Company registration number 01236217 (England and Wales)
CORNWALL AND DEVON TRANSMISSIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
CORNWALL AND DEVON TRANSMISSIONS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
CORNWALL AND DEVON TRANSMISSIONS LIMITED
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
368,335
388,064
Investment properties
5
1,148,060
1,148,060
1,516,395
1,536,124
Current assets
Stocks
10,000
10,000
Debtors
6
24,364
28,698
Cash at bank and in hand
335,028
294,789
369,392
333,487
Creditors: amounts falling due within one year
7
(162,244)
(151,506)
Net current assets
207,148
181,981
Total assets less current liabilities
1,723,543
1,718,105
Provisions for liabilities
(83,600)
(85,774)
Net assets
1,639,943
1,632,331
Capital and reserves
Called up share capital
11,000
11,000
Revaluation reserve
8
694,999
694,999
Profit and loss reserves
933,944
926,332
Total equity
1,639,943
1,632,331
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 25 October 2024 and are signed on its behalf by:
Mr N P A Price
Director
Company Registration No. 01236217
CORNWALL AND DEVON TRANSMISSIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 2 -
1
Accounting policies
Company information
Cornwall and Devon Transmissions Limited is a private company limited by shares incorporated in England and Wales. The principal place of business is Heddon Gate Cottage, Gibb Hill, Lutton, Ivybridge, Devon, England, PL21 9SG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
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 financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for the reconditioning and retailing of vehicle transmission systems provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
The directors have elected to use the revalued amount of freehold land and buildings at the date of transition to FRS 102 as its deemed cost.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
2% per annum on deemed cost
Plant and machinery
15% per annum on the reducing balance method
Office equipment
15% per annum on the reducing balance method
Motor vehicles
25% per annum on the reducing balance method
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.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
CORNWALL AND DEVON TRANSMISSIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell after making due allowance for obsolete and slow moving items.
1.7
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.
1.8
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
11
10
CORNWALL AND DEVON TRANSMISSIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 4 -
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current year
20,006
14,329
Deferred tax
Origination and reversal of timing differences
(2,174)
7,117
Total tax charge
17,832
21,446
In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:
2024
2023
£
£
Deferred tax arising on:
Revaluation of property
-
17,090
CORNWALL AND DEVON TRANSMISSIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 5 -
4
Tangible fixed assets
Land and buildings Freehold
Plant and machinery
Office equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 March 2023
542,405
247,754
13,960
29,137
833,256
Additions
2,500
4,809
7,309
Disposals
(51,174)
(7,550)
(58,724)
At 29 February 2024
542,405
199,080
6,410
33,946
781,841
Depreciation and impairment
At 1 March 2023
215,701
194,333
9,824
25,334
445,192
Depreciation charged in the year
10,848
7,726
396
2,153
21,123
Eliminated in respect of disposals
(46,757)
(6,052)
(52,809)
At 29 February 2024
226,549
155,302
4,168
27,487
413,506
Carrying amount
At 29 February 2024
315,856
43,778
2,242
6,459
368,335
At 28 February 2023
326,704
53,421
4,136
3,803
388,064
The directors have elected to use the revalued amount of freehold land and buildings at the date of transition to FRS 102 as its deemed cost. If the freehold properties were included in the balance sheet on an historical cost basis the carrying amount would be £66,461 (2023: £69,238).
5
Investment properties
2024
£
Fair value
At 1 March 2023 and 29 February 2024
1,148,060
Investment properties comprises of both commercial and domestic rental properties. The fair value of the investment properties has been arrived at on the basis of a valuation carried out at the year end by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The historical cost of investment properties was £881,941 (2023: £881,941).
6
Debtors: amounts falling due within one year
2024
2023
£
£
Trade debtors
22,410
27,053
Other debtors
1,954
1,645
24,364
28,698
CORNWALL AND DEVON TRANSMISSIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 6 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
41,054
21,317
Taxation and social security
40,163
36,117
Other creditors
81,027
94,072
162,244
151,506
8
Revaluation reserve
2024
2023
£
£
At beginning of year
694,999
720,160
Adjustment to deferred tax rate - tangible assets
-
(17,090)
Transfer to retained earnings
(8,071)
At end of year
694,999
694,999
The deferred tax calculated on the gain on revaluation of land and buildings and investment properties recognised in the revaluation reserve has been included in the deferred tax liability at the year end and amounts to £71,206 (2023: £71,206). Such tax would become payable only if the properties were sold.