G.B. FLINT COACHWORKS LIMITED - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03156150 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2022

for

G.B. FLINT COACHWORKS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr Grenville Brian Flint

Mr Carl Aidan Flint

Mr Guy St John Flint

REGISTERED OFFICE:

Manor House Road

Long Eaton

Nottingham

Nottinghamshire

NG10 1LR

REGISTERED NUMBER:

03156150 (England and Wales)

ACCOUNTANTS:

Haines Watts

Cliffe Hill House

22-26 Nottingham Road

Stapleford

Nottingham

NG9 8AA

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

1,169,913

1,220,036

1,169,913

1,220,036

CURRENT ASSETS

Stocks

147,304

61,216

Debtors

6

159,515

116,945

Cash at bank and in hand

469

57,215

307,288

235,376

CREDITORS

Amounts falling due within one year

7

373,051

292,153

NET CURRENT LIABILITIES

(65,763

)

(56,777

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,104,150

1,163,259

CREDITORS

Amounts falling due after more than one year

8

(267,477

)

(298,405

)

PROVISIONS FOR LIABILITIES

(46,511

)

(51,677

)

NET ASSETS

790,162

813,177

CAPITAL AND RESERVES

Called up share capital

10

300

300

Revaluation reserve

11

357,623

354,129

Capital redemption reserve

11

100

100

Retained earnings

11

432,139

458,648

SHAREHOLDERS' FUNDS

790,162

813,177

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 August 2022 and were signed on its behalf by:

Mr Carl Aidan Flint - Director

1.	STATUTORY INFORMATION

G.B. FLINT COACHWORKS LIMITED is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 as modified by the revaluation of certain assets.

The company has been affected by Covid-19 and has made a loss during the period. The directors have made plans to improve the future profitability of the company. Therefore, the accounts have been prepared on the going concern basis.

Turnover

Turnover represents net invoiced sales of goods and services relating to vehicle repairs,excluding value added tax.

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.

Franchise Fee are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% on Valuation

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Office Equipment

-

25% on reducing balance

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.

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 items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

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.

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2021 - 29 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 April 2021

16,492

Disposals

(16,492

)

At 31 March 2022

-

AMORTISATION

At 1 April 2021

16,492

Eliminated on disposal

(16,492

)

At 31 March 2022

-

NET BOOK VALUE

At 31 March 2022

-

At 31 March 2021

-

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1 April 2021

1,125,000

516,010

1,641,010

Additions

-

6,331

6,331

Disposals

-

(54,238

)

(54,238

)

Transfer to ownership

-

54,238

54,238

At 31 March 2022

1,125,000

522,341

1,647,341

DEPRECIATION

At 1 April 2021

91,964

329,010

420,974

Charge for year

18,393

38,061

56,454

Eliminated on disposal

-

(41,367

)

(41,367

)

Transfer to ownership

-

41,367

41,367

At 31 March 2022

110,357

367,071

477,428

NET BOOK VALUE

At 31 March 2022

1,014,643

155,270

1,169,913

At 31 March 2021

1,033,036

187,000

1,220,036

Cost or valuation at 31 March 2022 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 2016

327,965

-

327,965

Cost

797,035

522,341

1,319,376

1,125,000

522,341

1,647,341

If Freehold Land and Buildings had not been revalued they would have been included at the following historical cost:

31.3.22

31.3.21

£

£

Cost

797,035

797,035

Aggregate depreciation

106,506

100,589

Value of land in freehold land and buildings

205,371

205,371

Freehold land and buildings were valued on an open market basis on 26 February 2016 by an independent valuer .

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST OR VALUATION

At 1 April 2021

54,238

Disposals

(54,238

)

At 31 March 2022

-

DEPRECIATION

At 1 April 2021

41,367

Eliminated on disposal

(41,367

)

At 31 March 2022

-

NET BOOK VALUE

At 31 March 2022

-

At 31 March 2021

12,871

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Trade debtors

145,352

90,205

Other debtors

14,163

26,740

159,515

116,945

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Bank loans and overdrafts

89,770

29,474

Hire purchase contracts

-

1,024

Trade creditors

182,675

94,673

Taxation and social security

53,938

98,231

Other creditors

46,668

68,751

373,051

292,153

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.22

31.3.21

£

£

Bank loans

267,477

298,405

Amounts falling due in more than five years:

Repayable by instalments

Bank Loan Over 5 years

142,659

164,722

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.22

31.3.21

£

£

Bank loans

298,753

327,879

Hire purchase contracts

-

1,024

298,753

328,903

The National Westminster Bank PLC have the following security;-

1: Legal mortgage over the company's premises.

2: Mortgage debenture incorporating a fixed and floating charge over all current and future assets of the company.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.22

31.3.21

value:

£

£

200

A Ordinary

£1

200

200

100

B ordinary

£1

100

100

300

300

11.

RESERVES

Capital

Retained

Revaluation

redemption

earnings

reserve

reserve

Totals

£

£

£

£

At 1 April 2021

458,648

354,129

100

812,877

Deficit for the year

(23,015

)

(23,015

)

Deferred tax on revaluation

(3,494

)

3,494

-

-

At 31 March 2022

432,139

357,623

100

789,862

12.	OTHER FINANCIAL COMMITMENTS

The company has total commitments of £68,136 (2021 - £40,237)

13.	RELATED PARTY DISCLOSURES

During the period, Long Eaton Vehicle Solutions Ltd supplied services to G B Flint Coachworks Ltd.

During the period, G B Flint Coachworks Ltd charged management charges and recharged expenses to Long Eaton Vehicle Solutions Ltd.

The owners of G B Flint Coachworks Ltd and Long Eaton Vehicle Solutions Ltd are close family members.