
30.6.23 | 30.6.22 |
£ | £ |
Amounts falling due in more than five years: |
Repayable by instalments |
Hire purchase | - | 12,853 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.6.23 | 30.6.22 |
£ | £ |
Bank loans |
Hire purchase contracts | 1,324,342 | 1,218,540 |
Clynnog and Trevor Motor Company Limited (Registered number: 00121644) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
10. | REGISTER OF CHARGES |
Midland Bank Plc |
Charge date: 31/01/1997 |
Type: Legal Mortgage |
Charge description: |
All money and liabilities whatever, whenever and howsoever incurred by the Company whether now or in the future. |
Property charged: |
Land adjoining the Bus Depot, Trefor, Caernarfon. |
Midland Bank Plc |
Charge date: 08/05/1996 |
Type: Legal Mortgage |
Charge description: |
All money and liabilities whatever, whenever and howsoever incurred by the Company whether now or in the future. |
Property charged: |
Land adjoining The Garage Clynnog and Trevor Motor Company Ltd, Trevor, Caernarfon, Gwynedd. |
Midland Bank Plc |
Charge date: 08/05/1996 |
Type: Legal Mortgage |
Charge description: |
All money and liabilities whatever, whenever and howsoever incurred by the Company whether now or in the future. |
Property charged: |
The Garage Clynnog and Trevor Motor Company Ltd, Trevor, Caernarfon, Gwynedd. |
Midland Bank Plc |
Charge date: 11/04/1996 |
Type: Legal Mortgage |
Charge description: |
All money and liabilities whatever, whenever and howsoever incurred by the Company whether now or in the future. |
Property charged: |
Land and Buildings on the South Side of Croes Higol Road Trefor, Caernarfon, Gwynedd. |
Midland Bank Plc |
Charge date: 20/02/1996 |
Type: Fixed and floating charge |
Clynnog and Trevor Motor Company Limited (Registered number: 00121644) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
Charge description: |
All money and liabilities whatever, whenever and howsoever incurred by the Company whether now or in the future. |
Property charged: |
First fixed charge on all book debts and other debts now and from time to time hereafter due owing or incurred to the Company other than such of the said debts as the Bank may have specifically agreed in writing to exclude from such first fixed charge; and all goodwill and uncalled capital for the time being of the Company; and all patents patent applications inventions trade marks trade names registered designs copyrights know how and other intellectual property rights and all licences and ancillary rights and benefits including all royalties fees and other income deriving from the same both present and future of the Company; and floating charge on all other the undertaking of the company and all its property whatsoever and wheresoever both present and future including its uncalled capital for the time being and such of the book debts and other debts referred to above which are not charged under the said first fixed charge (collectively called 'the assets') but so that the Company shall not except with the prior written consent of the Bank: |
(a) create or permit to subsist over all or any of the assets any mortgage charge lien pledge or other security ranking in priority to or pari passu with the said floating charge; or |
(b) part with sell or dispose of all or except in the ordinary course of the Company's business and for the purpose of carrying on the same any of the assets; or |
(c) deal with its book or other debts or securities for money forming part of the assets otherwise than in the ordinary course of getting in and realising the same which course shall not include or extend to the selling or assigning or in any other way factoring or discounting of any of the said debts or securities. |
Santander UK plc |
Charge date: 12/08/2015 |
Type: Legal Charge |
Property charged: |
All that freehold property Unit 2, Llandeglai Industrial Unit, Llandeglai Road, LL57 1AT. |
Santander UK plc |
Charge date: 11/08/2015 |
Type: Legal Charge |
Charge description: |
All money and liabilities whatever, whenever and howsoever incurred by the Company whether now or in the future. |
Property charged: |
All that freehold property Glanfaron House, Trefor, Caernarfon, LL54 5HP |
HSBC UK Bank PLC |
Charge date: 07/07/2020 |
Type: Fixed and Floating charge |
Charge Description: A fixed and floating charge over all assets. |
11. | RELATED PARTY DISCLOSURES |
The directors have considered their requirements with regard to related party disclosure and have concluded that there is nothing to disclose in the year ending on 30 June 2023. |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Clynnog and Trevor Motor Company Limited |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Clynnog and Trevor Motor Company Limited for the year ended 30 June 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of Clynnog and Trevor Motor Company Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Clynnog and Trevor Motor Company Limited and state those matters that we have agreed to state to the Board of Directors of Clynnog and Trevor Motor Company Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Clynnog and Trevor Motor Company Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Clynnog and Trevor Motor Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Clynnog and Trevor Motor Company Limited. You consider that Clynnog and Trevor Motor Company Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Clynnog and Trevor Motor Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Chartered Accountants |
Adeilad St David's Building |
Stryd Lombard Street |
Porthmadog |
Gwynedd |
LL49 9AP |
Date: ............................................. |