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Registration number: 08852418

Malton Coachworks Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Malton Coachworks Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Malton Coachworks Limited

Company Information

Directors

N J Szkiler

JN Szkiler

Registered office

Corner Farm
West Knapton
Malton
West Yorkshire
YO17 8JB

Accountants

Addicus Plus Limited
Chartered Certified Accountants4 The Axium Centre Dorchester Road
Lytchett Minster
Poole
Dorset
BH16 6FE

 

Malton Coachworks Limited

(Registration number: 08852418)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

165,124

149,216

Current assets

 

Stocks

5

38,352

37,102

Debtors

6

718,333

838,492

Cash at bank and in hand

 

426

527

 

757,111

876,121

Creditors: Amounts falling due within one year

7

(359,780)

(465,313)

Net current assets

 

397,331

410,808

Total assets less current liabilities

 

562,455

560,024

Creditors: Amounts falling due after more than one year

7

(209,916)

(238,666)

Provisions for liabilities

(31,128)

(27,203)

Net assets

 

321,411

294,155

Capital and reserves

 

Called up share capital

100

100

Retained earnings

321,311

294,055

Shareholders' funds

 

321,411

294,155

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

 

Malton Coachworks Limited

(Registration number: 08852418)
Balance Sheet as at 30 April 2024

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 31 January 2025 and signed on its behalf by:
 

JN Szkiler
Director

   
     
 

Malton Coachworks Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Corner Farm
West Knapton
Malton
West Yorkshire
YO17 8JB

These financial statements were authorised for issue by the Board on 31 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

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.

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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.

 

Malton Coachworks Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Short leasehold land and buildings

10% on reducing balance

Fixtures and fittings

15% on reducing balance

Plant and machinery

15% on reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade 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.

 

Malton Coachworks Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Stocks

Stocks 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 finished goods and work in progress comprises direct materials and, where applicable, 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 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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Malton Coachworks Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

3

Staff numbers

The average number of persons employed by the company during the year was 28 (2023 - 21).

4

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 May 2023

105,939

6,865

195,920

308,724

Additions

4,722

6,142

31,569

42,433

At 30 April 2024

110,661

13,007

227,489

351,157

Depreciation

At 1 May 2023

65,534

2,382

91,592

159,508

Charge for the year

4,514

1,596

20,415

26,525

At 30 April 2024

70,048

3,978

112,007

186,033

Carrying amount

At 30 April 2024

40,613

9,029

115,482

165,124

At 30 April 2023

40,405

4,483

104,328

149,216

Included within the net book value of land and buildings above is £40,613 (2023 - £40,405) in respect of short leasehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

38,352

37,102

 

Malton Coachworks Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Debtors

2024
£

2023
£

Trade debtors

671,019

791,823

Prepayments

15,034

14,389

Accrued income

32,280

32,280

718,333

838,492

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

85,779

79,999

Trade creditors

 

81,646

90,079

Taxation and social security

 

150,150

87,090

Accruals

 

34,317

4,308

Other creditors

 

7,888

203,837

 

359,780

465,313

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

47,500

77,500

Other non-current financial liabilities

 

162,416

161,166

 

209,916

238,666

 

Malton Coachworks Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

47,500

77,500

Current loans and borrowings

2024
£

2023
£

Bank borrowings

30,000

30,000

Bank overdrafts

55,779

49,999

85,779

79,999