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REGISTERED NUMBER: 02698969 (England and Wales)










STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

FOR

FELTHAM COACHWORKS LIMITED

FELTHAM COACHWORKS LIMITED (REGISTERED NUMBER: 02698969)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


FELTHAM COACHWORKS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2023







DIRECTORS: A J Dowsett
I J Tims





SECRETARY: I J Tims





REGISTERED OFFICE: Rugby Road
Twickenham
Middlesex
TW1 1AU





REGISTERED NUMBER: 02698969 (England and Wales)





AUDITORS: RJP LLP
Chartered Certified Accountants &
Statutory Auditors
Ground Floor
Egerton House
68 Baker Street
Weybridge
Surrey
KT13 8AL

FELTHAM COACHWORKS LIMITED (REGISTERED NUMBER: 02698969)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2023


The directors present their strategic report for the year ended 31 July 2023.

REVIEW OF BUSINESS
The key financial performance indicators of the business are as follows:

2023 2022
£'000 £'000

Turnover 11,819 8,398
Gross profit 4,443 3,182
Gross margin 37.54% 37.89%
Operating profit 1,650 712


The addition of new contracts had a direct impact on the increase in both Turnover and Operating Profit for the year and underpin future trading performance.

Future Developments
The Company continued to progress in the year to 31st July 2023, delivering a strong operating performance and maintaining investment in our staff and the service we offer.

Looking ahead, the Board of Directors are confident that the forthcoming year will see growth continue across our business.

PRINCIPAL RISKS AND UNCERTAINTIES
The Board of Directors is responsible for assessing and monitoring business risk. These risks are being mitigated by regular review of the Company's performance, potential risks, areas of uncertainty and discussions with Management.

Other potential risks include:

Staff
Although the year on the whole has been good, we continue to face challenges in regards to finding and maintaining quality staff. We are finding that existing staff are becoming harder to keep in terms of remuneration and competition from our competitors. Our standing and reputation within the industry goes some way to alleviate this.

Health & Safety
Health & Safety is another area that we have had to devote a considerable amount of time to in respect of the increased regulations and audit that we are now subject to. To counter this we now have a dedicated permanent member of staff whose duties are solely to look after this area of our business.

ON BEHALF OF THE BOARD:





I J Tims - Director


27 March 2024

FELTHAM COACHWORKS LIMITED (REGISTERED NUMBER: 02698969)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JULY 2023


The directors present their report with the financial statements of the company for the year ended 31 July 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of motor accident repair services.

DIVIDENDS

DIRECTORS
The directors shown below have held office during the whole of the period from 1 August 2022 to the date of this report.

A J Dowsett
I J Tims

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





I J Tims - Director


27 March 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FELTHAM COACHWORKS LIMITED


Opinion
We have audited the financial statements of Feltham Coachworks Limited (the 'company') for the year ended 31 July 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 July 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FELTHAM COACHWORKS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FELTHAM COACHWORKS LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Based on our understanding and accumulated knowledge of the company and the sector in which it operates we considered the risk of acts by the company which were contrary to applicable laws and regulations, including fraud and whether such actions or non-compliance might have a material effect on the financial statements. These included but were not limited to those that relate to the form and content of the financial statements, such as the company's accounting policies, UK accounting standards, the UK Companies Act 2006 and industry related regulations. All team members were briefed to ensure they were aware of any relevant regulations in relation to their work.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls, and determined that the principal risks were related to posting inappropriate journal entries, management bias in accounting estimates and improper revenue recognition associated with year-end cut-off. Our audit procedures included, but were not limited to:

- Agreement of the financial statements to underlying supporting documentation;
- Challenging assumptions and judgements made by management in their significant accounting estimates, in
particular in relation to accrued income;
- Revenue year-end cut-off procedures;
- Identifying and testing journal entries;
- Discussions with management, including consideration of known or suspected instances of non-compliance with
laws and regulations and fraud; and
- Obtaining an understanding of the control environment in monitoring compliance with laws and regulations.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognizing that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.

