North Wales Honda Limited 31/12/2020 iXBRL

North Wales Honda Limited 31/12/2020 iXBRL

NORTH WALES MOTOR COMPANY LIMITED - Company Information

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Company registration number: 07863221
North Wales Honda Limited
Trading as North Wales Honda Limited
Unaudited filleted financial statements
31 December 2020
North Wales Honda Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
North Wales Honda Limited
Directors and other information
Directors Mr D T Paveley
Mark Blagden Research Limited
Secretary P M Gardner
Company number 07863221
Registered office Mostyn Broadway
Llandudno
Conwy
Ll30 1YR
Business address Mostyn Broadway
Llandudno
Conwy
LL30 1YR
Accountants J T Thomas & Co
Anson House
1 Cae'r Llynen
Llandudno Junction
Conwy
LL31 9LS
North Wales Honda Limited
Statement of financial position
31 December 2020
2020 2019
Note £ £ £ £
Fixed assets
Intangible assets 5 2,833 4,833
Tangible assets 6 128,268 126,227
_______ _______
131,101 131,060
Current assets
Stocks 737,387 786,708
Debtors 7 208,603 257,197
Cash at bank and in hand 85,348 -
_______ _______
1,031,338 1,043,905
Creditors: amounts falling due
within one year 8 ( 967,793) ( 1,077,285)
_______ _______
Net current assets/(liabilities) 63,545 ( 33,380)
_______ _______
Total assets less current liabilities 194,646 97,680
Creditors: amounts falling due
after more than one year 9 - ( 50,000)
_______ _______
Net assets 194,646 47,680
_______ _______
Capital and reserves
Called up share capital 214,286 214,286
Profit and loss account ( 19,640) ( 166,606)
_______ _______
Shareholders funds 194,646 47,680
_______ _______
For the year ending 31 December 2020 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 12 May 2021 , and are signed on behalf of the board by:
Mr D T Paveley
Director
Company registration number: 07863221
North Wales Honda Limited
Notes to the financial statements
Year ended 31 December 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is North Wales Honda Limited, Mostyn Broadway, Llandudno, Conwy, Ll30 1YR.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 10 % straight line
Fittings fixtures and equipment - 20 % straight line
User defined asset - 33.3 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 21 (2019: 21 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 January 2020 and 31 December 2020 20,000 20,000
_______ _______
Amortisation
At 1 January 2020 15,167 15,167
Charge for the year 2,000 2,000
_______ _______
At 31 December 2020 17,167 17,167
_______ _______
Carrying amount
At 31 December 2020 2,833 2,833
_______ _______
At 31 December 2019 4,833 4,833
_______ _______
6. Tangible assets
Long leasehold property Plant and machinery Total
£ £ £
Cost
At 1 January 2020 96,998 212,055 309,053
Additions 6,535 22,529 29,064
_______ _______ _______
At 31 December 2020 103,533 234,584 338,117
_______ _______ _______
Depreciation
At 1 January 2020 38,925 143,901 182,826
Charge for the year 5,044 21,979 27,023
_______ _______ _______
At 31 December 2020 43,969 165,880 209,849
_______ _______ _______
Carrying amount
At 31 December 2020 59,564 68,704 128,268
_______ _______ _______
At 31 December 2019 58,073 68,154 126,227
_______ _______ _______
7. Debtors
2020 2019
£ £
Trade debtors 138,898 132,416
Other debtors 69,705 124,781
_______ _______
208,603 257,197
_______ _______
8. Creditors: amounts falling due within one year
2020 2019
£ £
Bank loans and overdrafts - 100,433
Trade creditors 524,436 587,596
Corporation tax 1,363 -
Social security and other taxes 39,269 25,252
Other creditors 402,725 364,004
_______ _______
967,793 1,077,285
_______ _______
9. Creditors: amounts falling due after more than one year
2020 2019
£ £
Other creditors - 50,000
_______ _______