Victoria Motor Company (Blackwood) Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05177844 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 July 2020

for

Victoria Motor Company (Blackwood)

Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

G E Bird

SECRETARY:

Mrs K A Bird

REGISTERED OFFICE:

North Blackvein Industrial Estate

Wattsville

Newport

Gwent

NP11 7PX

REGISTERED NUMBER:

05177844 (England and Wales)

ACCOUNTANTS:

Cambrian & Co Ltd

13A Victoria Gardens

Neath

West Glamorgan

SA11 3AY

FIXED ASSETS

Intangible assets

5

-

-

Tangible assets

6

401,166

408,382

401,166

408,382

CURRENT ASSETS

Stocks

1,287,432

1,259,833

Debtors

7

33,793

6,605

Cash at bank

755,401

619,827

2,076,626

1,886,265

CREDITORS

Amounts falling due within one year

8

488,700

419,507

NET CURRENT ASSETS

1,587,926

1,466,758

TOTAL ASSETS LESS CURRENT LIABILITIES

1,989,092

1,875,140

CREDITORS

Amounts falling due after more than one year

9

(10,535

)

(42,684

)

PROVISIONS FOR LIABILITIES

(4,480

)

(4,292

)

NET ASSETS

1,974,077

1,828,164

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

1,974,075

1,828,162

SHAREHOLDERS' FUNDS

1,974,077

1,828,164

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

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

The director acknowledges his 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 16 March 2021 and were signed by:

G E Bird - Director

1.	STATUTORY INFORMATION

Victoria Motor Company (Blackwood) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Land and buildings

-

2% on cost

Plant and machinery etc

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2019 - 12 ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 August 2019

and 31 July 2020

67,000

AMORTISATION

At 1 August 2019

and 31 July 2020

67,000

NET BOOK VALUE

At 31 July 2020

-

At 31 July 2019

-

6.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 August 2019

410,420

44,936

455,356

Additions

-

20,450

20,450

Disposals

-

(20,110

)

(20,110

)

At 31 July 2020

410,420

45,276

455,696

DEPRECIATION

At 1 August 2019

24,625

22,349

46,974

Charge for year

8,208

5,646

13,854

Eliminated on disposal

-

(6,298

)

(6,298

)

At 31 July 2020

32,833

21,697

54,530

NET BOOK VALUE

At 31 July 2020

377,587

23,579

401,166

At 31 July 2019

385,795

22,587

408,382

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.20

31.7.19

£

£

Trade debtors

7,845

6,605

Other debtors

25,948

-

33,793

6,605

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.20

31.7.19

£

£

Bank loans and overdrafts

31,810

30,570

Trade creditors

12,440

10,640

Tax

51,914

57,296

Social security and other taxes

23,769

5,666

VAT

56,959

16,649

Other creditors

-

2,365

Credit card due

231

231

Pension creditor

624

761

Directors' loan accounts

281,850

261,069

Accrued expenses

29,103

34,260

488,700

419,507

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.7.20

31.7.19

£

£

Bank loans - 2-5 years

10,535

42,684

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.7.20

31.7.19

£

£

Bank loans

42,345

73,254

The bank loan is secured by a charge over the freehold property.

11.	RELATED PARTY DISCLOSURES

During the year, total dividends of £34,000 (2019 - £43,525) were paid to the director .

Mr G E Bird operates a directors loan with the company. The balance outstanding to Mr G E Bird at the balance sheet date was £281,850 (2019 £261,069).

12.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr G E Bird and family by virtue of their 100% shareholding.