Company Registration No. SC139437 (Scotland)
Furness Cars And Commercials Limited
Unaudited accounts
for the year ended 30 September 2023
Furness Cars And Commercials Limited
Unaudited accounts
Contents
Furness Cars And Commercials Limited
Company Information
for the year ended 30 September 2023
Directors
Margaret Grieve
Gary Thomas Grieve
Kevin Grieve
Company Number
SC139437 (Scotland)
Registered Office
Furness Cars & Commercials Ltd
Paradise
Askam-in-Furness
Cumbria
LA16 7HA
England
Accountants
EHA Accountancy Ltd
2 Lower Brook Street
Ulverston
Cumbria
LA12 7EE
Furness Cars And Commercials Limited
Statement of financial position
as at 30 September 2023
Tangible assets
677,642
585,267
Investments
127,288
105,788
Cash at bank and in hand
766,809
542,325
Creditors: amounts falling due within one year
(527,082)
(337,627)
Net current assets
718,051
633,937
Total assets less current liabilities
1,522,981
1,324,992
Creditors: amounts falling due after more than one year
(23,105)
(33,927)
Net assets
1,499,876
1,291,065
Called up share capital
10,000
10,000
Profit and loss account
1,489,876
1,281,065
Shareholders' funds
1,499,876
1,291,065
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 3 April 2024 and were signed on its behalf by
Gary Thomas Grieve
Director
Company Registration No. SC139437
Furness Cars And Commercials Limited
Notes to the Accounts
for the year ended 30 September 2023
Furness Cars And Commercials Limited is a private company, limited by shares, registered in Scotland, registration number SC139437. The registered office is Furness Cars & Commercials Ltd, Paradise , Askam-in-Furness, Cumbria, LA16 7HA, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
2% straight line basis
Plant & machinery
25% reducing balance
Motor vehicles
25% reducing balance
Computer equipment
25% straight line basis
Stock has been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Furness Cars And Commercials Limited
Notes to the Accounts
for the year ended 30 September 2023
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 October 2022
246,759
158,381
1,757,774
22,195
2,185,109
Additions
3,771
45,399
163,954
18,733
231,857
Disposals
-
-
(57,220)
(5,763)
(62,983)
At 30 September 2023
250,530
203,780
1,864,508
35,165
2,353,983
At 1 October 2022
91,179
131,797
1,363,604
13,262
1,599,842
Charge for the year
4,709
17,995
108,884
6,917
138,505
On disposals
-
-
(56,243)
(5,763)
(62,006)
At 30 September 2023
95,888
149,792
1,416,245
14,416
1,676,341
At 30 September 2023
154,642
53,988
448,263
20,749
677,642
At 30 September 2022
155,580
26,584
394,170
8,933
585,267
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Investments
Other investments
Valuation at 1 October 2022
105,788
Valuation at 30 September 2023
127,288
Investments are included at cost value.
Amounts falling due within one year
Trade debtors
316,955
314,018
Accrued income and prepayments
14,680
10,141
Other debtors
117,660
70,080
Furness Cars And Commercials Limited
Notes to the Accounts
for the year ended 30 September 2023
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
5,000
5,000
Obligations under finance leases and hire purchase contracts
-
15,566
Trade creditors
209,558
84,109
Taxes and social security
94,975
63,267
Loans from directors
35,124
22,565
8
Creditors: amounts falling due after more than one year
2023
2022
9
Transactions with related parties
Included within creditors is an amount owed to the directors of £35,124 (2022: £22,565). The directors loan account was not overdrawn at any stage during the current or previous year. No interest is being charged on this balance.
Dividends paid to directors £150,000 (2022: £120,000)
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Average number of employees
During the year the average number of employees was 33 (2022: 30).