Classic Restorations (Sales) Ltd Filleted accounts for Companies House (small and micro)

CLASSIC RESTORATIONS (SALES) LIMITED - Company Information

10 false false false false false false false false false true false false false false false false No description of principal activity 2019-09-01 Sage Accounts Production Advanced 2020 - FRS102_2019 xbrli:pure xbrli:shares iso4217:GBP 04066024 2019-09-01 2020-08-31 04066024 2020-08-31 04066024 2019-08-31 04066024 2018-09-01 2019-08-31 04066024 2019-08-31 04066024 core:PlantMachinery 2019-09-01 2020-08-31 04066024 core:MotorVehicles 2019-09-01 2020-08-31 04066024 bus:Director1 2019-09-01 2020-08-31 04066024 core:LandBuildings 2019-08-31 04066024 core:PlantMachinery 2019-08-31 04066024 core:MotorVehicles 2019-08-31 04066024 core:LandBuildings 2020-08-31 04066024 core:PlantMachinery 2020-08-31 04066024 core:MotorVehicles 2020-08-31 04066024 core:LandBuildings 2019-09-01 2020-08-31 04066024 core:WithinOneYear 2020-08-31 04066024 core:WithinOneYear 2019-08-31 04066024 core:AfterOneYear 2020-08-31 04066024 core:AfterOneYear 2019-08-31 04066024 core:ShareCapital 2020-08-31 04066024 core:ShareCapital 2019-08-31 04066024 core:RetainedEarningsAccumulatedLosses 2020-08-31 04066024 core:RetainedEarningsAccumulatedLosses 2019-08-31 04066024 core:LandBuildings 2019-08-31 04066024 core:PlantMachinery 2019-08-31 04066024 core:MotorVehicles 2019-08-31 04066024 bus:SmallEntities 2019-09-01 2020-08-31 04066024 bus:AuditExemptWithAccountantsReport 2019-09-01 2020-08-31 04066024 bus:FullAccounts 2019-09-01 2020-08-31 04066024 bus:SmallCompaniesRegimeForAccounts 2019-09-01 2020-08-31 04066024 bus:PrivateLimitedCompanyLtd 2019-09-01 2020-08-31 04066024 core:LandBuildings core:LongLeaseholdAssets 2019-09-01 2020-08-31 04066024 core:FurnitureFittingsToolsEquipment 2019-09-01 2020-08-31 04066024 core:FurnitureFittingsToolsEquipment 2019-08-31 04066024 core:FurnitureFittingsToolsEquipment 2020-08-31

COMPANY REGISTRATION NUMBER: 04066024

Classic Restorations (Sales) Ltd

Filleted Unaudited Financial Statements

31 August 2020

Classic Restorations (Sales) Ltd

Statement of Financial Position

31 August 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	5		191,272	201,455

Current assets

Stocks		775,500	915,500
Debtors	6	34,819	59,464
Cash at bank and in hand		61,191	39,911
		---------	------------
		871,510	1,014,875

Creditors: amounts falling due within one year	7	535,928		625,480
		---------		------------
Net current assets			335,582	389,395
			---------	---------
Total assets less current liabilities			526,854	590,850

Creditors: amounts falling due after more than one year	8		148,979	11,663

Provisions

Taxation including deferred tax	7,257	9,225
	---------	---------
Net assets	370,618	569,962
	---------	---------

Classic Restorations (Sales) Ltd

Statement of Financial Position (continued)

31 August 2020

	2020		2019
Note	£	£	£

Capital and reserves

Called up share capital	100	100
Profit and loss account	370,518	569,862
	---------	---------
Shareholders funds	370,618	569,962
	---------	---------

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 income and retained earnings has not been delivered.

For the year ending 31 August 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 27 May 2021 , and are signed on behalf of the board by:

Mr W B Kennedy
Director

Company registration number: 04066024

Classic Restorations (Sales) Ltd

Notes to the Financial Statements

Year ended 31 August 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 40 Kimbolton Road, Bedford, MK40 2NR.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

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.

Revenue recognition

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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.

Deferred taxation

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more, tax, except deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

Tangible assets

Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:

Improvements to property	-	10 Years Straight line
Plant and machinery	-	20% straight line
Motor vehicles	-	25% reducing balance
Equipment	-	25% straight line

Impairment of fixed assets

For the purposes of impairment testing, 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 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 stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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.

Provisions

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 10 (2019: 10 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 September 2019	162,196	66,213	84,685	17,306	330,400
Additions	–	522	3,750	–	4,272
	---------	--------	--------	--------	---------
At 31 August 2020	162,196	66,735	88,435	17,306	334,672
	---------	--------	--------	--------	---------
Depreciation
At 1 September 2019	10,556	59,542	42,315	16,532	128,945
Charge for the year	271	3,124	10,671	389	14,455
	---------	--------	--------	--------	---------
At 31 August 2020	10,827	62,666	52,986	16,921	143,400
	---------	--------	--------	--------	---------
Carrying amount
At 31 August 2020	151,369	4,069	35,449	385	191,272
	---------	--------	--------	--------	---------
At 31 August 2019	151,640	6,671	42,370	774	201,455
	---------	--------	--------	--------	---------

In the opinion of the director the investment property had a market value approximately equal to it's cost of £151,369 at the year end (2019 - £151,369).

6. Debtors

	2020	2019
	£	£
Trade debtors	27,990	30,110
Other debtors	6,829	29,354
	--------	--------
	34,819	59,464
	--------	--------

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	7,500	–
Trade creditors	134,493	135,236
Corporation tax	2,998	–
Social security and other taxes	6,192	24,527
Other creditors	384,745	465,717
	---------	---------
	535,928	625,480
	---------	---------

The hire purchase liability is secured on the assets they relate to.

8. Creditors: amounts falling due after more than one year

	2020	2019
	£	£
Bank loans and overdrafts	142,500	–
Other creditors	6,479	11,663
	---------	--------
	148,979	11,663
	---------	--------

9. Other financial commitments

The company had outstanding commitments at the year end under rental lease agreements of £48,500 (2019 - £84,500).

10. Related party transactions

During the year the company paid a dividend of £2,000 to it's director (2019 - £2,000).