Mole Valley Specialist Cars Limited - Accounts to registrar (filleted) - small 18.2
Mole Valley Specialist Cars Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 October 2021 |
| for |
| Mole Valley Specialist Cars Limited |
| Mole Valley Specialist Cars Limited (Registered number: 07392680) |
| Contents of the Financial Statements |
| for the Year Ended 31 October 2021 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Mole Valley Specialist Cars Limited |
| Company Information |
| for the Year Ended 31 October 2021 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| BUSINESS ADDRESS: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Old Printers Yard |
| 156 South Street |
| Dorking |
| Surrey |
| RH4 2HF |
| Mole Valley Specialist Cars Limited (Registered number: 07392680) |
| Balance Sheet |
| 31 October 2021 |
| 31.10.21 | 31.10.20 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 5 |
| Tangible assets | 6 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 7 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
| NET ASSETS/(LIABILITIES) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| Mole Valley Specialist Cars Limited (Registered number: 07392680) |
| Balance Sheet - continued |
| 31 October 2021 |
| 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 |
| Mole Valley Specialist Cars Limited (Registered number: 07392680) |
| Notes to the Financial Statements |
| for the Year Ended 31 October 2021 |
| 1. | STATUTORY INFORMATION |
| Mole Valley Specialist Cars Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents net invoiced sales of vehicles and servicing carried out during the period, excluding value added tax. |
| Goodwill |
| Goodwill arising on the acquisition of a business in 2010 is carried at cost less accumulated amortisation and impairment losses, if any. Amortisation was calculated on a straight line basis over the useful economic life of five years. Goodwill was fully amortised by 31 October 2015. |
| 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 |
| Depreciation is provided at the annual rates shown below in order to write off each asset over its expected useful life. |
| Plant and machinery - 25% on cost |
| Computer equipment - 33% on cost |
| Motor vehicles - 25% on reducing balance |
| Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. |
| At each reporting date, assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and an impairment loss is recognised immediately in the income statement. |
| Stocks |
| Stocks of motor vehicles are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| 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. |
| Mole Valley Specialist Cars Limited (Registered number: 07392680) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2021 |
| 3. | ACCOUNTING POLICIES - continued |
| Taxation and 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. |
| Hire purchase and leasing commitments |
| Property, plant and equipment acquired under finance leases or hire purchase contracts are capitalised and depreciated in the same manner as other tangible fixed assets. The related obligations, net of future finance charges, are included in creditors. |
| Rentals payable under operating leases are charged to the profit and loss account |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 5. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 November 2020 |
| and 31 October 2021 |
| AMORTISATION |
| At 1 November 2020 |
| and 31 October 2021 |
| NET BOOK VALUE |
| At 31 October 2021 |
| At 31 October 2020 |
| Mole Valley Specialist Cars Limited (Registered number: 07392680) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2021 |
| 6. | TANGIBLE FIXED ASSETS |
| Plant and | Motor | Computer |
| machinery | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 November 2020 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 October 2021 |
| DEPRECIATION |
| At 1 November 2020 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 October 2021 |
| NET BOOK VALUE |
| At 31 October 2021 |
| At 31 October 2020 |
| Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows: |
| Motor |
| vehicles |
| £ |
| COST |
| At 1 November 2020 |
| Additions |
| Disposals | ( |
) |
| At 31 October 2021 |
| DEPRECIATION |
| At 1 November 2020 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31 October 2021 |
| NET BOOK VALUE |
| At 31 October 2021 |
| At 31 October 2020 |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.10.21 | 31.10.20 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Directors' current accounts | 473,309 | 391,050 |
| Tax |
| Mole Valley Specialist Cars Limited (Registered number: 07392680) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2021 |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.10.21 | 31.10.20 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Tax |
| Social security and other taxes |
| VAT | 23,837 | 25,345 |
| Other creditors |
| Vehicle financing |
| Accrued expenses |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.10.21 | 31.10.20 |
| £ | £ |
| Bank loans 1-5 years |
| Bank loans > 5 years |
| Vehicle financing |
| Other loans > 5 years |
| Other creditors |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans > 5 years | 20,371 | - |
| Other loans > 5 years | 24,992 | - |
| 45,363 | - |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 31.10.21 | 31.10.20 |
| £ | £ |
| Vehicle financing | 690,299 | 574,962 |
| Finance leases | 20,845 | 21,998 |
| 11. | OTHER FINANCIAL COMMITMENTS |
| At the balance sheet date there were financial commitments of £ 20,000 (2020 - £68,000). |
| Mole Valley Specialist Cars Limited (Registered number: 07392680) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2021 |
| 12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 31 October 2021 and 31 October 2020: |
| 31.10.21 | 31.10.20 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| Interest is charged on the directors' overdrawn loan accounts at the official rate - 2.25% from the 31st March 2020 and 2.00% from the 6th April 2021 thereafter. |
| 13. | ULTIMATE CONTROLLING PARTY |
| The controlling party is C Chadwick. |
| 14. | BASIS OF PREPARATION OF FINANCIAL STATEMENTS |
| The basis of preparation of the financial statements has been considered in the Report of the Directors. |
| 15. | GUARANTEES |
| Personal guarantees dated 2 December 2015 were given by the two directors to Nextgear Capital to secure stock financing to the company. The total amount recoverable from each guarantor is limited to £250,000. |
| The two directors have also provided personal guarantees for £100,000 into Threadneedle Lending Limited in respect of a loan to the company. |