Ticehurst Motors Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04371613 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 May 2021

for

Ticehurst Motors Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

A F Tucker

M A Tucker

D S Tucker

L S Tucker

SECRETARY:

L Khan

REGISTERED OFFICE:

Shadwell House

65 Lower Green Road

Tunbridge Wells

Kent

TN4 8TW

REGISTERED NUMBER:

04371613 (England and Wales)

ACCOUNTANTS:

Peter Hodgson & Co.

Chartered Accountants

Shadwell House

65 Lower Green Road

Tunbridge Wells

Kent

TN4 8TW

FIXED ASSETS

Intangible assets

4

-

-

Property, plant and equipment

5

23,811

32,377

23,811

32,377

CURRENT ASSETS

Inventories

6

312,395

309,975

Debtors

7

22,009

5,573

Cash at bank

496,052

319,795

830,456

635,343

CREDITORS

Amounts falling due within one year

8

165,609

126,188

NET CURRENT ASSETS

664,847

509,155

TOTAL ASSETS LESS CURRENT LIABILITIES

688,658

541,532

CREDITORS

Amounts falling due after more than one year

9

(5,308

)

(1,286

)

PROVISIONS FOR LIABILITIES

10

(1,063

)

(6,152

)

NET ASSETS

682,287

534,094

CAPITAL AND RESERVES

Called up share capital

11

100

100

Retained earnings

12

682,187

533,994

SHAREHOLDERS' FUNDS

682,287

534,094

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2021 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 19 August 2021 and were signed on its behalf by:

A F Tucker - Director

1.	STATUTORY INFORMATION

Ticehurst Motors 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.

Significant judgements and estimates

There are no significant judgements or estimates pertaining to the preparation of these accounts.

Turnover

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

Goodwill

Goodwill is amortised over its estimated useful life of 10 years.

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 following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Inventories 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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.

Functional currency

The functional currency of the company is £ Sterling.

Financial instruments

Basic financial instruments comprising bank and cash balances are stated at fair value.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2020 - 9 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 June 2020

and 31 May 2021

165,000

AMORTISATION

At 1 June 2020

and 31 May 2021

165,000

NET BOOK VALUE

At 31 May 2021

-

At 31 May 2020

-

5.	PROPERTY, PLANT AND EQUIPMENT

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 June 2020

52,881

48,895

24,228

126,004

Additions

-

-

2,492

2,492

At 31 May 2021

52,881

48,895

26,720

128,496

DEPRECIATION

At 1 June 2020

48,265

26,732

18,630

93,627

Charge for year

1,154

7,881

2,023

11,058

At 31 May 2021

49,419

34,613

20,653

104,685

NET BOOK VALUE

At 31 May 2021

3,462

14,282

6,067

23,811

At 31 May 2020

4,616

22,163

5,598

32,377

6.	INVENTORIES

2021

2020

£

£

Stocks

312,395

309,975

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

17,199

2,314

Other debtors

4,810

3,259

22,009

5,573

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

38,342

28,638

Tax

60,332

38,125

Social security and other taxes

3,374

4,287

Value added tax

28,158

18,506

Proposed dividends

30,000

30,000

Accrued expenses

5,403

6,632

165,609

126,188

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Director's loan - A Tucker

1,764

290

Director's loan - D Tucker

1,424

376

Director's loan - M Tucker

2,120

620

5,308

1,286

10.	PROVISIONS FOR LIABILITIES

2021

2020

£

£

Deferred tax

1,063

6,152

Deferred

tax

£

Balance at 1 June 2020

6,152

Provided during year

(5,089

)

Accelerated capital allowances

Balance at 31 May 2021

1,063

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

100

Ordinary

£1

100

100

12.

RESERVES

Retained

earnings

£

At 1 June 2020

533,994

Profit for the year

253,693

Dividends

(105,500

)

At 31 May 2021

682,187

13.	ULTIMATE CONTROLLING PARTY

No one shareholder has overall control of the company.