Peacock Motor Engineers Ltd - Accounts to registrar (filleted) - small 18.2
Peacock Motor Engineers Ltd - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 |
FOR |
PEACOCK MOTOR ENGINEERS LTD |
PEACOCK MOTOR ENGINEERS LTD (REGISTERED NUMBER: SC498239) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 March 2021 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
PEACOCK MOTOR ENGINEERS LTD |
COMPANY INFORMATION |
for the Year Ended 31 March 2021 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
9 Glasgow Road |
PAISLEY |
Renfrewshire |
PA1 3QS |
PEACOCK MOTOR ENGINEERS LTD (REGISTERED NUMBER: SC498239) |
BALANCE SHEET |
31 March 2021 |
31.3.20 | 31.3.21 |
£ | £ | Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Tangible assets | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
( |
) | Amounts falling due after more than one year |
9 |
( |
) |
( |
) | PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
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. |
PEACOCK MOTOR ENGINEERS LTD (REGISTERED NUMBER: SC498239) |
BALANCE SHEET - continued |
31 March 2021 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
PEACOCK MOTOR ENGINEERS LTD (REGISTERED NUMBER: SC498239) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 March 2021 |
1. | STATUTORY INFORMATION |
Peacock Motor Engineers Ltd 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 |
The financial statements have been prepared under the historical cost convention. |
The significant policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
Going concern |
In light of the ongoing global health crisis caused by COVID-19, the directors have assessed the impact that a period of interrupted trading would bring and have taken measures to reduce the company's cost base in order to combat the reduction in revenues that this would cause, including the use of the government furlough scheme. The directors have put in place contingency plans to reduce the cost base in order to ensure the company can continue as a going concern with the ability to scale the business back up again once the pandemic is over. Accordingly the directors continue to adopt the going concern basis of accounting in preparing these financial statements. |
Turnover |
Turnover on ordinary activities represents the amounts due for goods sold and services provided measured at fair value, net of discounts and value added tax. |
Sale of goods are recognised when the goods are delivered and sale of services are recognised when the service has been provided. |
Goodwill |
Tangible fixed assets |
Plant & machinery | - |
Fixtures and fittings | - |
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses. |
At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. if any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. |
PEACOCK MOTOR ENGINEERS LTD (REGISTERED NUMBER: SC498239) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2021 |
3. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
When stocks are sold, the carrying amount of these stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction on the amount of stocks recognised as an expense in the period in which the reversal occurs. |
Taxation |
Taxation represents the sum of tax currently payable and deferred tax on a non discounted basis. |
The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. |
Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. |
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period which the liability is settled or the asset is realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. |
Cash & cash equivalents |
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
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. |
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 shorter. |
The interest element of these obligations is charged to the profit and loss account over the relevant period. the capital element of the future obligation is treated as a liability. |
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
Financial instruments |
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and threafter at fair value with changes recognised in profit or loss. |
Dividends |
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised as a liability in the financial statements in the period in which the dividends are approved by the shareholders. These amounts are recognised in the statement of changes in equity and are at market rate. |
PEACOCK MOTOR ENGINEERS LTD (REGISTERED NUMBER: SC498239) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2021 |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 April 2020 |
and 31 March 2021 |
AMORTISATION |
At 1 April 2020 |
and 31 March 2021 |
NET BOOK VALUE |
At 31 March 2021 |
At 31 March 2020 |
6. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant & | and | Motor |
Totals | machinery | fittings | vehicles |
£ | £ | £ | £ |
COST |
At 1 April 2020 |
Additions |
At 31 March 2021 |
DEPRECIATION |
At 1 April 2020 |
Charge for year |
At 31 March 2021 |
NET BOOK VALUE |
At 31 March 2021 |
At 31 March 2020 |
PEACOCK MOTOR ENGINEERS LTD (REGISTERED NUMBER: SC498239) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2021 |
6. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows: |
Plant & | Motor |
Totals | machinery | vehicles |
£ | £ | £ |
COST |
At 1 April 2020 |
Additions |
At 31 March 2021 |
DEPRECIATION |
At 1 April 2020 |
Charge for year |
At 31 March 2021 |
NET BOOK VALUE |
At 31 March 2021 |
At 31 March 2020 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.21 | 31.3.20 |
£ | £ |
Trade debtors |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.21 | 31.3.20 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts and finance leases |
Trade creditors |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.21 | 31.3.20 |
£ | £ |
Bank loans |
Hire purchase contracts and finance leases |
PEACOCK MOTOR ENGINEERS LTD (REGISTERED NUMBER: SC498239) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2021 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.3.21 | 31.3.20 |
£ | £ |
Hire purchase contracts and finance leases | 13,593 | 5,884 |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.21 | 31.3.20 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
12. | RELATED PARTY DISCLOSURES |
At 31 March 2021 the directors were owed £3,125 (2020: £6,698) by the company. This loan is interest free and has no fixed repayment date. |
13. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |