Trowbridge Motor Supplies Limited 01478846 false 2022-07-01 2023-06-30 2023-06-30 The principal activity of the company is the sale of motor vehicles and servicing Digita Accounts Production Advanced 6.30.9574.0 true true 01478846 2022-07-01 2023-06-30 01478846 2023-06-30 01478846 core:FinanceLeases core:CurrentFinancialInstruments 2023-06-30 01478846 core:FinanceLeases core:Non-currentFinancialInstruments 2023-06-30 01478846 core:CurrentFinancialInstruments 2023-06-30 01478846 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 01478846 core:Non-currentFinancialInstruments 2023-06-30 01478846 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 01478846 core:FurnitureFittings 2023-06-30 01478846 core:LandBuildings core:OwnedOrFreeholdAssets 2023-06-30 01478846 core:MotorVehicles 2023-06-30 01478846 core:OfficeEquipment 2023-06-30 01478846 bus:SmallEntities 2022-07-01 2023-06-30 01478846 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 01478846 bus:FilletedAccounts 2022-07-01 2023-06-30 01478846 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 01478846 bus:RegisteredOffice 2022-07-01 2023-06-30 01478846 bus:Director2 2022-07-01 2023-06-30 01478846 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 01478846 core:FurnitureFittings 2022-07-01 2023-06-30 01478846 core:FurnitureFittingsToolsEquipment 2022-07-01 2023-06-30 01478846 core:LandBuildings 2022-07-01 2023-06-30 01478846 core:LandBuildings core:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 01478846 core:MotorVehicles 2022-07-01 2023-06-30 01478846 core:OfficeEquipment 2022-07-01 2023-06-30 01478846 countries:UnitedKingdom 2022-07-01 2023-06-30 01478846 2022-06-30 01478846 core:FurnitureFittings 2022-06-30 01478846 core:LandBuildings core:OwnedOrFreeholdAssets 2022-06-30 01478846 core:MotorVehicles 2022-06-30 01478846 core:OfficeEquipment 2022-06-30 01478846 2021-07-01 2022-06-30 01478846 2022-06-30 01478846 core:FinanceLeases core:CurrentFinancialInstruments 2022-06-30 01478846 core:FinanceLeases core:Non-currentFinancialInstruments 2022-06-30 01478846 core:CurrentFinancialInstruments 2022-06-30 01478846 core:CurrentFinancialInstruments core:WithinOneYear 2022-06-30 01478846 core:Non-currentFinancialInstruments 2022-06-30 01478846 core:Non-currentFinancialInstruments core:AfterOneYear 2022-06-30 01478846 core:FurnitureFittings 2022-06-30 01478846 core:LandBuildings core:OwnedOrFreeholdAssets 2022-06-30 01478846 core:MotorVehicles 2022-06-30 01478846 core:OfficeEquipment 2022-06-30 iso4217:GBP xbrli:pure

Registration number: 01478846

Trowbridge Motor Supplies Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Trowbridge Motor Supplies Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Trowbridge Motor Supplies Limited

(Registration number: 01478846)
Balance Sheet as at 30 June 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Tangible assets

4

250,822

241,623

Current assets

 

Stocks

5

170,000

143,724

Debtors

6

210,115

190,459

Cash at bank and in hand

 

334,025

232,070

 

714,140

566,253

Creditors: Amounts falling due within one year

7

(423,254)

(377,781)

Net current assets

 

290,886

188,472

Total assets less current liabilities

 

541,708

430,095

Creditors: Amounts falling due after more than one year

7

(46,156)

(65,679)

Provisions for liabilities

(7,651)

(9,618)

Net assets

 

487,901

354,798

Capital and reserves

 

Called up share capital

100

100

Retained earnings

487,801

354,698

Shareholders' funds

 

487,901

354,798

For the financial year ending 30 June 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.

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 8 March 2024
 

 

Trowbridge Motor Supplies Limited

(Registration number: 01478846)
Balance Sheet as at 30 June 2023

Mr PJD Kent
Director

   
     
 

Trowbridge Motor Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

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

The address of its registered office is:
1A Gloucester Road
Newtown
Trowbridge
Wilts
BA14 0AA

These financial statements were authorised for issue by the director on 8 March 2024.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

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

Going concern

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

 

Trowbridge Motor Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Prior period errors

Dividends of £41,000 had been paid during the year ended 30 June 2022 however they had not been disclosed in the accounts

Relating to the current period disclosed in these financial statements
£

Relating to the prior period disclosed in these financial statements
£

Relating to periods before the prior period disclosed in these financial statements
£

Dividends

-

41,000

-

   

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 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.

 

Trowbridge Motor Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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

Land and buildings

2% straight line

Furniture, fittings and equipment

15% - 25% reducing balance

Motor vehicles

25% 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.

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 stocks 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.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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

 

Trowbridge Motor Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

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.

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 8 (2022 - 8).

 

Trowbridge Motor Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Tangible assets

Freehold land and buildings
£

Furniture, fittings and equipment
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 July 2022

244,875

9,599

13,337

47,602

Additions

23,854

364

82

-

At 30 June 2023

268,729

9,963

13,419

47,602

Depreciation

At 1 July 2022

41,861

9,599

6,750

15,580

Charge for the year

5,374

55

1,667

8,005

At 30 June 2023

47,235

9,654

8,417

23,585

Carrying amount

At 30 June 2023

221,494

309

5,002

24,017

At 30 June 2022

203,014

-

6,587

32,022

Total
£

Cost or valuation

At 1 July 2022

315,413

Additions

24,300

At 30 June 2023

339,713

Depreciation

At 1 July 2022

73,790

Charge for the year

15,101

At 30 June 2023

88,891

Carrying amount

At 30 June 2023

250,822

At 30 June 2022

241,623

Included within the net book value of land and buildings above is £221,494 (2022 - £203,014) in respect of freehold land and buildings.
 

 

Trowbridge Motor Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

5

Stocks

2023
£

2022
£

Other inventories

170,000

143,724

6

Debtors

2023
£

2022
£

Trade debtors

206,840

190,459

Other debtors

2,893

-

Prepayments

382

-

210,115

190,459

7

Creditors

Due within one year

Note

2023
£

(As restated)

2022
£

 

Loans and borrowings

8

33,498

38,210

Trade creditors

 

305,408

252,053

Amounts due to related parties

19,046

22,870

Social security and other taxes

 

12,426

23,099

Other creditors

 

1,076

738

Accruals

 

3,727

3,170

Corporation tax liability

48,073

37,641

 

423,254

377,781

Due after one year

 

Loans and borrowings

8

46,156

65,679

 

Trowbridge Motor Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Finance lease liabilities

8,267

16,501

Other borrowings

37,889

49,178

46,156

65,679

Current loans and borrowings

2023
£

2022
£

Finance lease liabilities

8,235

7,717

Other borrowings

25,263

30,493

33,498

38,210