Peter Ambrose (Castleford) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03865241 (England and Wales)

Financial Statements for the Year Ended 31 December 2021

for

Peter Ambrose (Castleford) Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

P Ambrose

SECRETARY:

Mrs K J Ambrose

REGISTERED OFFICE:

5 Methley Road

Castleford

Yorkshire

WF10 1LX

REGISTERED NUMBER:

03865241 (England and Wales)

SENIOR STATUTORY AUDITOR:

Mr Craig Peter Fishwick FCCA

AUDITORS:

Mayes Business Partnership Limited

Chartered Certified Accountants and

Statutory Auditors

22-28 Willow Street

Accrington

Lancashire

BB5 1LP

FIXED ASSETS

Tangible assets

4

5,161

15,860

CURRENT ASSETS

Stocks

1,826,490

2,722,050

Debtors

2,048,525

834,173

Cash at bank and in hand

699,977

2,985,207

4,574,992

6,541,430

CREDITORS

Amounts falling due within one year

(2,404,798

)

(4,360,536

)

NET CURRENT ASSETS

2,170,194

2,180,894

TOTAL ASSETS LESS CURRENT LIABILITIES

2,175,355

2,196,754

PROVISIONS FOR LIABILITIES

6

(921

)

(2,961

)

NET ASSETS

2,174,434

2,193,793

CAPITAL AND RESERVES

Called up share capital

7

50,000

50,000

Capital redemption reserve

8

80,556

80,556

Retained earnings

8

2,043,878

2,063,237

SHAREHOLDERS' FUNDS

2,174,434

2,193,793

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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2021 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the director and authorised for issue on 1 April 2022 and were signed by:

P Ambrose - Director

1.	STATUTORY INFORMATION

Peter Ambrose (Castleford) 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.

Turnover

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

The company operates a car showroom for the sale of new and used vehicles with additional automotive related products and services. Sales of goods are recognised on sale to the customer, which is considered the point of delivery. Retail sales are usually by cash, credit or payment card.

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

-

33% on cost

Government grants

Covid-19 grants provided by the government are revenue-based grants and have been accounted for using the Accruals model. The grant has been recognised as income on a systematic basis over the period in which the entity recognises the related loss for which the grant is intended to compensate.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Basic financial assets, including trade and other receivables, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

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

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2020 - 24 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2021

437,826

Additions

2,481

Disposals

(24,500

)

At 31 December 2021

415,807

DEPRECIATION

At 1 January 2021

421,966

Charge for year

13,180

Eliminated on disposal

(24,500

)

At 31 December 2021

410,646

NET BOOK VALUE

At 31 December 2021

5,161

At 31 December 2020

15,860

5.	LEASING AGREEMENTS

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

31.12.21

31.12.20

£

£

Within one year

19,561

33,780

Between one and five years

184,703

266,869

204,264

300,649

6.	PROVISIONS FOR LIABILITIES

31.12.21

31.12.20

£

£

Deferred tax

Accelerated capital allowances

921

2,961

Deferred

tax

£

Balance at 1 January 2021

2,961

Credit to Income Statement during year

(2,040

)

Balance at 31 December 2021

921

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.21

31.12.20

value:

£

£

50,000

Ordinary

1

50,000

50,000

8.

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

£

£

£

At 1 January 2021

2,063,237

80,556

2,143,793

Profit for the year

530,641

530,641

Dividends

(550,000

)

(550,000

)

At 31 December 2021

2,043,878

80,556

2,124,434

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mr Craig Peter Fishwick FCCA (Senior Statutory Auditor)

for and on behalf of Mayes Business Partnership Limited

10.	CONTINGENT LIABILITIES

The company entered into a cross guarantee and debenture with their bankers on 16 April 2010, covering any and all debts of itself and Alphamore Corporation Limited. There are no such borrowings at this time.

The company had previously provided PSA Wholesale Limited with a debenture on 15 November 2005, covering any and all debts due to PSA Wholesale Limited. The relevant debt is contained within trade creditors.

11.	RELATED PARTY DISCLOSURES

The company is charged a management charge by its holding company, Alphamore Corporation Ltd, amounting to £511,560 (2020 - £320.021.

The company was also charged interest at a commercial rate on amounts borrowed from Alphamore Corporation Ltd during the year. The amount of interest paid was £161,997 (2020 - £121,482).

A final dividend has been paid, amounting to £550,000 this year (2020: £Nil), to the holding company.

At the balance sheet date there was a balance owing to Alphamore Corporation Ltd amounting to £899,088 (2020 - £2,865,420).

12.	ULTIMATE CONTROLLING PARTY

The controlling party is P Ambrose.

The ultimate controlling party is P Ambrose.

The company is under the ultimate control of the director, Peter Ambrose, due to his controlling interest in the share capital of the parent undertaking, Alphamore Corporation Limited.

Alphamore Corporation Limited prepares consolidated financial statements including these results.

The registered office address of Alphamore Corporation Limited is the same registered office address as for Peter Ambrose (Castleford) Limited.