A Thompson Motor Bodies Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05804989 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020

FOR

A THOMPSON MOTOR BODIES LIMITED

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

205,319

203,712

CURRENT ASSETS

Stocks

5

1,238,680

367,941

Debtors

6

818,999

1,238,373

Cash at bank

479,248

334,722

2,536,927

1,941,036

CREDITORS

Amounts falling due within one year

7

415,400

288,277

NET CURRENT ASSETS

2,121,527

1,652,759

TOTAL ASSETS LESS CURRENT LIABILITIES

2,326,846

1,856,471

CREDITORS

Amounts falling due after more than one year

8

160,822

64,949

NET ASSETS

2,166,024

1,791,522

CAPITAL AND RESERVES

Called up share capital

12

12

Retained earnings

2,166,012

1,791,510

2,166,024

1,791,522

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 January 2021 and were signed on its behalf by:

G S Bhandal - Director

1.	STATUTORY INFORMATION

A Thompson Motor Bodies Limited is a private company, limited by shares, registered in England and Wales, registered number 05804989. Its registered office is Churchbridge, Oldbury, West Midlands, England, B69 2AS.

The financial statements are presented in Sterling, which is the functional currency of the company.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on cost and 10% on cost

Stocks

Stock and work in progress are valued at the lower of cost and net realisable value as follows:

Consumables - purchase cost on a first in, first out basis.

Work in progress - the cost of direct expenditure including labour.

Goods for resale - purchase cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2019 - 14 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2019

368,528

Additions

182,914

Disposals

(198,201

)

At 31 March 2020

353,241

DEPRECIATION

At 1 April 2019

164,816

Charge for year

61,700

Eliminated on disposal

(78,594

)

At 31 March 2020

147,922

NET BOOK VALUE

At 31 March 2020

205,319

At 31 March 2019

203,712

5.

STOCKS

31.3.20

31.3.19

£

£

Goods for resale

1,206,430

336,941

Raw materials

13,500

12,000

Work-in-progress

12,750

11,500

Finished goods

6,000

7,500

1,238,680

367,941

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade debtors

627,065

582,500

Other debtors

191,934

655,873

818,999

1,238,373

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Bank loans and overdrafts

7,898

7,758

Hire purchase contracts

81,691

-

Trade creditors

108,089

116,092

Taxation and social security

200,893

233,569

Other creditors

16,829

(69,142

)

415,400

288,277

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.20

31.3.19

£

£

Bank loans

56,630

64,949

Hire purchase contracts

104,192

-

160,822

64,949

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

23,338

32,319

The bank loan is secured by a fixed and floating charge over the company's assets.

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.20

31.3.19

£

£

Bank loans

64,528

72,707

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2020 and 31 March 2019:

31.3.20

31.3.19

£

£

B Singh

Balance outstanding at start of year

544,249

(186,172

)

Amounts advanced

28,000

730,421

Amounts repaid

(542,000

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

30,249

544,249

11.	RELATED PARTY DISCLOSURES

During the year, total dividends of £200,000 (2019 - £2,000) were paid to the directors .