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Registered number: 02141881
BRITANNIA MOTOR COMPANY LTD.
Financial Statements
For The Year Ended 31 December 2023
Price & Partners Ltd.
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 02141881
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 7,909 20,403
7,909 20,403
CURRENT ASSETS
Stocks 6 1,293,388 1,035,204
Debtors 7 30,444 68,122
Cash at bank and in hand 52,253 59,319
1,376,085 1,162,645
Creditors: Amounts Falling Due Within One Year 8 (825,150 ) (624,067 )
NET CURRENT ASSETS (LIABILITIES) 550,935 538,578
TOTAL ASSETS LESS CURRENT LIABILITIES 558,844 558,981
NET ASSETS 558,844 558,981
CAPITAL AND RESERVES
Called up share capital 9 2 2
Profit and Loss Account 558,842 558,979
SHAREHOLDERS' FUNDS 558,844 558,981
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Page 2
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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr LANCE McCARTHY
Director
03/05/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
BRITANNIA MOTOR COMPANY LTD. is a private company, limited by shares, incorporated in England & Wales, registered number 02141881 . The registered office is UNICORN GARAGE, CHEPSTOW ROAD, LANGSTONE, NEWPORT, S. WALES, NP18 2GG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold Straight line over 5 years
Plant & Machinery 20% written down value
Fixtures & Fittings 20% written down value
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks..
2.5. Taxation
Income tax expense represents the sum of the tax currently payable no deferred tax provision is deemed necesary.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Current tax for the year is recognised in profit or loss, except when related to items that are recognised in other comprehensive income or directly in equity, in which case, the current tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 13 (2022: 11)
13 11
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4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 January 2023 46,677 45,052 60,387 152,116
As at 31 December 2023 46,677 45,052 60,387 152,116
Depreciation
As at 1 January 2023 36,160 38,520 57,033 131,713
Provided during the period 10,517 1,300 677 12,494
As at 31 December 2023 46,677 39,820 57,710 144,207
Net Book Value
As at 31 December 2023 - 5,232 2,677 7,909
As at 1 January 2023 10,517 6,532 3,354 20,403
5. Investments
6. Stocks
2023 2022
£ £
Vehicle stock 1,293,388 1,035,204
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 30,444 68,122
30,444 68,122
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 128,523 36,104
Corporation tax 10,118 3,980
Other taxes and social security 12,260 9,595
VAT 61,633 30,590
Other loans 460,191 482,971
Accruals and deferred income 4,690 3,651
Director's loan account 100,675 10,116
Amounts owed to associates 47,060 47,060
825,150 624,067
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9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2 2
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