G.B. FLINT COACHWORKS LIMITED - Accounts to registrar (filleted) - small 18.2
G.B. FLINT COACHWORKS LIMITED - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31st March 2021 |
for |
G.B. FLINT COACHWORKS LIMITED |
G.B. FLINT COACHWORKS LIMITED (Registered number: 03156150) |
Contents of the Financial Statements |
for the Year Ended 31st March 2021 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
G.B. FLINT COACHWORKS LIMITED |
Company Information |
for the Year Ended 31st March 2021 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Cliffe Hill House |
22-26 Nottingham Road |
Stapleford |
Nottingham |
Nottinghamshire |
NG9 8AA |
G.B. FLINT COACHWORKS LIMITED (Registered number: 03156150) |
Balance Sheet |
31st March 2021 |
31.3.21 | 31.3.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 10 |
Capital redemption reserve | 10 |
Retained earnings | 10 |
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. |
G.B. FLINT COACHWORKS LIMITED (Registered number: 03156150) |
Balance Sheet - continued |
31st March 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 |
G.B. FLINT COACHWORKS LIMITED (Registered number: 03156150) |
Notes to the Financial Statements |
for the Year Ended 31st March 2021 |
1. | STATUTORY INFORMATION |
G.B. FLINT COACHWORKS LIMITED is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Office Equipment | - |
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. |
G.B. FLINT COACHWORKS LIMITED (Registered number: 03156150) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2021 |
2. | ACCOUNTING POLICIES - continued |
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 |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1st April 2020 |
and 31st March 2021 |
AMORTISATION |
At 1st April 2020 |
and 31st March 2021 |
NET BOOK VALUE |
At 31st March 2021 |
At 31st March 2020 |
G.B. FLINT COACHWORKS LIMITED (Registered number: 03156150) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2021 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1st April 2020 |
Additions |
Disposals | ( |
) | ( |
) |
At 31st March 2021 |
DEPRECIATION |
At 1st April 2020 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31st March 2021 |
NET BOOK VALUE |
At 31st March 2021 |
At 31st March 2020 |
Cost or valuation at 31st March 2021 is represented by: |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
Valuation in 2016 | 327,965 | - | 327,965 |
Cost | 797,035 | 516,010 | 1,313,045 |
1,125,000 | 516,010 | 1,641,010 |
If Freehold Land and Buildings had not been revalued they would have been included at the following historical cost: |
31.3.21 | 31.3.20 |
£ | £ |
Cost | 797,035 | 797,035 |
Aggregate depreciation | 100,589 | 94,672 |
Value of land in freehold land and buildings | 205,371 | 205,371 |
Freehold land and buildings were valued on an open market basis on 26th February 2016 by an independent valuer . |
G.B. FLINT COACHWORKS LIMITED (Registered number: 03156150) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2021 |
5. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
etc |
£ |
COST OR VALUATION |
At 1st April 2020 |
and 31st March 2021 |
DEPRECIATION |
At 1st April 2020 |
Charge for year |
At 31st March 2021 |
NET BOOK VALUE |
At 31st March 2021 |
At 31st March 2020 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.21 | 31.3.20 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.21 | 31.3.20 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.21 | 31.3.20 |
£ | £ |
Bank loans |
Hire purchase contracts |
G.B. FLINT COACHWORKS LIMITED (Registered number: 03156150) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2021 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
31.3.21 | 31.3.20 |
£ | £ |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank Loan Over 5 years | 164,722 | 187,091 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.3.21 | 31.3.20 |
£ | £ |
Bank loans |
Hire purchase contracts | 1,024 | 12,978 |
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. | RESERVES |
Capital |
Retained | Revaluation | redemption |
earnings | reserve | reserve | Totals |
£ | £ | £ | £ |
At 1st April 2020 | 875,632 |
Deficit for the year | ( |
) | ( |
) |
Deferred tax on revaluation | (3,495 | ) | 3,495 | - | - |
At 31st March 2021 | 812,877 |
11. | OTHER FINANCIAL COMMITMENTS |
The company has total commitments of £40,237 (2020 - £46,309) |
12. | 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. |
At 31 March 2021, G B Flint Coachworks Ltd owed £150.00 to Long Eaton Vehicle Solutions Ltd. |
At 31 March 2021, Long Eaton Vehicle Solutions Ltd owed £144.00 to G B Flint Coachworks Ltd. |