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REGISTERED NUMBER: 00121644 (England and Wales)















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: Dr J T Williams
Mr D C Jones
Mr E W Griffiths
Mr D W Griffiths





SECRETARY: Mrs I Williams





REGISTERED OFFICE: The Garage
Trefor
Caernarfon
Gwynedd
LL54 5HP





REGISTERED NUMBER: 00121644 (England and Wales)





ACCOUNTANTS: Dunn & Ellis Cyf
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 2,184,794 1,934,491
2,184,794 1,934,491

CURRENT ASSETS
Stocks 36,550 28,100
Debtors 6 215,908 179,488
Cash at bank 76,686 83,813
329,144 291,401
CREDITORS
Amounts falling due within one year 7 577,252 586,757
NET CURRENT LIABILITIES (248,108 ) (295,356 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,936,686

1,639,135

CREDITORS
Amounts falling due after more than one
year

8

(949,023

)

(840,972

)

PROVISIONS FOR LIABILITIES (334,130 ) (268,061 )
NET ASSETS 653,533 530,102

CAPITAL AND RESERVES
Called up share capital 5,000 5,000
Share premium 3,213 3,213
Other reserves 551 551
Retained earnings 644,769 521,338
SHAREHOLDERS' FUNDS 653,533 530,102

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

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

Clynnog and Trevor Motor Company Limited (Registered number: 00121644)

Balance Sheet - continued
30 June 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 20 November 2023 and were signed on its behalf by:




Mr E W Griffiths - Director



Mr D C Jones - Director


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 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.

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 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 40 (2022 - 42 ) .

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 461,953 4,760,753 5,222,706
Additions - 773,365 773,365
Disposals - (413,500 ) (413,500 )
At 30 June 2023 461,953 5,120,618 5,582,571
DEPRECIATION
At 1 July 2022 74,417 3,213,798 3,288,215
Charge for year 5,038 449,596 454,634
Eliminated on disposal - (345,072 ) (345,072 )
At 30 June 2023 79,455 3,318,322 3,397,777
NET BOOK VALUE
At 30 June 2023 382,498 1,802,296 2,184,794
At 30 June 2022 387,536 1,546,955 1,934,491

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 200,116 162,106
Other debtors 15,792 17,382
215,908 179,488

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Bank loans and overdrafts 1,079 866
Hire purchase contracts 491,763 506,127
Trade creditors 49,330 52,405
Taxation and social security 27,491 20,461
Other creditors 7,589 6,898
577,252 586,757

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.6.23 30.6.22
£    £   
Bank loans 116,444 128,559
Hire purchase contracts 832,579 712,413
949,023 840,972

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 116,444 128,559
Hire purchase contracts 1,324,342 1,218,540
1,440,786 1,347,099

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.






Dunn & Ellis Cyf
Chartered Accountants
Adeilad St David's Building
Stryd Lombard Street
Porthmadog
Gwynedd
LL49 9AP


Date: .............................................