John Dennis Coachbuilders Limited - Period Ending 2019-09-30

Registration number: 01916000

John Dennis Coachbuilders Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2019

Roffe Swayne
Ashcombe Court
Woolsack Way
Godalming
Surrey
GU7 1LQ

John Dennis Coachbuilders Limited

Contents

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

John Dennis Coachbuilders Limited

Company Information

Directors

J B Leathers A McClafferty

Registered office

Ashcombe Court Woolsack Way Godalming Surrey GU7 1LQ

Accountants

Roffe Swayne Ashcombe Court Woolsack Way Godalming Surrey GU7 1LQ

Page 1

John Dennis Coachbuilders Limited

(Registration number: 01916000)
Balance Sheet as at 30 September 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	4	-	3,074,164
Investments	5	1	1
		1	3,074,165
Current assets
Stocks	6	-	265,540
Debtors	7	551,200	799,053
Cash at bank and in hand		352,809	19,703
		904,009	1,084,296
Creditors: Amounts falling due within one year	8	(23,309)	(1,633,324)
Net current assets/(liabilities)		880,700	(549,028)
Net assets		880,701	2,525,137
Capital and reserves
Called up share capital	9	5,038	5,038
Revaluation reserve		-	1,223,186
Profit and loss account		875,663	1,296,913
Total equity		880,701	2,525,137

For the financial year ending 30 September 2019 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 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 16 June 2020 and signed on its behalf by:
 

A McClafferty
Director

The notes on pages 3 to 8 form an integral part of these financial statements.

Page 2

John Dennis Coachbuilders Limited

Notes to the Financial Statements for the Year Ended 30 September 2019

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:
Ashcombe Court
Woolsack Way
Godalming
Surrey
GU7 1LQ

2	Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Going concern

During the year the shareholders have continued to support the company, and they have confirmed their willingness and commitment to continue to provide support as required to enable the company to meet its liabilities as they fall due and to continue as a going concern.

We have paid particular attention to the likely effects on the business of the current Covid-19 outbreak and the directors remain confident that they have adequate resources to enable the company to continue as a going concern for the foreseeable future.

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.

Foreign currency transactions and balances

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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John Dennis Coachbuilders Limited

Notes to the Financial Statements for the Year Ended 30 September 2019

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.

Tangible assets

Tangible assets are stated in the statement of financial position 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
Long leasehold	4% on revalued cost of buildings
Improvements to property	25% full year charge and 4% on revalued cost of buildings
Plant and machinery	25% on cost
Fixtures and fittings	25% on cost
Motor vehicles	25% on cost
Computer equipment	25% on cost
Assets held for hire	10% on cost

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

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 creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

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John Dennis Coachbuilders Limited

Notes to the Financial Statements for the Year Ended 30 September 2019

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.

The contributions to defined contribution plan operated by the Company are recognised as employee benefit expense when they are due.

Summary of significant judgements and key accounting estimates

There are no significant judgements and sources of key accounting estimates that have been applied in the preparation of these financial statements.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2018 - 34).

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 October 2018	2,982,853	1,063,095	128,956	4,174,904
Additions	-	758,000	9,990	767,990
Disposals	(2,982,853)	(1,483,095)	(138,946)	(4,604,894)
Impairment	-	(338,000)	-	(338,000)
At 30 September 2019	-	-	-	-
Depreciation
At 1 October 2018	-	998,002	102,738	1,100,740
Charge for the year	48,113	55,441	14,191	117,745
Eliminated on disposal	(48,113)	(1,053,443)	(116,929)	(1,218,485)
At 30 September 2019	-	-	-	-
Carrying amount
At 30 September 2019	-	-	-	-
At 30 September 2018	2,982,853	65,093	26,218	3,074,164

Included within the net book value of land and buildings above is £nil (2018 - £1,982,853) in respect of freehold land and buildings and £nil (2018 - £1,000,000) in respect of property improvements.
 

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John Dennis Coachbuilders Limited

Notes to the Financial Statements for the Year Ended 30 September 2019

5	Investments

	2019 £	2018 £
Investments in subsidiaries	1	1

Subsidiaries	£
Cost or valuation
At 1 October 2018	1
Provision
Carrying amount
At 30 September 2019	1
At 30 September 2018	1

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2019	2018

Subsidiary undertakings
Tame Plastics Limited	England and Wales	Ordinary	100%	100%

The principal activity of Tame Plastics Limited is the supplier of co-polymer structures.

6

Stocks

	2019 £	2018 £
Raw materials and consumables	-	265,540

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John Dennis Coachbuilders Limited

Notes to the Financial Statements for the Year Ended 30 September 2019

7

Debtors

	2019 £	2018 £
Trade debtors	1,876	99,334
Amounts owed by group undertakings and undertakings in which the company has a participating interest	546,248	494,855
Prepayments	1,392	90,680
Other debtors	1,684	114,184
	551,200	799,053

8

Creditors

	2019 £	2018 £
Due within one year
Trade creditors	15,610	34,829
Taxation and social security	181	117,502
Accruals and deferred income	5,050	199,994
Other creditors	2,468	1,280,999
	23,309	1,633,324

9	Share capital

Allotted, called up and fully paid shares

	2019		2018
	No.	£	No.	£
Ordinary A of £1 each	5,000	5,000	5,000	5,000
Ordinary B of £1 each	38	38	38	38
	5,038	5,038	5,038	5,038

Page 7

John Dennis Coachbuilders Limited

Notes to the Financial Statements for the Year Ended 30 September 2019

10	Loans and borrowings

	2019 £	2018 £
Current loans and borrowings
Other borrowings	-	1,276,467

11	Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

	2019 £	2018 £
Not later than one year	-	25,655
Later than one year and not later than five years	-	1,337
	-	26,992

The amount of non-cancellable operating lease payments recognised as an expense during the year was £26,992 (2018 - £91,105).

12	Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

	2019 £	2018 £
Remuneration	155,956	91,132
Contributions paid to money purchase schemes	6,318	4,102
	162,274	95,234

During the year the number of directors who were receiving benefits and share incentives was as follows:

	2019 No.	2018 No.
Accruing benefits under money purchase pension scheme	1	2

13	Parent and ultimate parent undertaking

The company's immediate parent is Runswick Limited, incorporated in England and Wales.

 

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