There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FELTHAM COACHWORKS LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Simon Paterson (Senior Statutory Auditor)
for and on behalf of RJP LLP
Chartered Certified Accountants &
Statutory Auditors
Ground Floor
Egerton House
68 Baker Street
Weybridge
Surrey
KT13 8AL

28 March 2024

FELTHAM COACHWORKS LIMITED (REGISTERED NUMBER: 02698969)

INCOME STATEMENT
FOR THE YEAR ENDED 31 JULY 2023

31.7.23 31.7.22
Notes £    £   

TURNOVER 11,819,802 8,398,729

Cost of sales 7,376,516 5,216,226
GROSS PROFIT 4,443,286 3,182,503

Administrative expenses 2,713,297 2,414,448
OPERATING PROFIT 4 1,729,989 768,055

Interest receivable and similar income 17,586 104
1,747,575 768,159

Interest payable and similar expenses 5 97,719 56,380
PROFIT BEFORE TAXATION 1,649,856 711,779

Tax on profit 6 370,138 130,416
PROFIT FOR THE FINANCIAL YEAR 1,279,718 581,363

FELTHAM COACHWORKS LIMITED (REGISTERED NUMBER: 02698969)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2023

31.7.23 31.7.22
Notes £    £   

PROFIT FOR THE YEAR 1,279,718 581,363


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

1,279,718

581,363

FELTHAM COACHWORKS LIMITED (REGISTERED NUMBER: 02698969)

BALANCE SHEET
31 JULY 2023

31.7.23 31.7.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 7 3,695,505 3,886,388

CURRENT ASSETS
Stocks 8 272,763 238,139
Debtors 9 1,793,421 938,618
Cash at bank and in hand 3,446,395 2,269,340
5,512,579 3,446,097
CREDITORS
Amounts falling due within one year 10 1,814,712 1,182,035
NET CURRENT ASSETS 3,697,867 2,264,062
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,393,372

6,150,450

CREDITORS
Amounts falling due after more than one
year

11

(1,375,742

)

(1,422,778

)

PROVISIONS FOR LIABILITIES 15 (32,219 ) (21,979 )
NET ASSETS 5,985,411 4,705,693

CAPITAL AND RESERVES
Called up share capital 16 100 100
Share premium 17 669,891 669,891
Retained earnings 17 5,315,420 4,035,702
SHAREHOLDERS' FUNDS 5,985,411 4,705,693

The financial statements were approved by the Board of Directors and authorised for issue on 27 March 2024 and were signed on its behalf by:





I J Tims - Director


FELTHAM COACHWORKS LIMITED (REGISTERED NUMBER: 02698969)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 August 2021 100 3,454,339 669,891 4,124,330

Changes in equity
Total comprehensive income - 581,363 - 581,363
Balance at 31 July 2022 100 4,035,702 669,891 4,705,693

Changes in equity
Total comprehensive income - 1,279,718 - 1,279,718
Balance at 31 July 2023 100 5,315,420 669,891 5,985,411

FELTHAM COACHWORKS LIMITED (REGISTERED NUMBER: 02698969)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JULY 2023

31.7.23 31.7.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,448,581 1,044,559
Interest paid (96,606 ) (56,009 )
Interest element of hire purchase payments
paid

(1,113

)

(371

)
Tax paid (131,602 ) (81,273 )
Net cash from operating activities 1,219,260 906,906

Cash flows from investing activities
Purchase of tangible fixed assets (203,044 ) (464,076 )
Sale of tangible fixed assets 191,500 247,800
Interest received 17,586 104
Net cash from investing activities 6,042 (216,172 )

Cash flows from financing activities
Loan repayments in year (40,378 ) (43,526 )
Capital repayments in year (7,869 ) (2,623 )
Amount introduced by directors - 1,332
Net cash from financing activities (48,247 ) (44,817 )

Increase in cash and cash equivalents 1,177,055 645,917
Cash and cash equivalents at beginning
of year

2

2,269,340

1,623,423

Cash and cash equivalents at end of
year

2

3,446,395

2,269,340

FELTHAM COACHWORKS LIMITED (REGISTERED NUMBER: 02698969)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JULY 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
31.7.23 31.7.22
£    £   
Profit before taxation 1,649,856 711,779
Depreciation charges 213,638 262,402
Profit on disposal of fixed assets (11,211 ) (24,377 )
Finance costs 97,719 56,380
Finance income (17,586 ) (104 )
1,932,416 1,006,080
Increase in stocks (34,624 ) (69,897 )
Increase in trade and other debtors (854,803 ) (136,045 )
Increase in trade and other creditors 405,592 244,421
Cash generated from operations 1,448,581 1,044,559

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 July 2023
31.7.23 1.8.22
£    £   
Cash and cash equivalents 3,446,395 2,269,340
Year ended 31 July 2022
31.7.22 1.8.21
£    £   
Cash and cash equivalents 2,269,340 1,623,423


