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Registration number: 06668378

The Clutch & Gearbox Centre Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

The Clutch & Gearbox Centre Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

The Clutch & Gearbox Centre Limited

Company Information

Directors

Garry Burkitt

Deborah Eddy

Registered office

Waterside House
Falmouth Road
Penryn
Cornwall
TR10 8BE

Accountants

Julia Evans Accountants Ltd
Waterside House
Falmouth Road
Penryn
Cornwall
TR10 8BE

 

The Clutch & Gearbox Centre Limited

(Registration number: 06668378)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

5,348

4,083

Current assets

 

Stocks

600

600

Debtors

5

9,283

4,301

Cash at bank and in hand

 

16,123

25,617

 

26,006

30,518

Creditors: Amounts falling due within one year

6

(23,266)

(24,880)

Net current assets

 

2,740

5,638

Total assets less current liabilities

 

8,088

9,721

Creditors: Amounts falling due after more than one year

6

-

(4,109)

Provisions for liabilities

(1,016)

(776)

Net assets

 

7,072

4,836

Capital and reserves

 

Called up share capital

7

10

10

Retained earnings

7,062

4,826

Shareholders' funds

 

7,072

4,836

For the financial year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

The Clutch & Gearbox Centre Limited

(Registration number: 06668378)
Balance Sheet as at 31 August 2023

Approved and authorised by the Board on 2 April 2024 and signed on its behalf by:
 

.........................................
Garry Burkitt
Director

.........................................
Deborah Eddy
Director

 

The Clutch & Gearbox Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 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:
Waterside House
Falmouth Road
Penryn
Cornwall
TR10 8BE
United Kingdom

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.

Government grants

Government grants have been recognised under the accrual model.

Tax

Taxation represents the sum of tax currently payable and deferred tax.

The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

 

The Clutch & Gearbox Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax asset is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates and tax laws that have been enacted or substantively enacted by the the end of the reporting period.

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

Motor vehicles

25% Reducing balance basis

Office equipment

25% Reducing balance basis

Plant and machinery

25% Reducing balance basis

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.

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.

 

The Clutch & Gearbox Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

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 directors) during the year, was 4 (2022 - 3).

 

The Clutch & Gearbox Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 September 2022

782

500

9,401

10,683

Additions

856

-

1,996

2,852

At 31 August 2023

1,638

500

11,397

13,535

Depreciation

At 1 September 2022

196

289

6,115

6,600

Charge for the year

214

53

1,320

1,587

At 31 August 2023

410

342

7,435

8,187

Carrying amount

At 31 August 2023

1,228

158

3,962

5,348

At 31 August 2022

586

211

3,286

4,083

5

Debtors

Current

2023
£

2022
£

Trade debtors

5,058

2,711

Prepayments

1,281

1,086

Other debtors

2,944

504

 

9,283

4,301

 

The Clutch & Gearbox Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

4,174

7,161

Trade creditors

 

2,521

714

Taxation and social security

 

14,339

10,160

Accruals and deferred income

 

1,864

1,903

Other creditors

 

368

4,942

 

23,266

24,880

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

-

4,109

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

10

10

10

10

       
 

The Clutch & Gearbox Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

-

4,109

Current loans and borrowings

2023
£

2022
£

Bank borrowings

3,859

5,000

Bank overdrafts

315

2,161

4,174

7,161