David Brown Automotive Limited - Accounts to registrar (filleted) - small 18.2
David Brown Automotive Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2021 |
| FOR |
| DAVID BROWN AUTOMOTIVE LIMITED |
| DAVID BROWN AUTOMOTIVE LIMITED (REGISTERED NUMBER: 07173098) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| For The Year Ended 31 October 2021 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| DAVID BROWN AUTOMOTIVE LIMITED |
| COMPANY INFORMATION |
| For The Year Ended 31 October 2021 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 1 Rushmills |
| Bedford Road |
| Northampton |
| Northamptonshire |
| NN4 7YB |
| DAVID BROWN AUTOMOTIVE LIMITED (REGISTERED NUMBER: 07173098) |
| BALANCE SHEET |
| 31 October 2021 |
| 2021 | 2020 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks | 6 |
| Debtors | 7 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES | ( |
) |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 12 | ( |
) | ( |
) |
| NET (LIABILITIES)/ASSETS | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 13 |
| Share premium |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| DAVID BROWN AUTOMOTIVE LIMITED (REGISTERED NUMBER: 07173098) |
| NOTES TO THE FINANCIAL STATEMENTS |
| For The Year Ended 31 October 2021 |
| 1. | STATUTORY INFORMATION |
| David Brown Automotive Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding |
| discounts, rebates, value added tax and other sales taxes, recognised on delivery of the vehicle. |
| 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 |
| Short leasehold | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Stocks |
| Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. |
| At each balance sheet date, stocks are assessed for impairment. Where necessary, provision is made for slow moving, obsolete and defective stocks. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. |
| 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 balance sheet date. |
| DAVID BROWN AUTOMOTIVE LIMITED (REGISTERED NUMBER: 07173098) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| For The Year Ended 31 October 2021 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
| Research and development |
| Expenditure on research and development is written off in the year in which it is incurred. |
| Going concern |
| The directors keep the company's trading and financial position under constant review. Forecasts have been prepared that incorporate the impact of COVID-19 and funding that is expected to be made available. In addition, a significant shareholder has pledged his continued support of the company through other related businesses. On the basis of these forecasts, the directors believe that the company has the ability to fulfil its financial obligations for a period of at least twelve months from the date of these financial statements and therefore consider it appropriate to prepare the financial statements on a going concern basis. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Development |
| costs |
| £ |
| COST |
| At 1 November 2020 |
| Additions |
| At 31 October 2021 |
| AMORTISATION |
| At 1 November 2020 |
| Amortisation for year |
| At 31 October 2021 |
| NET BOOK VALUE |
| At 31 October 2021 |
| At 31 October 2020 |
| DAVID BROWN AUTOMOTIVE LIMITED (REGISTERED NUMBER: 07173098) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| For The Year Ended 31 October 2021 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Short | Plant and | and |
| leasehold | machinery | fittings |
| £ | £ | £ |
| COST |
| At 1 November 2020 |
| Additions |
| At 31 October 2021 |
| DEPRECIATION |
| At 1 November 2020 |
| Charge for year |
| At 31 October 2021 |
| NET BOOK VALUE |
| At 31 October 2021 |
| At 31 October 2020 |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 November 2020 |
| Additions |
| At 31 October 2021 |
| DEPRECIATION |
| At 1 November 2020 |
| Charge for year |
| At 31 October 2021 |
| NET BOOK VALUE |
| At 31 October 2021 |
| At 31 October 2020 |
| 6. | STOCKS |
| 2021 | 2020 |
| £ | £ |
| Raw materials |
| Work-in-progress |
| Finished goods |
| DAVID BROWN AUTOMOTIVE LIMITED (REGISTERED NUMBER: 07173098) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| For The Year Ended 31 October 2021 |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Other loans | - | 100,000 |
| Tax |
| VAT |
| Prepayments |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Other loans |
| Hire purchase contracts (see note 10) |
| Trade creditors |
| Social security and other taxes |
| Other creditors |
| Directors' current accounts | 97,840 | 12,800 |
| Accrued expenses |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Hire purchase contracts (see note 10) |
| 10. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 2021 | 2020 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Non-cancellable | operating leases |
| 2021 | 2020 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| DAVID BROWN AUTOMOTIVE LIMITED (REGISTERED NUMBER: 07173098) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| For The Year Ended 31 October 2021 |
| 11. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2021 | 2020 |
| £ | £ |
| Other loans |
| Hire purchase contracts | 375,948 | 443,439 |
| Hire purchase contracts and other loans are secured against vehicles. |
| 12. | PROVISIONS FOR LIABILITIES |
| 2021 | 2020 |
| £ | £ |
| Other provisions | 49,442 | 49,442 |
| Warranty |
| provision |
| £ |
| Balance at 1 November 2020 |
| Balance at 31 October 2021 |
| 13. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2021 | 2020 |
| value: | £ | £ |
| Ordinary | £1 | 1,000 | 1,000 |
| 14. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| DAVID BROWN AUTOMOTIVE LIMITED (REGISTERED NUMBER: 07173098) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| For The Year Ended 31 October 2021 |
| 15. | RELATED PARTY DISCLOSURES |
| Included within other loans in creditors is an amount of £250,000 (2020: £250,000 due to an individual who was previously a shareholder and director. |
| Included within other loans in creditors is an amount of £458,000 (2020: £nil) due to a related party. The loan is interest free and repayable on demand. There is also an accrual for management charges included on the balance sheet of £120,000 (2020: £Nil). |
| Included within other creditors is £79,474 (2020: £79,948) owed to a company controlled by an individual who was previously a shareholder and director. The loan is unsecured and interest free. |
| At the Balance Sheet date, an amount of £nil (2020: £250,000) was owed to a company controlled by an individual who was previously a shareholder and director. |
| At the Balance Sheet date, an amount of £nil (2020: £100,000) was owed by a company controlled by an individual who was previously a shareholder and director. |
| During the year, the company made purchases from a company under common control totalling £221,272, At the end of the year £337,935 (2020: £71,098) remained due the related company. |
| At the Balance Sheet date, £97,840 (2020: £12,800) was due to D G Roberts. The loan is unsecured and interest free. |
| 16. | ULTIMATE CONTROLLING PARTY |
| R A Westley and D G Roberts are considered to be the ultimate controlling party by virtue of their shareholding in the immediate parent company, UK Advanced Industrials Ltd. |