Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
|
|
|
702,727 | 747,589 | |||
Current assets | ||||
Stocks | 4 |
|
|
|
Debtors | 5 |
|
|
|
Cash at bank and in hand |
|
|
||
192,029 | 239,734 | |||
Creditors: amounts falling due within one year | 6 | (
|
(
|
|
Net current liabilities | (292,377) | (199,787) | ||
Total assets less current liabilities | 410,350 | 547,802 | ||
Creditors: amounts falling due after more than one year | 7 | (
|
(
|
|
Provision for liabilities | 8 | (
|
(
|
|
Net assets |
|
|
||
Capital and reserves | ||||
Called-up share capital |
|
|
||
Revaluation reserve |
|
|
||
Profit and loss account | (
|
|
||
Total shareholder's funds |
|
|
Directors' responsibilities:
The financial statements of Glastonbury Motor Body Repairs Limited (registered number:
L Winterson
Director |
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.
Glastonbury Motor Body Repairs 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 189 High Street, Street, Somerset, BA16 0NE, United Kingdom.
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 £.
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.
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.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
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. Tax is recognised in the profit and loss account, 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.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.
Tangible assets, other than freehold land and buildings, are stated at cost, less accumulated depreciation and accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation is charged so as to write off the cost or valuation of assets, less their residual value, over their estimated useful lives, as follows:
Land and buildings |
|
Plant and machinery |
|
Vehicles | 25 -
|
Fixtures and fittings |
|
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
The cost of work in progress comprises direct materials, 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 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.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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.
Assets held under hire purchase agreements are capitalised as tangible fixed assets with the future obligation being recognised as a liability. Finance costs are recognised in the Profit and Loss Account calculated at a constant periodic rate of interest over the term of the liability.
Called up share capital represents the nominal value of shares that have been issued.
Profit and loss account includes all current and prior period profits and losses.
Revaluation reserve is the surplus or deficit arising on the revaluation of an asset of a company along with deferred tax on the revaluation.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
|
|
Land and buildings | Plant and machinery | Vehicles | Fixtures and fittings | Total | |||||
£ | £ | £ | £ | £ | |||||
Cost | |||||||||
At 01 January 2023 |
|
|
|
|
|
||||
Additions |
|
|
|
|
|
||||
Disposals |
|
|
(
|
|
(
|
||||
At 31 December 2023 |
|
|
|
|
|
||||
Accumulated depreciation | |||||||||
At 01 January 2023 |
|
|
|
|
|
||||
Charge for the financial year |
|
|
|
|
|
||||
Disposals |
|
|
(
|
|
(
|
||||
At 31 December 2023 |
|
|
|
|
|
||||
Net book value | |||||||||
At 31 December 2023 |
|
|
|
|
|
||||
At 31 December 2022 |
|
|
|
|
|
Revaluation of tangible assets
Freehold land and buildings were valued by the directors during the year. Freehold land and buildings with a net book value of £600,000 (2022 - £600,000) have been pledged to secure borrowings of the Company. The Company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity. A tax liability of £99,985 (2022 - £99,985) would arise if the property was realised at its net book value of £600,000 and this has been included within deferred tax in the accounts and realised through the revaluation reserve. The historical cost and accumulated depreciation is as follows:
2023 | 2022 | ||
£ | £ | ||
Historical cost | 124,145 | 124,145 | |
Accumulated depreciation | (13,958) | (13,958) | |
Carrying value |
|
|
2023 | 2022 | ||
£ | £ | ||
Raw materials |
|
|
|
Work in progress |
|
|
|
|
|
2023 | 2022 | ||
£ | £ | ||
Trade debtors |
|
|
|
Other debtors |
|
|
|
|
|
2023 | 2022 | ||
£ | £ | ||
Bank loans and overdrafts |
|
|
|
Trade creditors |
|
|
|
Amounts owed to Group undertakings |
|
|
|
Other taxation and social security |
|
|
|
Obligations under finance leases and hire purchase contracts |
|
|
|
Other creditors |
|
|
|
|
|
Obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.
2023 | 2022 | ||
£ | £ | ||
Bank loans |
|
|
|
Obligations under finance leases and hire purchase contracts |
|
|
|
|
|
Obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.
2023 | 2022 | ||
£ | £ | ||
Deferred tax |
|
|
The deferred tax liability is made up of, the deferred tax liability of £15,917 on accelerated capital allowances (2022 - £22,383), the deferred tax liability of £99,985 on revaluation of tangible assets (2022 - £99,985), a tax asset of £150 on other timing differences (2022 - £10,055).
Parent Company:
|
189 High Street, Street, Somerset, BA16 0NE, United Kingdom |