G.B. FLINT COACHWORKS LIMITED - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 03156150 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2023

for

G.B. FLINT COACHWORKS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr Grenville Brian Flint

Mr Carl Aidan Flint

Mr Guy St John Flint

REGISTERED OFFICE:

Manor House Road

Long Eaton

Nottingham

Nottinghamshire

NG10 1LR

REGISTERED NUMBER:

03156150 (England and Wales)

ACCOUNTANTS:

Haines Watts

Cliffe Hill House

22-26 Nottingham Road

Stapleford

Nottingham

NG9 8AA

FIXED ASSETS

Tangible assets

4

1,128,168

1,169,913

CURRENT ASSETS

Stocks

201,337

147,304

Debtors

5

224,168

159,515

Cash in hand

317

469

425,822

307,288

CREDITORS

Amounts falling due within one year

6

404,389

373,051

NET CURRENT ASSETS/(LIABILITIES)

21,433

(65,763

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,149,601

1,104,150

CREDITORS

Amounts falling due after more than one year

7

(238,986

)

(267,477

)

PROVISIONS FOR LIABILITIES

(66,021

)

(46,511

)

NET ASSETS

844,594

790,162

CAPITAL AND RESERVES

Called up share capital

10

300

300

Revaluation reserve

11

361,117

357,623

Capital redemption reserve

11

100

100

Retained earnings

11

483,077

432,139

SHAREHOLDERS' FUNDS

844,594

790,162

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 28 September 2023 and were signed on its behalf by:

Mr Carl Aidan Flint - Director

1.	STATUTORY INFORMATION

G.B. FLINT COACHWORKS 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 as modified by the revaluation of certain assets.

Turnover

Turnover represents net invoiced sales of goods and services relating to vehicle repairs,excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on Valuation

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Office Equipment

-

25% on reducing balance

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.

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 25 (2022 - 26 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1 April 2022

1,125,000

522,341

1,647,341

Additions

-

8,037

8,037

Disposals

-

(2,800

)

(2,800

)

At 31 March 2023

1,125,000

527,578

1,652,578

DEPRECIATION

At 1 April 2022

110,357

367,071

477,428

Charge for year

18,393

31,232

49,625

Eliminated on disposal

-

(2,643

)

(2,643

)

At 31 March 2023

128,750

395,660

524,410

NET BOOK VALUE

At 31 March 2023

996,250

131,918

1,128,168

At 31 March 2022

1,014,643

155,270

1,169,913

Cost or valuation at 31 March 2023 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 2016

327,965

-

327,965

Cost

797,035

527,578

1,324,613

1,125,000

527,578

1,652,578

If Freehold Land and Buildings had not been revalued they would have been included at the following historical cost:

31.3.23

31.3.22

£

£

Cost

797,035

797,035

Aggregate depreciation

112,423

106,506

Value of land in freehold land and buildings

205,371

205,371

Freehold land and buildings were valued on an open market basis on 26 February 2016 by an independent valuer .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Trade debtors

210,456

145,352

Other debtors

13,712

14,163

224,168

159,515

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans and overdrafts

42,735

89,770

Trade creditors

211,701

182,675

Taxation and social security

77,332

53,938

Other creditors

72,621

46,668

404,389

373,051

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans

238,986

267,477

31.3.23

31.3.22

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank Loan Over 5 years

128,910

142,659

8.	LEASING AGREEMENTS

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

31.3.23

31.3.22

£

£

Within one year

48,153

40,032

Between one and five years

36,250

28,104

84,403

68,136

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.23

31.3.22

£

£

Bank loans

268,129

298,753

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.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.23

31.3.22

value:

£

£

200

A Ordinary

£1

200

200

100

B ordinary

£1

100

100

300

300

11.

RESERVES

Capital

Retained

Revaluation

redemption

earnings

reserve

reserve

Totals

£

£

£

£

At 1 April 2022

432,139

357,623

100

789,862

Profit for the year

73,232

73,232

Dividends

(18,800

)

(18,800

)

Deferred tax on revaluation

(3,494

)

3,494

-

-

At 31 March 2023

483,077

361,117

100

844,294