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Registration number: 02041865

Dorridge Auto Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Dorridge Auto Limited

Contents

Company Information

1

Director's Report

2

Statement of Director's Responsibilities

3

Accountants' Report

4

Profit and Loss Account

5

Balance Sheet

6 to 7

Notes to the Unaudited Financial Statements

8 to 14

 

Dorridge Auto Limited

Company Information

Director

GT Chamberlain

Company secretary

GT Chamberlain

Registered office

43 Station Road
Knowle
Solihull
West Midlands
B93 0HN

Accountants

Chamberlains (Accountancy & Taxation) Limited
Ground Floor
5 The Pavilions
Cranmore Drive, Shirley
Solihull
B90 4SB

 

Dorridge Auto Limited

Director's Report for the Year Ended 30 June 2023

The director presents his report and the financial statements for the year ended 30 June 2023.

Director of the company

The director who held office during the year was as follows:

GT Chamberlain - Company secretary and director

Principal activity

The principal activity of the company is motor factoring.

Small companies provision statement

This report has 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.

Approved and authorised by the director on 31 July 2024
 

.........................................
GT Chamberlain
Company secretary and director

 

Dorridge Auto Limited

Statement of Director's Responsibilities

The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

select suitable accounting policies and 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

 

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Dorridge Auto Limited
for the Year Ended 30 June 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Dorridge Auto Limited for the year ended 30 June 2023 as set out on pages 5 to 14 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Dorridge Auto Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Dorridge Auto Limited and state those matters that we have agreed to state to the Board of Directors of Dorridge Auto Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Dorridge Auto Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Dorridge Auto Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Dorridge Auto Limited. You consider that Dorridge Auto Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Dorridge Auto Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.


Chamberlains (Accountancy & Taxation) Limited
Ground Floor
5 The Pavilions
Cranmore Drive, Shirley
Solihull
B90 4SB

31 July 2024

 

Dorridge Auto Limited

Profit and Loss Account for the Year Ended 30 June 2023

Note

2023
£

2022
£

Turnover

 

828,497

764,514

Cost of sales

 

(699,209)

(640,202)

Gross profit

 

129,288

124,312

Administrative expenses

 

(127,577)

(139,647)

Other operating income

 

-

22,022

Operating profit

 

1,711

6,687

Profit before tax

4

1,711

6,687

Tax on profit

 

(1,803)

233

(Loss)/profit for the financial year

 

(92)

6,920

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Dorridge Auto Limited

(Registration number: 02041865)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

14,600

14,600

Tangible assets

6

6,161

7,324

 

20,761

21,924

Current assets

 

Stocks

7

119,048

131,769

Debtors

8

66,129

52,875

Cash at bank and in hand

 

5,938

639

 

191,115

185,283

Creditors: Amounts falling due within one year

9

(118,372)

(106,963)

Net current assets

 

72,743

78,320

Total assets less current liabilities

 

93,504

100,244

Creditors: Amounts falling due after more than one year

9

(41,704)

(47,160)

Provisions for liabilities

(1,044)

(1,235)

Net assets

 

50,756

51,849

Capital and reserves

 

Called up share capital

10

1,000

1,000

Retained earnings

49,756

50,849

Shareholders' funds

 

50,756

51,849

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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.

Approved and authorised by the director on 31 July 2024
 

 

Dorridge Auto Limited

(Registration number: 02041865)
Balance Sheet as at 30 June 2023

.........................................
GT Chamberlain
Company secretary and director

 

Dorridge Auto Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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:
43 Station Road
Knowle
Solihull
West Midlands
B93 0HN

These financial statements were authorised for issue by the director on 31 July 2024.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

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.

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.

 

Dorridge Auto Limited

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

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

Motor vehicles

25% x written down value

Plant and machinery

15% x written down value

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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.

 

Dorridge Auto Limited

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

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 22 (2022 - 22).

4

Profit before tax

Arrived at after charging/(crediting)

 

Dorridge Auto Limited

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

2023
£

2022
£

Depreciation expense

1,163

1,396

 

Dorridge Auto Limited

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

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2022

14,600

14,600

At 30 June 2023

14,600

14,600

Amortisation

Carrying amount

At 30 June 2023

14,600

14,600

At 30 June 2022

14,600

14,600

6

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

39,508

9,600

49,108

At 30 June 2023

39,508

9,600

49,108

Depreciation

At 1 July 2022

32,821

8,963

41,784

Charge for the year

1,003

160

1,163

At 30 June 2023

33,824

9,123

42,947

Carrying amount

At 30 June 2023

5,684

477

6,161

At 30 June 2022

6,687

637

7,324

7

Stocks

2023
£

2022
£

Parts for resale

119,048

131,769

8

Debtors

 

Dorridge Auto Limited

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

Current

2023
£

2022
£

Trade debtors

54,933

47,737

Prepayments

11,196

5,138

 

66,129

52,875

 

Dorridge Auto Limited

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

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

11

-

12,553

Trade creditors

 

59,884

33,898

Taxation and social security

 

23,286

25,427

Accruals and deferred income

 

9,672

8,977

Amounts due to related parties

 

21,473

22,215

Other creditors

 

4,057

3,893

 

118,372

106,963

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

41,704

47,160

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1,000

1,000

1,000

1,000

         

11

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

41,704

47,160

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

-

12,553