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Registration number: 01480839

B. C-N. Auto Refinishing Suppliers Limited

Annual Report and Unaudited Financial Statements (Filleted)

for the Year Ended 28 February 2023

 

B. C-N. Auto Refinishing Suppliers Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

B. C-N. Auto Refinishing Suppliers Limited

Company Information

Director

Mr J Cornwall-Nash

Registered office

Unit 4
Ordnance Street
Furthergate Ind. Estate
Blackburn
Lancashire
BB1 3AE

Accountants

Horne Brooke Shenton
Chartered Accountants
15 Olympic Court Boardmans Way
Whitehills Business Park
Blackpool
FY4 5GU

 

B. C-N. Auto Refinishing Suppliers Limited

(Registration number: 01480839 )
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed Assets

 

Tangible Assets

5

65,968

9,223

Current assets

 

Stocks

6

296,925

268,518

Debtors

7

93,258

82,564

Cash at bank and in hand

 

547,188

603,297

 

937,371

954,379

Creditors: Amounts falling due within one year

8

(550,295)

(668,268)

Net current assets

 

387,076

286,111

Total assets less current liabilities

 

453,044

295,334

Creditors: Amounts falling due after more than one year

8

(935)

-

Provisions for liabilities

(12,534)

(1,752)

Net assets

 

439,575

293,582

Capital and Reserves

 

Called up share capital

9

1,020

1,020

Retained Earnings

438,555

292,562

Shareholders' funds

 

439,575

293,582

 

B. C-N. Auto Refinishing Suppliers Limited

(Registration number: 01480839 )
Balance Sheet as at 28 February 2023

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

Director 's 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 director acknowledges his 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 and in accordance with the provisions of FRS 102 Section 1A.

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 29 November 2023
 

.........................................
Mr J Cornwall-Nash
Director

 

B. C-N. Auto Refinishing Suppliers Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

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

The address of its registered office is:
Unit 4
Ordnance Street
Furthergate Ind. Estate
Blackburn
Lancashire
BB1 3AE

These financial statements were authorised for issue by the director on 29 November 2023.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Government grants

Whether of a capital or revenue nature, government grants have been recognised on an accruals basis and recognised in the accounts in the period in which they become receivable.

Grants of a revenue nature are recognised in "other operating income"; within the profit and loss account of the same period as the related expenditure. These include

Government - Coronavirus Job Retention Scheme "Furlough".

 

B. C-N. Auto Refinishing Suppliers Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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.

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

Plant and machinery

33 1/3% per annum reducing balance

Fixtures and fittingss

10 % per annum reducing balance

Motor vehicles

25 % per annum reducing balance

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.

 

B. C-N. Auto Refinishing Suppliers Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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.

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

B. C-N. Auto Refinishing Suppliers Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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 the director) during the year, was 6 (2022 - 6).

 

B. C-N. Auto Refinishing Suppliers Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

22,200

2,451

5

Tangible Assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2022

28,011

27,080

30,790

85,881

Additions

-

7,000

71,945

78,945

At 28 February 2023

28,011

34,080

102,735

164,826

Depreciation

At 1 March 2022

25,121

26,964

24,573

76,658

Charge for the year

289

2,370

19,541

22,200

At 28 February 2023

25,410

29,334

44,114

98,858

Carrying amount

At 28 February 2023

2,601

4,746

58,621

65,968

At 28 February 2022

2,890

116

6,217

9,223

6

Stocks

2023
£

2022
£

Other inventories

296,925

268,518

7

Debtors

Current

2023
£

2022
£

Trade Debtors

91,166

80,744

Prepayments

2,092

1,820

 

93,258

82,564

 

B. C-N. Auto Refinishing Suppliers Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

11,223

-

Trade Creditors

 

73,895

60,924

Taxation and social security

 

54,251

74,960

Accruals and deferred income

 

15,567

15,392

Other creditors

 

395,359

516,992

 

550,295

668,268

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

935

-

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

1,000 Ordinary Shares of £1 each

1,000

1,000

1,000

1,000

10 Ordinary Class A Shares of £1 each

10

10

10

10

10 Ordinary Class B Shares of £1 each

10

10

10

10

 

1,020

1,020

1,020

1,020

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

935

-

 

B. C-N. Auto Refinishing Suppliers Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

11,223

-

11

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £900.00 per each Ordinary B share

 

9,000

 

9,000

Interim dividend of £Nil (2022 - £200.00) per each Ordinary share

 

-

 

200,000

   

9,000

 

209,000

12

Related party transactions

Dividends paid to the director

 

2023
£

2022
£

Mr J Cornwall-Nash

   

-

200,000

     
         

 


12 Government Grants

The amounts of grants recognised in the financial statements, have arisen in relation to Covid 19 support and are as follows

Coronavirus Job Retention Scheme Grants £Nil (2022 - £1,500)