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Registration number: 03780239

UCL Coachbuilders Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

UCL Coachbuilders Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

UCL Coachbuilders Limited

Company Information

Directors

Mr CS Day

Mr D Jenkinson

Company secretary

Mr CS Day

Registered office

Jenkins & Pain
Honeywood Parkway
WhiteCliffs Business Park,Whitfield
Dover
Kent
CT16 3PT

Accountants

Beresfords
Chartered Certified Accountants
1-2 Rhodium Point
Spindle Close
Hawkinge
Folkestone
Kent
CT18 7TQ

 

UCL Coachbuilders Limited

(Registration number: 03780239)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

659,156

377,160

Current assets

 

Stocks

5

165,153

122,909

Debtors

6

237,570

249,603

Cash at bank and in hand

 

363,600

450,669

 

766,323

823,181

Creditors: Amounts falling due within one year

7

(390,095)

(396,473)

Net current assets

 

376,228

426,708

Total assets less current liabilities

 

1,035,384

803,868

Provisions for liabilities

9

(103,572)

(40,083)

Net assets

 

931,812

763,785

Capital and reserves

 

Called up share capital

2

2

Retained earnings

931,810

763,783

Shareholders' funds

 

931,812

763,785

 

UCL Coachbuilders Limited

(Registration number: 03780239)
Balance Sheet as at 30 September 2023 (continued)

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 12 February 2024 and signed on its behalf by:
 

.........................................
Mr CS Day
Company secretary and director

.........................................
Mr D Jenkinson
Director

 
     
 

UCL Coachbuilders Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Jenkins & Pain
Honeywood Parkway
WhiteCliffs Business Park,Whitfield
Dover
Kent
CT16 3PT

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

UCL Coachbuilders Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Improvements to property

3 to 25 years straight line

Plant and machinery

15% on reducing balance

Motor vehicles

25% on reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

UCL Coachbuilders Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

2

Accounting policies (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

UCL Coachbuilders Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

2

Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 28 (2022 - 25).

4

Tangible assets

Improvements to property
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2022

146,321

746,963

824,313

1,717,597

Additions

244,774

46,721

88,927

380,422

At 30 September 2023

391,095

793,684

913,240

2,098,019

Depreciation

At 1 October 2022

146,321

564,400

629,716

1,340,437

Charge for the year

5,196

30,376

62,854

98,426

At 30 September 2023

151,517

594,776

692,570

1,438,863

Carrying amount

At 30 September 2023

239,578

198,908

220,670

659,156

At 30 September 2022

-

182,563

194,597

377,160

5

Stocks

2023
£

2022
£

Work in progress

165,153

122,909

 

UCL Coachbuilders Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

6

Debtors

Current

2023
£

2022
£

Trade debtors

203,401

215,806

Prepayments

34,169

29,880

Other debtors

-

3,917

 

237,570

249,603

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

8,301

4,430

Trade creditors

 

239,394

205,422

Taxation and social security

 

114,495

160,811

Accruals and deferred income

 

27,905

25,810

 

390,095

396,473

 

UCL Coachbuilders Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Directors current account

8,301

4,430

9

Provisions for liabilities

Deferred tax
£

Total
£

At 1 October 2022

40,083

40,083

Increase (decrease) in existing provisions

63,489

63,489

At 30 September 2023

103,572

103,572

10

Ultimate controlling party

The ultimate controlling party is the directors.