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Company No: 00804783 (England and Wales)

GLASTONBURY MOTOR BODY REPAIRS LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

GLASTONBURY MOTOR BODY REPAIRS LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

GLASTONBURY MOTOR BODY REPAIRS LIMITED

BALANCE SHEET

As at 31 December 2023
GLASTONBURY MOTOR BODY REPAIRS LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 702,727 747,589
702,727 747,589
Current assets
Stocks 4 118,647 152,508
Debtors 5 73,182 87,026
Cash at bank and in hand 200 200
192,029 239,734
Creditors: amounts falling due within one year 6 ( 484,406) ( 439,521)
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 ( 21,373) ( 33,878)
Provision for liabilities 8 ( 115,750) ( 112,312)
Net assets 273,227 401,612
Capital and reserves
Called-up share capital 400 400
Revaluation reserve 389,829 389,829
Profit and loss account ( 117,002 ) 11,383
Total shareholder's funds 273,227 401,612

For the financial 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 financial statements of Glastonbury Motor Body Repairs Limited (registered number: 00804783) were approved and authorised for issue by the Board of Directors on 30 May 2024. They were signed on its behalf by:

L Winterson
Director
GLASTONBURY MOTOR BODY REPAIRS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
GLASTONBURY MOTOR BODY REPAIRS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

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.

General information and basis of accounting

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 £.

Going concern

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.

Turnover

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. Turnover is recognised when the goods are physically delivered to the customer.

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.

Employee benefits

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.

Taxation

Current tax
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 fixed assets

Freehold land and buildings is carried at revaluation, derived by the open market value considered by the directors. Revaluation is carried out annually.

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 50 years straight line
Plant and machinery 10 % reducing balance
Vehicles 25 - 50 % reducing balance
Fixtures and fittings 10 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Stocks

Raw materials and consumables 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 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 and other 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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other 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.

Ordinary share capital

The ordinary share capital of the Company is presented 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.

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.

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.

Reserves

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 17 13

3. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 January 2023 600,000 227,663 111,765 32,953 972,381
Additions 0 0 0 1,041 1,041
Disposals 0 0 ( 42,342) 0 ( 42,342)
At 31 December 2023 600,000 227,663 69,423 33,994 931,080
Accumulated depreciation
At 01 January 2023 0 177,626 19,327 27,839 224,792
Charge for the financial year 0 5,030 5,707 616 11,353
Disposals 0 0 ( 7,792) 0 ( 7,792)
At 31 December 2023 0 182,656 17,242 28,455 228,353
Net book value
At 31 December 2023 600,000 45,007 52,181 5,539 702,727
At 31 December 2022 600,000 50,037 92,438 5,114 747,589

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 110,187 110,187

4. Stocks

2023 2022
£ £
Raw materials 95,582 121,325
Work in progress 23,065 31,183
118,647 152,508

5. Debtors

2023 2022
£ £
Trade debtors 63,776 81,634
Other debtors 9,406 5,392
73,182 87,026

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts 73,876 75,285
Trade creditors 32,683 42,449
Amounts owed to Group undertakings 340,673 283,605
Other taxation and social security 30,522 31,797
Obligations under finance leases and hire purchase contracts 2,505 2,505
Other creditors 4,147 3,880
484,406 439,521

Bank loans and overdrafts comprise an overdraft balance of £63,876 (2022 - £65,285) which is secured on the freehold property. The remaining balance comprises £10,000 in respect of a Bounce Back Loan.

Obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 14,167 24,167
Obligations under finance leases and hire purchase contracts 7,206 9,711
21,373 33,878

Bank loans comprise a balance due on a Bounce Back Loan.

Obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.

8. Provision for liabilities

2023 2022
£ £
Deferred tax 115,750 112,312

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).

9. Off Balance Sheet arrangements

The total amount of guarantees not included in the balance sheet is £246,842 (2022 - £235,849). The company has given unlimited bank guarantee in favour of its parent undertaking Abbey Garage (South West) Limited. The aggregate guarantee across the group totals £310,718 (2022 - £301,134). These are secured over the freehold property.

10. Ultimate controlling party

Parent Company:

Abbey Garage (South West) Limited
189 High Street, Street, Somerset, BA16 0NE, United Kingdom