David Stubbs Motors Limited Accounts

DAVID STUBBS MOTORS LIMITED - Company Information






David Stubbs Motors Limited

	Company No. 04951346
		Information for Filing with The Registrar
		30 November 2022

The Directors present their report and the accounts for the year ended 30 November 2022.

Principal activities
The principal activity of the company during the year under review was maintenance and repair of motor vehicles.




Directors

The Directors who served at any time during the year were as follows:

A. Stubbs
D.J. Stubbs






































































The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.

Signed on behalf of the board

A. Stubbs
Director
30 June 2023

at	30 November 2022
Company No.		04951346	Notes	2022	2021
				£	£
Fixed assets
	Intangible assets		4	-	-
	Tangible assets		5	250,042	254,560


				250,042	254,560
Current assets
	Stocks		6	6,979	7,014
	Debtors		7	13,927	12,962

	Cash at bank and in hand			47,526	56,201
				68,432	76,177
Creditors: Amount falling due within one year			8	(92,746)	(83,989)
Net current liabilities				(24,314)	(7,812)
Total assets less current liabilities				225,728	246,748
Creditors: Amounts falling due after more than one year			9	(72,548)	(102,384)
Provisions for liabilities
	Deferred taxation			(4,203)	(5,002)

Net assets				148,977	139,362

Capital and reserves
	Called up share capital			100	100



	Profit and loss account		11	148,877	139,262

Total equity				148,977	139,362



These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.

For the year ended 30 November 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.



As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 30 June 2023
And signed on its behalf by:
A. Stubbs
Director
30 June 2023

for the year ended 30 November 2022

General information

Its registered number is: 04951346

Its registered office is:

Unit 8b

Sidings Industrial Estate

Settle

North Yorkshire

BD24 9RP

The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018) and the Companies Act 2006.

Accounting policies

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Intangible fixed assets

Intangible fixed assets are carried at cost less accumulated amortisation and impairment losses.

Tangible fixed assets and depreciation

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.

Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:

Plant and machinery

20% Reducing balance

Motor vehicles

25% Reducing balance

Furniture, fittings and equipment

33% Straight line

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. 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 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. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. 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 in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those 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 in the amount of inventories recognised as an expense in the period in which the reversal occurs.

Work in progress is reflected in the accounts on a contract by contract basis by recording revenue and related costs as contract activity progresses.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3	Employees
			2022	2021
			Number	Number
		The average monthly number of employees (including directors) during the year was:	5	5

4	Intangible fixed assets
			Goodwill	Total
			£	£
		Cost
		At 1 December 2021	17,500	17,500


		At 30 November 2022	17,500	17,500
		Amortisation and impairment
		At 1 December 2021	17,500	17,500



		At 30 November 2022	17,500	17,500
		Net book values
		At 30 November 2022	-	-
		At 30 November 2021	-	-

5	Tangible fixed assets
			Land and buildings	Plant and machinery	Motor vehicles	Fixtures, fittings and equipment	Total
			£	£	£	£	£
		Cost or revaluation
		At 1 December 2021	251,064	99,699	43,784	3,042	397,589
		Additions	-	-	-	3,500	3,500



		At 30 November 2022	251,064	99,699	43,784	6,542	401,089
		Depreciation
		At 1 December 2021	28,000	85,058	26,929	3,042	143,029
		Charge for the year	-	2,929	4,214	875	8,018



		At 30 November 2022	28,000	87,987	31,143	3,917	151,047
		Net book values
		At 30 November 2022	223,064	11,712	12,641	2,625	250,042
		At 30 November 2021	223,064	14,641	16,855	-	254,560

6	Stocks
			2022	2021
			£	£
		Raw materials and consumables	6,979	7,014


			6,979	7,014

7	Debtors
			2022	2021
			£	£
		Trade debtors	10,486	8,962






		Prepayments and accrued income	3,441	4,000
			13,927	12,962

8	Creditors:
		amounts falling due within one year
			2022	2021
			£	£

		Bank loans and overdrafts	25,884	25,270

		Obligations under finance lease and hire purchase contracts	3,220	3,220
		Trade creditors	24,212	20,891

		Taxes and social security	37,411	31,694
		Loans from directors	-	353
		Other creditors	419	961
		Accruals and deferred income	1,600	1,600
			92,746	83,989

		Alliance & Leicester hold three charges over the company to cover all monies due, or to become due, secured against all property and assets of the company present or future.

9	Creditors:
		amounts falling due after more than one year
			2022	2021
			£	£

		Bank loans and overdrafts	69,328	95,943

		Obligations under finance lease and hire purchase contracts	3,220	6,441




			72,548	102,384

Share Capital

Reserves

Profit and loss account - includes all current and prior period retained profits and losses.