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COMPANY REGISTRATION NUMBER: 00878440
Brewster Motors (Essex) Limited
Filleted Unaudited Financial Statements
31 March 2024
Brewster Motors (Essex) Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Brewster Motors (Essex) Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
28,392
37,481
Current assets
Stocks
28,664
45,044
Debtors
6
323,023
287,927
Cash at bank and in hand
36,272
26,040
---------
---------
387,959
359,011
Creditors: amounts falling due within one year
7
165,408
157,849
---------
---------
Net current assets
222,551
201,162
---------
---------
Total assets less current liabilities
250,943
238,643
Provisions
Taxation including deferred tax
8
4,000
4,616
---------
---------
Net assets
246,943
234,027
---------
---------
Capital and reserves
Called up share capital
9
610
610
Share premium account
900
900
Capital redemption reserve
7,974
7,974
Profit and loss account
237,459
224,543
---------
---------
Shareholders funds
246,943
234,027
---------
---------
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 March 2024 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 .
Brewster Motors (Essex) Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 9 October 2024 , and are signed on behalf of the board by:
G Brewster
Director
Company registration number: 00878440
Brewster Motors (Essex) Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Temple Wood, Stock Road, West Hanningfield, Chelmsford, Essex, CM2 8LA.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:
Leasehold property improvements
-
10% straight line
Plant and machinery
-
15% and 25% reducing balance
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 21 (2023: 20 ).
5. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023 and 31 March 2024
49,602
160,241
88,580
298,423
--------
---------
--------
---------
Depreciation
At 1 April 2023
49,602
137,034
74,306
260,942
Charge for the year
5,521
3,568
9,089
--------
---------
--------
---------
At 31 March 2024
49,602
142,555
77,874
270,031
--------
---------
--------
---------
Carrying amount
At 31 March 2024
17,686
10,706
28,392
--------
---------
--------
---------
At 31 March 2023
23,207
14,274
37,481
--------
---------
--------
---------
6. Debtors
2024
2023
£
£
Trade debtors
192,778
237,692
Prepayments and accrued income
28,187
23,332
Directors loan account
98,752
23,376
Other debtors
3,306
3,527
---------
---------
323,023
287,927
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
82,876
92,637
Accruals and deferred income
4,200
3,860
Corporation tax
20,295
7,412
Social security and other taxes
57,852
53,677
Directors loan account
67
Other creditors
185
196
---------
---------
165,408
157,849
---------
---------
8. Provisions
Deferred tax
£
At 1 April 2023
4,616
Additions
( 616)
-------
At 31 March 2024
4,000
-------
9. Called up share capital
Authorised share capital
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
10,000
10,000
10,000
10,000
--------
--------
--------
--------
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
610
610
610
610
----
----
----
----
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
96,365
96,365
Later than 1 year and not later than 5 years
78,247
174,612
---------
---------
174,612
270,977
---------
---------
11. Directors' advances, credits and guarantees
At the year end Mr G Brewster and Mrs M Brewster owed the company £98,752 (2023 - £23,376) which is shown amongst debtors. The loans were repaid within 9 months of the year end.
12. Related party transactions
At the year end the company owed its directors £NIL (2023 - £67) which is shown amongst creditors.