Company registration number SC089684 (Scotland)
J. NIMMO & SON (COACHWORKS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
J. NIMMO & SON (COACHWORKS) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
J. NIMMO & SON (COACHWORKS) LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
17,757
22,285
Current assets
Stocks
17,100
15,000
Debtors
4
25,445
14,019
Cash at bank and in hand
30,019
11,539
72,564
40,558
Creditors: amounts falling due within one year
5
(35,442)
(37,260)
Net current assets
37,122
3,298
Total assets less current liabilities
54,879
25,583
Creditors: amounts falling due after more than one year
6
(27,588)
(33,801)
Provisions for liabilities
(3,097)
(4,234)
Net assets/(liabilities)
24,194
(12,452)
Capital and reserves
Called up share capital
8
13,750
13,750
Profit and loss reserves
10,444
(26,202)
Total equity
24,194
(12,452)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
J. NIMMO & SON (COACHWORKS) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2023
30 September 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 21 February 2024 and are signed on its behalf by:
Ms E Pollock
Director
Company Registration No. SC089684
J. NIMMO & SON (COACHWORKS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 3 -
1
Accounting policies
Company information
J. Nimmo & Son (Coachworks) Limited is a private company limited by shares incorporated in Scotland. The registered office is 10 Bentinck Street, Kilmarnock, United Kingdom, KA1 4AS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% Reducing balance
Fixtures and fittings
20% Reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost 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.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
J. NIMMO & SON (COACHWORKS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
7
7
J. NIMMO & SON (COACHWORKS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 5 -
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 October 2022
54,052
2,198
56,250
Disposals
(5,978)
(5,978)
At 30 September 2023
48,074
2,198
50,272
Depreciation and impairment
At 1 October 2022
31,956
2,009
33,965
Depreciation charged in the year
4,419
38
4,457
Eliminated in respect of disposals
(5,907)
(5,907)
At 30 September 2023
30,468
2,047
32,515
Carrying amount
At 30 September 2023
17,606
151
17,757
At 30 September 2022
22,096
189
22,285
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
22,338
10,639
Corporation tax recoverable
3,107
3,107
Other debtors
273
25,445
14,019
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
3,418
3,333
Other borrowings
2,794
3,109
Trade creditors
7,805
10,946
Taxation and social security
14,610
12,195
Other creditors
2,717
3,509
Accruals and deferred income
4,098
4,168
35,442
37,260
J. NIMMO & SON (COACHWORKS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 6 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
21,068
24,487
Other borrowings
6,520
9,314
27,588
33,801
Amounts included above which fall due after five years are as follows:
Payable by instalments
6,510
10,287
7
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
3,097
4,234
2023
Movements in the year:
£
Liability at 1 October 2022
4,234
Credit to profit or loss
(1,137)
Liability at 30 September 2023
3,097
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
13750 of £1 each
13,750
13,750
13,750
13,750