1 October 2022 false No description of principal activity Taxfiler 2023.15 SC139437business:PrivateLimitedCompanyLtd2022-10-012023-09-30 SC1394372022-09-30 SC1394372022-10-012023-09-30 SC139437business:AuditExemptWithAccountantsReport2022-10-012023-09-30 SC139437business:FilletedAccounts2022-10-012023-09-30 SC1394372023-09-30 SC139437business:Director12022-10-012023-09-30 SC139437business:Director22022-10-012023-09-30 SC139437business:Director32022-10-012023-09-30 SC139437business:RegisteredOffice2022-10-012023-09-30 SC1394372022-09-30 SC139437core:WithinOneYear2023-09-30 SC139437core:WithinOneYear2022-09-30 SC139437core:AfterOneYear2023-09-30 SC139437core:AfterOneYear2022-09-30 SC139437core:ShareCapitalcore:PreviouslyStatedAmount2023-09-30 SC139437core:ShareCapitalcore:PreviouslyStatedAmount2022-09-30 SC139437core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2023-09-30 SC139437core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2022-09-30 SC139437core:PreviouslyStatedAmount2023-09-30 SC139437core:PreviouslyStatedAmount2022-09-30 SC139437business:SmallEntities2022-10-012023-09-30 SC139437countries:Scotland2022-10-012023-09-30 SC139437core:LandBuildings2022-10-012023-09-30 SC139437core:PlantMachinery2022-10-012023-09-30 SC139437core:MotorVehicles2022-10-012023-09-30 SC139437core:ComputerEquipment2022-10-012023-09-30 SC139437core:LandBuildings2022-09-30 SC139437core:PlantMachinery2022-09-30 SC139437core:MotorVehicles2022-09-30 SC139437core:ComputerEquipment2022-09-30 SC139437core:LandBuildings2023-09-30 SC139437core:PlantMachinery2023-09-30 SC139437core:MotorVehicles2023-09-30 SC139437core:ComputerEquipment2023-09-30 SC139437core:AdditionsToInvestments2023-09-30 SC139437core:DisposalsRepaymentsInvestments2023-09-30 SC1394372021-10-012022-09-30 iso4217:GBP xbrli:pure
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
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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
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Furness Cars And Commercials Limited Statement of financial position as at 30 September 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
677,642 
585,267 
Investments
127,288 
105,788 
804,930 
691,055 
Current assets
Inventories
29,029 
35,000 
Debtors
449,295 
394,239 
Cash at bank and in hand
766,809 
542,325 
1,245,133 
971,564 
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 
Capital and reserves
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
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Furness Cars And Commercials Limited Notes to the Accounts for the year ended 30 September 2023
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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
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
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.
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Furness Cars And Commercials Limited Notes to the Accounts for the year ended 30 September 2023
Leased assets
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.
Pension costs
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 
Depreciation
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 
Net book value
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 
5
Investments
Other investments 
£ 
Valuation at 1 October 2022
105,788 
Additions
127,288 
Disposals
(105,788)
Valuation at 30 September 2023
127,288 
Investments are included at cost value.
6
Debtors
2023 
2022 
£ 
£ 
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 
449,295 
394,239 
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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 
VAT
79,268 
75,465 
Obligations under finance leases and hire purchase contracts
- 
15,566 
Trade creditors
209,558 
84,109 
Taxes and social security
94,975 
63,267 
Other creditors
7,556 
239 
Loans from directors
35,124 
22,565 
Accruals
95,601 
71,416 
527,082 
337,627 
8
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
23,105 
33,927 
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)
10
Average number of employees
During the year the average number of employees was 33 (2022: 30).
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