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.8.22 Cash flow At 31.7.23
£    £    £   
Net cash
Cash at bank and in hand 2,269,340 1,177,055 3,446,395
2,269,340 1,177,055 3,446,395
Debt
Finance leases (14,377 ) 7,869 (6,508 )
Debts falling due within 1 year (40,228 ) (150 ) (40,378 )
Debts falling due after 1 year (1,416,270 ) 40,528 (1,375,742 )
(1,470,875 ) 48,247 (1,422,628 )
Total 798,465 1,225,302 2,023,767

FELTHAM COACHWORKS LIMITED (REGISTERED NUMBER: 02698969)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023


1. STATUTORY INFORMATION

Feltham Coachworks Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102, the Financial Report Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of these financial statements requires estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities. Estimates and judgements are continually evaluated and are based on historical experience and expectations of future events believed to be reasonable.

The directors consider that the following estimates and judgements are likely to have the most significant effect on the amounts recognised in the financial statements:

Estimation of useful life

The charge in respect of periodic amortisation and depreciation is derived after determining an estimate of an asset's expected useful life and the expected residual value at the end of its life. The useful lives of all assets are determined at the time the assets are acquired and reviewed at least annually for appropriateness. The lives are based on historical experience with similar assets as well as anticipation of future events, which may impact their life, such as changes in technology.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for motor vehicle repairs and maintenance 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - Straight line over 20 years
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

The buildings element of freehold property is not depreciated as the carrying value of the property is not materially different from the market value of the property. This is a departure from the Companies Act 2006 which requires buildings to be depreciated over their useful economic lives. The directors consider that depreciation is not appropriate and the accounting policy adopted is necessary for the accounts to show a true and fair view.

FELTHAM COACHWORKS LIMITED (REGISTERED NUMBER: 02698969)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


2. ACCOUNTING POLICIES - continued

Stocks and work in progress
Stocks are stated at the lower of costs and estimated selling prices less costs to complete and sell. Cost comprises direct material and, where applicable, those overheads that have been incurred in bringing the stocks to their present location and conditions.

At each reporting date, as assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss.

Work in progress relates to costs allocated to jobs which at the reporting date are incomplete. Costs comprises direct materials used for the necessary job.

At each reporting date, an assessment is made for any unrecoverable work in progress. Where necessary an impairment loss is recognised where work in progress is not recoverable.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase & leasing commitments
Assets obtained under hire purchase contracts are capitalised as tangible fixed assets. Assets acquired by hire purchase are depreciated over their useful lives.

Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the lease term.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

FELTHAM COACHWORKS LIMITED (REGISTERED NUMBER: 02698969)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


2. ACCOUNTING POLICIES - continued

Debtors
Debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Creditors
Creditors are measured at the transaction price. Other financial liabilities including loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised costs are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is a intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Financial assets measured at fair value, are valued at an open quoted market price in an active market.

Risks in relation to financial assets which are measured at fair value though the profit and loss account are managed by the company's directors and an external third party investment company.

FELTHAM COACHWORKS LIMITED (REGISTERED NUMBER: 02698969)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


3. EMPLOYEES AND DIRECTORS
31.7.23 31.7.22
£    £   
Wages and salaries 2,162,735 1,970,385
Social security costs 226,231 207,846
Other pension costs 50,099 47,026
2,439,065 2,225,257

The average number of employees during the year was as follows:
31.7.23 31.7.22

Directors 2 2
Productives 33 33
Admin and non-productives 20 21
55 56

31.7.23 31.7.22
£    £   
Directors' remuneration 90,173 84,520

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.7.23 31.7.22
£    £   
Hire of plant and machinery 6,909 8,128
Depreciation - owned assets 213,638 262,402
Profit on disposal of fixed assets (11,211 ) (24,377 )
Auditors' remuneration 5,400 5,400

5. INTEREST PAYABLE AND SIMILAR EXPENSES
31.7.23 31.7.22
£    £   
Bank loan interest 96,606 56,009
Hire purchase 1,113 371
97,719 56,380

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.7.23 31.7.22
£    £   
Current tax:
UK corporation tax 360,202 131,906
Adjustment for earlier years (304 ) (51 )
Total current tax 359,898 131,855

Deferred tax 10,240 (1,439 )
Tax on profit 370,138 130,416

FELTHAM COACHWORKS LIMITED (REGISTERED NUMBER: 02698969)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.7.23 31.7.22
£    £   
Profit before tax 1,649,856 711,779
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2022 - 19%)

