Castle Point Motors Limited
Castle Point Motors Limited
Registered number: 05938204
Unaudited Financial Statements
For The Year Ended
31 August 2021
MSB & Co Canvey Island Limited
Accountants and Tax Advisors
14 Furtherwick Road
Canvey Island
Essex
SS8 7AE
Castle Point Motors Limited
Unaudited Financial Statements
For The Year Ended
31 August 2021
Unaudited Financial Statements
| Contents | |
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| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—6 |
Castle Point Motors Limited
Balance Sheet
As at
31 August 2021
Balance Sheet
Registered number:
05938204
For the year ending 31 August 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 4 |
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| CURRENT ASSETS | |||||
| Stocks | 5 |
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| Debtors | 6 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 7 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation | 8 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 9 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 452,332 | 300,016 | |||
Castle Point Motors Limited
Balance Sheet (continued)
As at
31 August 2021
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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Director
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The notes on pages 3 to 6 form part of these financial statements.
Castle Point Motors Limited
Notes to the Financial Statements
For The Year Ended
31 August 2021
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Improvements to premises |
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| Plant & Machinery |
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| Motor Vehicles |
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| Fixtures & Fittings |
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1.4.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
1.5.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| 2021 | 2020 | ||
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| Office and administration |
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| Sales, marketing and distribution |
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Castle Point Motors Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 August 2021
4.
Tangible Assets
| Land & Property | |||||
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| Improvements to premises | Plant & Machinery | Motor Vehicles | Fixtures & Fittings | Total | |
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| Additions |
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| Depreciation | |||||
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| Provided during the period |
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| Disposals |
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| Net Book Value | |||||
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5.
Stocks
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| £ | £ | ||
| Stock - materials |
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6.
Debtors
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| Trade debtors |
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| Prepayments and accrued income |
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| Staff loans |
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| Loan - Castle Point Lettings Limited |
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| Loan - Labyrinth Tanning Ltd |
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Castle Point Motors Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 August 2021
7.
Creditors: Amounts Falling Due Within One Year
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| Trade creditors |
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| Bank loans and overdrafts |
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| Corporation tax |
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| PAYE |
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| VAT |
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| Prepaid income |
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| Pension contributions - creditor |
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| Accruals and deferred income |
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| Directors' loan accounts |
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8.
Deferred Taxation
The provision for deferred taxation is made up of accelerated capital allowances
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| Deferred tax |
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10.
Related Party Transactions
Labyrinth Tanning Limited
Labyrinth Tanning Limited - a company under the control of Mr A. Foster and Mr K. Wells, directors and shareholders of this company.
As at the balance sheet date, there was an inter-company loan of the following : £1,548 (Debtor)
Castle Point Lettings Limited
Castle Point Lettings Limited - a company under the control of Mr A. Foster and Mr K. Wells, directors and shareholders of this company.
As at the balance sheet date, there was an inter-company loan of the following : £92,497 (Debtor)
Castle Point Motors Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 August 2021
11.
Ultimate Controlling Party
The directors are considered to be the ultimate controlling party by virtue of their ability to act in concert in respect of the operational and financial policies of the company.
12.
General Information
Castle Point Motors Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
05938204
. The registered office is 14 Furtherwick Road, Canvey Island, Essex, SS8 7AE.