REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023 |
FOR |
Countrywide Motorhomes Ltd. |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023 |
FOR |
Countrywide Motorhomes Ltd. |
Countrywide Motorhomes Ltd. (Registered number: 04524318) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 May 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 | to | 3 |
Notes to the Financial Statements | 4 | to | 9 |
Countrywide Motorhomes Ltd. |
COMPANY INFORMATION |
for the year ended 31 May 2023 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Accountants: |
129 North Hill |
Plymouth |
Devon |
PL4 8JY |
Countrywide Motorhomes Ltd. (Registered number: 04524318) |
BALANCE SHEET |
31 May 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 4 |
Tangible assets | 5 |
Investment property | 6 |
Current assets |
Debtors | 7 |
Cash at bank |
Creditors |
Amounts falling due within one year | 8 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
Provisions for liabilities | 11 | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 12 |
Revaluation reserve | 13 |
Retained earnings |
Shareholders' funds |
Countrywide Motorhomes Ltd. (Registered number: 04524318) |
BALANCE SHEET - continued |
31 May 2023 |
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. |
In accordance with Section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Countrywide Motorhomes Ltd. (Registered number: 04524318) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 May 2023 |
1. | STATUTORY INFORMATION |
Countrywide Motorhomes Ltd is a private company, limited by shares, registered in England and Wales. The company's registered number, business address and registered office can be found on the Company Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Goodwill |
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. |
Tangible fixed assets |
Equipment | - |
Motor vehicles | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, 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. |
Countrywide Motorhomes Ltd. (Registered number: 04524318) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 May 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. |
Debtors |
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
Creditors |
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
Cost |
At 1 June 2022 |
and 31 May 2023 |
Amortisation |
At 1 June 2022 |
and 31 May 2023 |
Net book value |
At 31 May 2023 |
At 31 May 2022 |
Countrywide Motorhomes Ltd. (Registered number: 04524318) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 May 2023 |
5. | TANGIBLE FIXED ASSETS |
Motor |
Equipment | vehicles | Totals |
£ | £ | £ |
Cost |
At 1 June 2022 |
Additions |
At 31 May 2023 |
Depreciation |
At 1 June 2022 |
Charge for year |
At 31 May 2023 |
Net book value |
At 31 May 2023 |
At 31 May 2022 |
6. | INVESTMENT PROPERTY |
Total |
£ |
Fair value |
At 1 June 2022 |
and 31 May 2023 |
Net book value |
At 31 May 2023 |
At 31 May 2022 |
Fair value at 31 May 2023 is represented by: |
£ |
Valuation in 2016 | 100,062 |
Valuation in 2022 | 503,890 |
Cost | 921,425 |
1,525,377 |
Countrywide Motorhomes Ltd. (Registered number: 04524318) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 May 2023 |
6. | INVESTMENT PROPERTY - continued |
If investment properties had not been revalued they would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 921,425 | 921,425 |
Freehold investment property was valued on an open market basis on 31 May 2023 by the director. . |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans | 27,543 | 97,909 |
Countrywide Motorhomes Ltd. (Registered number: 04524318) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 May 2023 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
11. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 119,700 | 135,950 |
Deferred |
tax |
£ |
Balance at 1 June 2022 |
Provided during year | ( |
) |
Balance at 31 May 2023 |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary shares | £1 | 100 | 100 |
13. | RESERVES |
Revaluation |
reserve |
£ |
At 1 June 2022 |
Property revaluation | 16,250 |
At 31 May 2023 |
Countrywide Motorhomes Ltd. (Registered number: 04524318) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 May 2023 |
14. | RELATED PARTY DISCLOSURES |
The company rents land and buildings to Motorhome Dealer Group, a business in which it is a partner. It also receives a share of profits from that business and during the year, a total of £110,242 in rent was received and a share of profits of £51,167 was due, both of which is presented in the financial statements as other operating income. |
Two of the directors, Mr D and Mrs J Carpenter have a loan account with the company. At the balance sheet date they were jointly owed £41,149. |