412,464

135,238

Effects of:
Expenses not deductible for tax purposes 31,764 13,413
Income not taxable for tax purposes (15,527 ) (11,765 )
Adjustments to tax charge in respect of previous periods (304 ) (51 )
Movement in deferred tax 10,239 (1,439 )
Overprovision for deferred tax - (4,980 )
Change in tax rate during the year (68,498 ) -
Total tax charge 370,138 130,416

7. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 August 2022 3,070,938 1,661,815 135,533 548,963 5,417,249
Additions - 42,994 - 160,050 203,044
Disposals - (27,667 ) - (220,444 ) (248,111 )
At 31 July 2023 3,070,938 1,677,142 135,533 488,569 5,372,182
DEPRECIATION
At 1 August 2022 143,388 1,061,626 90,562 235,285 1,530,861
Charge for year 35,247 93,767 6,746 77,878 213,638
Eliminated on disposal - (9,594 ) - (58,228 ) (67,822 )
At 31 July 2023 178,635 1,145,799 97,308 254,935 1,676,677
NET BOOK VALUE
At 31 July 2023 2,892,303 531,343 38,225 233,634 3,695,505
At 31 July 2022 2,927,550 600,189 44,971 313,678 3,886,388

Included within the net book value of £3,695,505 is £16,660 (2022 - £22,213) relating to motor vehicles held under finance leases and hire purchase agreements. The depreciation charged to the financial statement in the year in respect of such assets amounted to £5,553 (2022 - £7,404).

8. STOCKS
31.7.23 31.7.22
£    £   
Stocks 92,093 95,486
Work-in-progress 180,670 142,653
272,763 238,139

FELTHAM COACHWORKS LIMITED (REGISTERED NUMBER: 02698969)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Trade debtors 1,552,059 675,358
Other debtors 19,985 14,518
Prepayments 221,377 248,742
1,793,421 938,618

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Bank loans and overdrafts (see note 12) 40,378 40,228
Hire purchase contracts (see note 13) 6,508 7,869
Trade creditors 703,722 587,923
Tax 360,202 131,906
Social security and other taxes 59,619 56,322
VAT 339,869 217,380
Other creditors 67,109 75,072
Accrued expenses 237,305 65,335
1,814,712 1,182,035

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.7.23 31.7.22
£    £   
Bank loans (see note 12) 1,375,742 1,416,270
Hire purchase contracts (see note 13) - 6,508
1,375,742 1,422,778

12. LOANS

An analysis of the maturity of loans is given below:

31.7.23 31.7.22
£    £   
Amounts falling due within one year or on demand:
Bank loans 40,378 40,228

Amounts falling due between two and five years:
Bank loans - 2-5 years 161,511 160,910

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 1,214,231 1,255,360

FELTHAM COACHWORKS LIMITED (REGISTERED NUMBER: 02698969)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


13. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.7.23 31.7.22
£    £   
Net obligations repayable:
Within one year 6,508 7,869
Between one and five years - 6,508
6,508 14,377

Non-cancellable operating leases
31.7.23 31.7.22
£    £   
Within one year 304,123 358,484
Between one and five years 817,153 836,630
In more than five years 1,300,000 1,560,000
2,421,276 2,755,114

14. SECURED DEBTS

The following secured debts are included within creditors:

31.7.23 31.7.22
£    £   
Bank loans 1,416,120 1,456,498

Lloyds Bank Plc holds a fixed and floating charge, registered 30 October 2017 over the freehold property of the company.

15. PROVISIONS FOR LIABILITIES
31.7.23 31.7.22
£    £   
Deferred tax 32,219 21,979

Deferred
tax
£   
Balance at 1 August 2022 21,979
Provided during year 10,240
Balance at 31 July 2023 32,219

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.7.23 31.7.22
value: £    £   
50 Ordinary Shares £1.00 50 50
50 Ordinary A Shares £1.00 50 50
100 100

FELTHAM COACHWORKS LIMITED (REGISTERED NUMBER: 02698969)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


17. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 August 2022 4,035,702 669,891 4,705,593
Profit for the year 1,279,718 1,279,718
At 31 July 2023 5,315,420 669,891 5,985,311

18. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 July 2023 and 31 July 2022:

31.7.23 31.7.22
£    £   
Director
Balance outstanding at start of year - 1,332
Amounts repaid - (1,332 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

During the year the company paid rent of £117,000 to a director.(2022 - £117,000)

19. RELATED PARTY DISCLOSURES

Other related parties
31.7.23 31.7.22
£    £   
Purchases 333,189 325,539

20. ULTIMATE CONTROLLING PARTY

A J Dowsett is the ultimate controlling party.