| Universal Classic Cars Limited |
| Balance Sheet |
| as at 30 September 2020 |
|
| Notes |
|
2020 |
|
2019 |
|
|
|
£ |
|
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
3,641,939 |
|
|
3,682,022 |
|
|
|
|
3,641,939 |
|
|
3,682,022 |
|
| Current assets |
| Debtors |
4 |
|
216,042 |
|
|
189,567 |
| Cash at bank and in hand |
|
|
59,163 |
|
|
29,137 |
|
|
|
275,205 |
|
|
218,704 |
|
| Creditors: amounts falling due within one year |
5 |
|
(585,546) |
|
|
(472,340) |
|
| Net current liabilities |
|
|
|
(310,341) |
|
|
(253,636) |
|
| Total assets less current liabilities |
3,331,598 |
|
|
3,428,386 |
|
| Creditors: amounts falling due after more than one year |
6 |
|
|
(3,349,327) |
|
|
(3,567,902) |
|
|
| Net liabilities |
|
|
|
(17,729) |
|
|
(139,516) |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
100 |
|
|
100 |
| Profit and loss account |
|
|
|
(17,829) |
|
|
(139,616) |
|
| Shareholders' funds |
|
|
|
(17,729) |
|
|
(139,516) |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| H Allaway |
| Director |
| Approved by the board on 18 May 2021 |
|
| Universal Classic Cars Limited |
| Notes to the Accounts |
| for the year ended 30 September 2020 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Motor vehicles |
25% Straight Line |
|
Leasehold improvement |
10% Straight Line |
|
Plant and machinery |
25% Straight Line |
|
Fixtures, fittings and equipment |
25% Straight Line |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Leased assets and hire purchases |
|
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
|
| 2 |
Employees |
2020 |
|
2019 |
| Number |
Number |
|
|
Average number of persons employed by the company |
5 |
|
5 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
Land and buildings |
|
Plant and machinery etc |
|
Motor vehicles |
|
Total |
| £ |
£ |
£ |
£ |
|
Cost |
|
At 1 October 2019 |
3,516,084 |
|
2,833 |
|
183,049 |
|
3,701,966 |
|
Additions |
- |
|
- |
|
28,900 |
|
28,900 |
|
Disposals |
- |
|
- |
|
(20,417) |
|
(20,417) |
|
At 30 September 2020 |
3,516,084 |
|
2,833 |
|
191,532 |
|
3,710,449 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 October 2019 |
- |
|
2,833 |
|
110,061 |
|
112,894 |
|
Charge for the year |
- |
|
- |
|
42,879 |
|
42,879 |
|
On disposals |
- |
|
- |
|
(10,208) |
|
(10,208) |
|
At 30 September 2020 |
- |
|
2,833 |
|
142,732 |
|
145,565 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 September 2020 |
3,516,084 |
|
- |
|
48,800 |
|
3,564,884 |
|
At 30 September 2019 |
3,516,084 |
|
- |
|
72,988 |
|
3,589,072 |
|
|
|
|
|
|
|
|
|
|
|
Tangible fixed assets continued |
Fixtures, fittings and equipment |
Leasehold improvements |
Total |
| £ |
£ |
£ |
|
Cost |
|
At 1 October 2019 |
12,944 |
|
157,162 |
|
3,872,072 |
|
Additions |
- |
|
- |
|
28,900 |
|
At 30 September 2020 |
12,944 |
|
157,162 |
|
3,880,555 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 October 2019 |
8,226 |
|
68,930 |
|
190,050 |
|
Charge for the year |
2,170 |
|
13,725 |
|
58,774 |
|
On disposals |
- |
|
- |
|
(10,208) |
|
At 30 September 2020 |
10,396 |
|
82,655 |
|
238,616 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 September 2020 |
2,548 |
|
74,507 |
|
3,641,939 |
|
At 30 September 2019 |
4,718 |
|
88,233 |
|
3,682,022 |
|
|
| 4 |
Debtors |
2020 |
|
2019 |
| £ |
£ |
|
|
Trade debtors |
73,034 |
|
126,675 |
|
Other debtors |
143,008 |
|
62,892 |
|
|
|
|
|
|
216,042 |
|
189,567 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2020 |
|
2019 |
| £ |
£ |
|
|
Bank loans and overdrafts |
200,000 |
|
200,000 |
|
Obligations under finance lease and hire purchase contracts |
13,758 |
|
13,758 |
|
Trade creditors |
121,256 |
|
137,329 |
|
Corporation tax |
65,122 |
|
14,268 |
|
Other taxes and social security costs |
85,155 |
|
40,763 |
|
Other creditors |
100,255 |
|
66,222 |
|
|
|
|
|
|
585,546 |
|
472,340 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due after one year |
2020 |
|
2019 |
| £ |
£ |
|
|
Bank loans |
3,280,768 |
|
3,489,677 |
|
Obligations under finance lease and hire purchase contracts |
42,877 |
|
52,347 |
|
Other creditors |
25,682 |
|
25,878 |
|
|
|
|
|
|
3,349,327 |
|
3,567,902 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Share Capital |
2020 |
|
2019 |
| £ |
£ |
|
Allotted, Called up and fully paid |
|
38 Ordinary shares of £1 each |
100 |
|
100 |
|
|
|
|
|
|
100 |
|
100 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Related party transactions |
|
|
During the year the company paid rent of £60,000 (2019 - £45,000) to Mr T Allaway, a director of the company. The company also benefited from an interest free loan from Mr T Allaway. The loan is unsecured and repayable on demand. At the balance sheet date the amount owing to Mr T Allaway was £25,878 (2019 - £25,878).
Also during the year the company benefited from an interest free loan from Mr H Allaway, a director of the company. The loan is unsecured and repayable on demand. At the balance sheet date the amount due to Mr H Allaway was £XXXX (2019 - £129). |
|
| 8 |
Controlling party |
|
|
The company is under the control of the directors by virtue of their majority ownership of the issued share capital. |
