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Company No: 00991677 (England and Wales)

IAN BULPIN MOTORS (TEIGNMOUTH) LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

IAN BULPIN MOTORS (TEIGNMOUTH) LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

IAN BULPIN MOTORS (TEIGNMOUTH) LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
IAN BULPIN MOTORS (TEIGNMOUTH) LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTORS Mr A C A Bulpin
Mr A C I Bulpin
Mrs J E Bulpin
SECRETARY Mrs J E Bulpin
REGISTERED OFFICE Sigma House
Oak View Close
Edginswell Park
Torquay
TQ2 7FF
United Kingdom
COMPANY NUMBER 00991677 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Sigma House
Oak View Close
Edginswell Park
Torquay
TQ2 7FF
IAN BULPIN MOTORS (TEIGNMOUTH) LIMITED

BALANCE SHEET

As at 31 December 2023
IAN BULPIN MOTORS (TEIGNMOUTH) LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 512 599
Investment property 4 265,000 265,000
265,512 265,599
Current assets
Stocks 22,790 22,790
Debtors 5 41,314 10,712
Cash at bank and in hand 23,778 43,899
87,882 77,401
Creditors: amounts falling due within one year 6 ( 29,318) ( 25,127)
Net current assets 58,564 52,274
Total assets less current liabilities 324,076 317,873
Net assets 324,076 317,873
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 323,976 317,773
Total shareholders' funds 324,076 317,873

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Ian Bulpin Motors (Teignmouth) Limited (registered number: 00991677) were approved and authorised for issue by the Board of Directors on 06 March 2024. They were signed on its behalf by:

Mr A C A Bulpin
Director
Mr A C I Bulpin
Director
IAN BULPIN MOTORS (TEIGNMOUTH) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
IAN BULPIN MOTORS (TEIGNMOUTH) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Ian Bulpin Motors (Teignmouth) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Sigma House, Oak View Close, Edginswell Park, Torquay, TQ2 7FF.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents rental income and income from the sale of property. Rental income is accounted for in the period to which it relates.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Stocks

Stock of property has been valued at the lower of cost and net realisable value on a basis consistent with previous years. Certain properties have been reduced to below cost where the directors consider appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 January 2023 4,612 4,612
At 31 December 2023 4,612 4,612
Accumulated depreciation
At 01 January 2023 4,013 4,013
Charge for the financial year 87 87
At 31 December 2023 4,100 4,100
Net book value
At 31 December 2023 512 512
At 31 December 2022 599 599

4. Investment property

Investment property
£
Valuation
As at 01 January 2023 265,000
As at 31 December 2023 265,000

Valuation

Freehold investment property was revalued to fair value at 31 December 2023 based on a valuation undertaken by the directors. There has been no valuation of investment property by an independent valuer.

5. Debtors

2023 2022
£ £
Other debtors 41,314 10,712

6. Creditors: amounts falling due within one year

2023 2022
£ £
Corporation tax 3,892 3,695
Other taxation and social security 2,267 2,267
Other creditors 23,159 19,165
29,318 25,127

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

8. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Balance brought forward 10,640 (9,943)
Add : Advances made during the year 54,840 33,266
Less: Repayments made during the year (24,166) (12,683)
Balance carried forward 41,314 10,640

9. Reserves

Included within reserves is £51,332 (2022 - £51,332) in respect of the property revaluation, which is not distributable.