Company registration number 01044868 (England and Wales)
DAVID PAYNE & SON (COACHBUILDERS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
DAVID PAYNE & SON (COACHBUILDERS) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
DAVID PAYNE & SON (COACHBUILDERS) LIMITED (REGISTERED NUMBER: 01044868)
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,596,897
2,001,258
Current assets
Stocks
110,431
167,804
Debtors
4
668,916
839,246
Cash at bank and in hand
206,918
226,874
986,265
1,233,924
Creditors: amounts falling due within one year
5
(526,360)
(693,644)
Net current assets
459,905
540,280
Total assets less current liabilities
3,056,802
2,541,538
Creditors: amounts falling due after more than one year
7
(204,338)
(220,309)
Provisions for liabilities
(136,635)
(17,901)
Net assets
2,715,829
2,303,328
Capital and reserves
Called up share capital
8
100
100
Non-distributable profits reserve
1,757,147
1,375,147
Distributable profit and loss reserves
958,582
928,081
Total equity
2,715,829
2,303,328
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
DAVID PAYNE & SON (COACHBUILDERS) LIMITED (REGISTERED NUMBER: 01044868)
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 9 July 2024 and are signed on its behalf by:
C D J Payne
Director
DAVID PAYNE & SON (COACHBUILDERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
David Payne & Son (Coachbuilders) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Beddow Way, Aylesford, Kent, ME20 7BT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents net invoiced value of work done, excluding value added tax. The company's policy is to recognise a sale when substantively all the risks and records in connection with the work done have been passed to the buyer.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and property
Not provided on land, 2% on cost on property
Spraybooth installation
10% on cost
Improvements to property
10% on cost
Plant and machinery
25% reducing balance
Fixtures and fittings
15% on reducing balance
Motor vehicles
25% on reducing balance
Computer equipment
33% on cost
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
DAVID PAYNE & SON (COACHBUILDERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
32
30
Employee Split
2024 2023
Production 18 17
Operational 7 7
Office - 4 3
Directors - 3 3
DAVID PAYNE & SON (COACHBUILDERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Tangible fixed assets
Freehold land and property
Spraybooth installation
Improvements to property
Plant and machinery
Fixtures and fittings
Motor vehicles
Computer equipment
Total
£
£
£
£
£
£
£
£
Cost
At 1 April 2023
1,865,000
105,927
36,929
650,224
123,313
104,315
112,575
2,998,283
Additions
60,066
28,336
3,593
44,100
3,621
139,716
Revaluation
474,934
474,934
At 31 March 2024
2,400,000
105,927
36,929
678,560
126,906
148,415
116,196
3,612,933
Depreciation and impairment
At 1 April 2023
20,000
91,569
34,215
594,419
93,192
54,340
109,290
997,025
Depreciation charged in the year
10,000
2,610
775
16,024
4,517
12,494
2,591
49,011
Revaluation
(30,000)
(30,000)
At 31 March 2024
94,179
34,990
610,443
97,709
66,834
111,881
1,016,036
Carrying amount
At 31 March 2024
2,400,000
11,748
1,939
68,117
29,197
81,581
4,315
2,596,897
At 31 March 2023
1,845,000
14,358
2,714
55,805
30,121
49,975
3,285
2,001,258
DAVID PAYNE & SON (COACHBUILDERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
623,863
755,214
Other debtors
45,053
84,032
668,916
839,246
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
16,938
17,793
Trade creditors
305,396
370,554
Taxation and social security
124,972
180,032
Other creditors
79,054
125,265
526,360
693,644
6
Loans and overdrafts
2024
2023
£
£
Bank loans
221,276
238,102
Payable within one year
16,938
17,793
Payable after one year
204,338
220,309
The bank loans and overdraft of £195,548 (2023: £202,515 )are secured by a legal mortgage over the company's freehold premises at Pratling Street, Aylesford; a legal mortgage over the company's freehold workshop, buildings and land to the south of Pratling Street, Aylesford and a mortgage debenture creating a fixed and floating charge over all of the company's other assets.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
204,338
220,309
DAVID PAYNE & SON (COACHBUILDERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
7
Creditors: amounts falling due after more than one year
(Continued)
- 7 -
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
160,608
162,086
8
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
100
100
9
Financial commitments, guarantees and contingent liabilities
During the 2021 accounting period the company borrowed £50,000 from its bankers for a bounce back loan. As part of its loan scheme the UK government guaranteed the advance and have paid the interest and fees due for the first 12 months. At the year end date the balance owed to the company's bankers was £25,727.