Registration number: 02701233

South Norwood Coachworks Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 8

South Norwood Coachworks Limited

Company Information

Director

N D McGarvie

Registered office

130-132 Albert Road South Norwood London SE25 4JT

South Norwood Coachworks Limited

(Registration number: 02701233)
Balance Sheet as at 31 March 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	546,262	552,864
Current assets
Stocks	5	32,996	86,287
Debtors	6	182,300	107,482
Cash at bank and in hand		206,053	347,572
		421,349	541,341
Creditors: Amounts falling due within one year	7	(104,737)	(230,668)
Net current assets		316,612	310,673
Total assets less current liabilities		862,874	863,537
Provisions for liabilities		(79,483)	(67,666)
Net assets		783,391	795,871
Capital and reserves
Called up share capital	8	2	2
Revaluation reserve		429,576	429,576
Retained earnings		353,813	366,293
Shareholders' funds		783,391	795,871

For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

South Norwood Coachworks Limited

(Registration number: 02701233)
Balance Sheet as at 31 March 2025

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 8 July 2025
 

......................................... N D McGarvie Director

South Norwood Coachworks Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

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:
130-132 Albert Road
South Norwood
London
SE25 4JT

These financial statements were authorised for issue by the director on 8 July 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.

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.

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.

South Norwood Coachworks Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

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
Freehold buildings	Over 100 years
Improvements to short leasehold property	Over the term of the lease
Plant, machinery and vehicles	Over 4 years

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.

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.

South Norwood Coachworks Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified 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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 12 (2024 - 12).

South Norwood Coachworks Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

4	Tangible assets

	Land and buildings £	Other tangible assets £	Total £
Cost or valuation
At 1 April 2024	612,648	78,451	691,099
At 31 March 2025	612,648	78,451	691,099
Depreciation
At 1 April 2024	60,648	77,576	138,224
Charge for the year	5,750	863	6,613
At 31 March 2025	66,398	78,439	144,837
Carrying amount
At 31 March 2025	546,250	12	546,262
At 31 March 2024	552,000	864	552,864

Revaluation

The fair value of the company's Freehold land and buildings was revalued on 1 January 2001. An independent valuer was not involved.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £134,352 (2024 - £134,352).

5

Stocks

	2025 £	2024 £
Work in progress	31,496	84,787
Other inventories	1,500	1,500
	32,996	86,287

6

Debtors

Current	2025 £	2024 £
Trade debtors	173,470	107,482
Other debtors	8,830	-
	182,300	107,482

South Norwood Coachworks Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

7

Creditors

Creditors: amounts falling due within one year

	2025 £	2024 £
Due within one year
Trade creditors	3,071	67,567
Taxation and social security	59,040	47,889
Accruals and deferred income	35,700	115,350
Other creditors	6,926	(138)
	104,737	230,668

8	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary shares of £1 each	2	2	2	2

9	Related party transactions

Summary of transactions with other related parties

Hazelbrook Limited
Common Director and Shareholder During the year the company paid rents totalling £27,000 (2024 - £27,000) to this related party. This transaction was carried out on a normal trading basis.