Peacock Motor Engineers Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: SC498239 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

PEACOCK MOTOR ENGINEERS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

I M Peacock

A W Peacock

REGISTERED OFFICE:

9 Glasgow Road

Paisley

Renfrewshire

PA1 3QS

REGISTERED NUMBER:

SC498239 (Scotland)

ACCOUNTANTS:

John M Taylor & Co

Chartered Accountants

9 Glasgow Road

PAISLEY

Renfrewshire

PA1 3QS

FIXED ASSETS

-

Intangible assets

5

-

28,591

Tangible assets

6

26,568

28,591

26,568

CURRENT ASSETS

6,925

Stocks

6,925

40,703

Debtors

7

63,535

55,371

Cash at bank and in hand

39,303

102,999

109,763

CREDITORS

91,398

Amounts falling due within one year

8

100,194

11,601

NET CURRENT ASSETS

9,569

40,192

TOTAL ASSETS LESS CURRENT LIABILITIES

36,137

CREDITORS

(34,175

)

Amounts falling due after more than one year

9

(24,196

)

(4,320

)

PROVISIONS FOR LIABILITIES

(4,651

)

1,697

NET ASSETS

7,290

CAPITAL AND RESERVES

100

Called up share capital

11

100

1,597

Retained earnings

7,190

1,697

SHAREHOLDERS' FUNDS

7,290

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 December 2023 and were signed on its behalf by:

I M Peacock - Director

1.	STATUTORY INFORMATION

Peacock Motor Engineers Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

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.

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

Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant & machinery

-

33% on cost and 20% on reducing balance

Fixtures and fittings

-

33% on cost and 25% on cost

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.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 9 ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2022

and 31 March 2023

25,000

AMORTISATION

At 1 April 2022

and 31 March 2023

25,000

NET BOOK VALUE

At 31 March 2023

-

At 31 March 2022

-

6.	TANGIBLE FIXED ASSETS

Fixtures

Plant &

and

Motor

Totals

machinery

fittings

vehicles

£

£

£

£

COST

At 1 April 2022

110,610

92,866

7,744

10,000

Additions

8,427

7,921

506

-

Disposals

(3,237

)

-

(3,237

)

-

At 31 March 2023

115,800

100,787

5,013

10,000

DEPRECIATION

At 1 April 2022

82,019

71,992

7,527

2,500

Charge for year

10,450

8,351

224

1,875

Eliminated on disposal

(3,237

)

-

(3,237

)

-

At 31 March 2023

89,232

80,343

4,514

4,375

NET BOOK VALUE

At 31 March 2023

26,568

20,444

499

5,625

At 31 March 2022

28,591

20,874

217

7,500

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant &

machinery

£

COST

At 1 April 2022

and 31 March 2023

35,993

DEPRECIATION

At 1 April 2022

29,202

Charge for year

3,950

At 31 March 2023

33,152

NET BOOK VALUE

At 31 March 2023

2,841

At 31 March 2022

6,791

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Trade debtors

41,243

19,376

Other debtors

22,292

21,327

63,535

40,703

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans and overdrafts

14,397

10,000

Hire purchase contracts

2,508

5,016

Trade creditors

41,567

35,863

Taxation and social security

35,554

34,034

Other creditors

6,168

6,485

100,194

91,398

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans

24,196

31,667

Hire purchase contracts

-

2,508

24,196

34,175

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.23

31.3.22

£

£

Hire purchase contracts

2,508

7,524

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.23

31.3.22

value:

£

£

100

Ordinary

£1

100

100

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2023 and 31 March 2022:

31.3.23

31.3.22

£

£

A W Peacock

Balance outstanding at start of year

1,064

-

Amounts advanced

-

1,064

Amounts repaid

(1,064

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

1,064

I M Peacock

Balance outstanding at start of year

1,619

-

Amounts advanced

-

1,619

Amounts repaid

(1,619

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

1,619

The loans are interest free and have no fixed repayment date.

13.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the directors.