Stourbridge Automotive Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07188952 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

FOR

STOURBRIDGE AUTOMOTIVE LIMITED

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

58,481

60,569

CURRENT ASSETS

Stocks

19,245

23,314

Debtors

5

49,288

18,324

Cash at bank and in hand

59,823

72,250

128,356

113,888

CREDITORS

Amounts falling due within one year

6

135,630

110,582

NET CURRENT (LIABILITIES)/ASSETS

(7,274

)

3,306

TOTAL ASSETS LESS CURRENT LIABILITIES

51,207

63,875

CREDITORS

Amounts falling due after more than one year

7

(19,697

)

(42,500

)

PROVISIONS FOR LIABILITIES

(4,000

)

(4,500

)

NET ASSETS

27,510

16,875

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

27,410

16,775

27,510

16,875

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 June 2022 and were signed on its behalf by:

N J Fellows - Director

Mrs K Fellows - Director

1.	STATUTORY INFORMATION

Stourbridge Automotive Limited is a private company, limited by shares, registered in England and Wales, registered number 07188952. Its registered office is Unit 6, Gainsborough Trading Estate, Rufford Road, Stourbridge, West Midlands, DY9 7ND.

The financial statements are presented in Sterling, which is the functional currency of the company.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

over the term of the lease

Plant and machinery

-

10% on cost

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

5% straight line

Stocks

Stocks 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 Statement of Income and Retained Earnings, 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.

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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Job retention scheme

Amounts receivable under the Coronavirus Job Retention Scheme have been accounted for on an accruals basis.

Financial instruments

Basic financial liabilities, including trade and other debtors, bank loans and other loans are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2021 - 14 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2021

28,377

161,397

189,774

Additions

-

18,874

18,874

Disposals

-

(10,000

)

(10,000

)

At 31 March 2022

28,377

170,271

198,648

DEPRECIATION

At 1 April 2021

9,384

119,821

129,205

Charge for year

4,733

16,229

20,962

Eliminated on disposal

-

(10,000

)

(10,000

)

At 31 March 2022

14,117

126,050

140,167

NET BOOK VALUE

At 31 March 2022

14,260

44,221

58,481

At 31 March 2021

18,993

41,576

60,569

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Other debtors

49,288

18,324

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Bank loans and overdrafts

21,411

15,545

Trade creditors

55,866

42,747

Taxation and social security

45,265

38,204

Other creditors

13,088

14,086

135,630

110,582

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.22

31.3.21

£

£

Bank loans

19,697

42,500

Amounts falling due in more than five years:

Repayable by instalments

Bank loans

-

2,500

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.3.22

31.3.21

£

£

Within one year

25,595

25,595

Between one and five years

76,785

102,380

102,380

127,975

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2022 and 31 March 2021:

31.3.22

31.3.21

£

£

N J Fellows

Balance outstanding at start of year

(3

)

405

Amounts advanced

97,000

88,392

Amounts repaid

(75,000

)

(88,800

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

21,997

(3

)

The above amounts were unsecured, interest free and repayable on demand.