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REGISTERED NUMBER: 01249392 (England and Wales)












ABRIDGED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

DAMSON LANE MOTOR COMPANY LIMITED

DAMSON LANE MOTOR COMPANY LIMITED (REGISTERED NUMBER: 01249392)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 March 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


DAMSON LANE MOTOR COMPANY LIMITED

COMPANY INFORMATION
for the year ended 31 March 2023







DIRECTORS: A R Jones
M C Jones
A L Jones





SECRETARY: A R Jones





REGISTERED OFFICE: Watford Fields House
Church Street
Watford Village
Northamptonshire
NN6 7UR





REGISTERED NUMBER: 01249392 (England and Wales)






DAMSON LANE MOTOR COMPANY LIMITED (REGISTERED NUMBER: 01249392)

ABRIDGED BALANCE SHEET
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 222 1,556
Tangible assets 5 53,248 71,166
Investments 6 1 1
Investment property 7 4,800,000 4,800,000
4,853,471 4,872,723

CURRENT ASSETS
Stocks - 3,967
Debtors 1,118,852 1,140,295
Cash at bank and in hand 27,501 4,235
1,146,353 1,148,497
CREDITORS
Amounts falling due within one year 509,836 387,232
NET CURRENT ASSETS 636,517 761,265
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,489,988

5,633,988

CREDITORS
Amounts falling due after more than one
year

8

(1,868,440

)

(1,947,641

)

PROVISIONS FOR LIABILITIES (350,226 ) (348,379 )
NET ASSETS 3,271,322 3,337,968

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Share premium 6,986 6,986
Retained earnings 3,263,336 3,329,982
SHAREHOLDERS' FUNDS 3,271,322 3,337,968

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

DAMSON LANE MOTOR COMPANY LIMITED (REGISTERED NUMBER: 01249392)

ABRIDGED BALANCE SHEET - continued
31 March 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 December 2023 and were signed on its behalf by:





A R Jones - Director


DAMSON LANE MOTOR COMPANY LIMITED (REGISTERED NUMBER: 01249392)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2023

1. STATUTORY INFORMATION

Damson Lane Motor Company 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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The accounts have been prepared in accordance with applicable accounting standards. The principal accounting policies adopted in the preparation of the financial statements are set out below.

Turnover
Turnover comprises the value of sales (net of value added tax) of goods and services provided in the normal course of business. Revenue is recognised in respect of service contracts when the company obtains the right to consideration.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - Straight line over 3 years

No depreciation is provided on the company's land.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property is included at fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

DAMSON LANE MOTOR COMPANY LIMITED (REGISTERED NUMBER: 01249392)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Deferred tax
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 and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2022
and 31 March 2023 4,000
AMORTISATION
At 1 April 2022 2,444
Amortisation for year 1,334
At 31 March 2023 3,778
NET BOOK VALUE

At 31 March 2023 222
At 31 March 2022 1,556

DAMSON LANE MOTOR COMPANY LIMITED (REGISTERED NUMBER: 01249392)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2022
and 31 March 2023 144,160
DEPRECIATION
At 1 April 2022 72,994
Charge for year 17,918
At 31 March 2023 90,912
NET BOOK VALUE
At 31 March 2023 53,248
At 31 March 2022 71,166

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1 April 2022
and 31 March 2023 29,888
DEPRECIATION
At 1 April 2022 2,491
Charge for year 6,849
At 31 March 2023 9,340
NET BOOK VALUE
At 31 March 2023 20,548
At 31 March 2022 27,397

6. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST
At 1 April 2022
and 31 March 2023 1
NET BOOK VALUE
At 31 March 2023 1
At 31 March 2022 1

DAMSON LANE MOTOR COMPANY LIMITED (REGISTERED NUMBER: 01249392)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023

7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022
and 31 March 2023 4,808,024
DEPRECIATION
At 1 April 2022
and 31 March 2023 8,024
NET BOOK VALUE
At 31 March 2023 4,800,000
At 31 March 2022 4,800,000

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2006 134,571
Valuation in 2011 356,821
Valuation in 2022 1,654,770
Cost 2,661,862
4,808,024

If the investment properties had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 2,661,862 2,661,862
Aggregate depreciation (418,774 ) (418,774 )

The investment properties were valued on an open market basis on 31 March 2023 by the directors .

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS
2023 2022
£    £   
Repayable by instalments
Bank loans - more than 5 years 1,558,471 1,609,277

DAMSON LANE MOTOR COMPANY LIMITED (REGISTERED NUMBER: 01249392)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loan 1,953,100 2,028,051
Hire purchase contracts 11,333 15,583
1,964,433 2,043,634

The bank loan is secured by a debenture over the assets of the company and first legal charges over the freehold properties owned by the company in favour of Aldermore Bank plc.

The hire purchase contract is secured over the asset in which it relates to.

10. CONTROLLING INTERESTS

The directors are considered to be the ultimate controlling parties by virtue of their ability to act in concert in respect of the financial and operating policies of the company.