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COMPANY REGISTRATION NUMBER: 03431543
B & C Motors Limited
Filleted Unaudited Financial Statements
For the year ended
31 December 2023
B & C Motors Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
222,942
233,146
Current assets
Stocks
47,939
47,463
Debtors
6
8,096
21,546
Cash at bank and in hand
213,537
301,515
---------
---------
269,572
370,524
Creditors: amounts falling due within one year
7
39,574
46,632
---------
---------
Net current assets
229,998
323,892
---------
---------
Total assets less current liabilities
452,940
557,038
Creditors: amounts falling due after more than one year
8
103,023
121,227
---------
---------
Net assets
349,917
435,811
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
349,817
435,711
---------
---------
Shareholders funds
349,917
435,811
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
B & C Motors Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 5 September 2024 , and are signed on behalf of the board by:
Mrs J L Braybrooke
Director
Company registration number: 03431543
B & C Motors Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 62/64 High Street, Cottenham, Cambridgeshire, CB24 8SA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, this is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold Property
-
2% Straight line
Plant and Machinery
-
12.5% Straight line
Motor Vehicle
-
25% Straight line
Equipment
-
33.33% Straight line
Freehold land is not depreciated.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is based on purchase price, or for vehicles acquired through part exchange, at a trade guide valuation.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 4 ).
5. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
334,855
50,457
9,500
9,012
403,824
Additions
209
209
---------
--------
-------
-------
---------
At 31 December 2023
334,855
50,457
9,500
9,221
404,033
---------
--------
-------
-------
---------
Depreciation
At 1 January 2023
114,403
42,021
7,125
7,129
170,678
Charge for the year
4,697
2,760
2,375
581
10,413
---------
--------
-------
-------
---------
At 31 December 2023
119,100
44,781
9,500
7,710
181,091
---------
--------
-------
-------
---------
Carrying amount
At 31 December 2023
215,755
5,676
1,511
222,942
---------
--------
-------
-------
---------
At 31 December 2022
220,452
8,436
2,375
1,883
233,146
---------
--------
-------
-------
---------
Included in land and buildings is £100,000 in relation to freehold land which is not depreciated (2022: £100,000).
6. Debtors
2023
2022
£
£
Trade debtors
266
3,500
Other debtors
7,830
18,046
-------
--------
8,096
21,546
-------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
18,203
17,320
Trade creditors
9,636
14,300
Social security and other taxes
6,936
8,282
Other creditors
4,799
6,730
--------
--------
39,574
46,632
--------
--------
The bank loan is secured on the company's freehold property and a fixed and floating charge over all of the company's assets :
2023 2022
£ £
Bank loans and overdrafts 18,203 17,320
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
103,023
121,227
---------
---------
Included within creditors: amounts falling due after more than one year is an amount of £Nil (2022: £42,171) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The bank loan is secured on the company's freehold property and a fixed and floating charge over all of the company's assets :
2023 2022
£ £
Bank loans and overdrafts 103,023 121,227
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases at the balance sheet date is £6,720 (2022: £10,560).
10. Directors' advances, credits and guarantees
During the current and previous year the company made advances to and received repayments from a director. These amounts were repayable on demand and interest was charged on any outstanding balances on a daily basis, calculated at the HMRC official beneficial loan rate. Details of the balances, advances and amounts repaid are;
2023 2022
£ £
Advances 1,950
Repayments 1,950
Balance owed from the directors 1,950