Central Motors (Calderbank) Limited - Limited company accounts 16.1
Central Motors (Calderbank) Limited - Limited company accounts 16.1
| REGISTERED NUMBER: |
| Report of the Directors and |
| Financial Statements |
| For The Year Ended 29 February 2016 |
| for |
| Central Motors (Calderbank) Limited |
| Central Motors (Calderbank) Limited (Registered number: SC032937) |
| Contents of the Financial Statements |
| For The Year Ended 29 February 2016 |
| Page |
| Company Information | 1 |
| Report of the Directors | 2 |
| Profit and Loss Account | 3 |
| Balance Sheet | 4 |
| Notes to the Financial Statements | 6 |
| Central Motors (Calderbank) Limited |
| Company Information |
| For The Year Ended 29 February 2016 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| SOLICITORS: |
| Central Motors (Calderbank) Limited (Registered number: SC032937) |
| Report of the Directors |
| For The Year Ended 29 February 2016 |
| The directors present their report with the financial statements of the company for the year ended 29 February 2016. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 March 2015 to the date of this report. |
| This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small |
| companies. |
| ON BEHALF OF THE BOARD: |
| Central Motors (Calderbank) Limited (Registered number: SC032937) |
| Profit and Loss Account |
| For The Year Ended 29 February 2016 |
| 29.2.16 | 28.2.15 |
| Notes | £ | £ | £ | £ |
| TURNOVER |
| Cost of sales |
| GROSS PROFIT |
| Distribution costs |
| Administrative expenses |
| 648,194 | 612,630 |
| 27,287 | 105,183 |
| Other operating income |
| OPERATING PROFIT | 2 |
| Profit/loss on sale of |
| tangible fixed assets |
| 98,924 | 152,030 |
| Interest receivable and similar income |
| PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION |
| Tax on profit on ordinary activities | 3 |
| PROFIT FOR THE FINANCIAL YEAR |
| Central Motors (Calderbank) Limited (Registered number: SC032937) |
| Balance Sheet |
| 29 February 2016 |
| 29.2.16 | 28.2.15 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 8 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 9 |
| Revaluation reserve | 10 |
| Capital redemption reserve | 10 |
| Investment revaluation reserve | 10 |
| Profit and loss account | 10 |
| 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. |
| Central Motors (Calderbank) Limited (Registered number: SC032937) |
| Balance Sheet - continued |
| 29 February 2016 |
| The financial statements were approved by the Board of Directors on |
| Central Motors (Calderbank) Limited (Registered number: SC032937) |
| Notes to the Financial Statements |
| For The Year Ended 29 February 2016 |
| 1. | ACCOUNTING POLICIES |
| Accounting convention |
| The financial statements have been prepared under the historical cost convention as modified by the revaluation |
| of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective January |
| 2015). |
| Turnover |
| Turnover represents the value of work done and goods sold excluding value added tax. |
| Tangible fixed assets |
| Freehold property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| The company's freehold property was revalued at the open market value on 28th February 1990 and subsequently |
| reduced by depreciation on that value. Under the transitional provisions of Financial Reporting Standard 15 |
| "Tangible Fixed Assets" the property continues to be treated on that basis. |
| Stocks |
| 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 includes all direct expenditure and an appropriate proportion of fixed and variable overheads. |
| Allowances are made for obsolete and slow moving items. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
| sheet date. Deferred tax assets are recognised only to the extent that the directors consider that it is more likely |
| than not that there will be suitable taxable profits from which the underlying timing differences can be deducted. |
| Deferred tax is measured at the rates that are expected to apply in the periods in which the timing differences |
| reverse and is not discounted. |
| Pension costs and other post-retirement benefits |
| The company operates a funded defined benefit pension scheme which requires contributions to be made to a |
| separately administered fund. Contributions to this fund are charged in the profit and loss account so as to spread |
| the cost of pensions over the employees working lives within the company. The regular cost is attributed to |
| individual years using the projected unit credit method. Variations in pension cost, which are identified as a |
| result of actuarial valuation, are amortised over the average expected remaining working lives of employees in |
| proportion to their expected payroll costs. Surpluses or deficits are provided for in this manner only where their |
| existence leads to either reduced or increased contributions. |
| The company also operates a defined contribution pension scheme for the benefit of the directors. |
| Central Motors (Calderbank) Limited (Registered number: SC032937) |
| Notes to the Financial Statements - continued |
| For The Year Ended 29 February 2016 |
| 1. | ACCOUNTING POLICIES - continued |
| Investment properties |
| In accordance with Statement of Standard Accounting Practice No 19, certain of the company's properties are |
| held for long-term investment and are included in the balance sheet at their open market values. The surpluses or |
| deficits on annual revaluation of such properties are transferred to the investment property revaluation reserve. |
| Depreciation is not provided in respect of freehold investment properties. This policy represents a departure |
| from the statutory accounting principles and the Companies Act 2006, which require depreciation to be provided |
| on all fixed assets. The directors consider that this policy is necessary in order that the financial statements may |
| give a true and fair view, because changes in current values are of prime importance rather than the calculation of |
| annual depreciation. Depreciation is only one of many factors reflected in the annual valuation and the amount |
| which might otherwise have been shown cannot be quantified. |
| 2. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| 29.2.16 | 28.2.15 |
| £ | £ |
| Depreciation - owned assets |
| Pension costs |
| Directors' remuneration and other benefits etc |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes | 3 | 3 |
| Defined benefit schemes | 3 | 3 |
| 3. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit on ordinary activities for the year was as follows: |
| 29.2.16 | 28.2.15 |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Deferred tax |
| Tax on profit on ordinary activities |
| Central Motors (Calderbank) Limited (Registered number: SC032937) |
| Notes to the Financial Statements - continued |
| For The Year Ended 29 February 2016 |
| 4. | TANGIBLE FIXED ASSETS |
| Improvements |
| Freehold | to | Plant and |
| property | property | machinery |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 March 2015 |
| Additions |
| At 29 February 2016 |
| DEPRECIATION |
| At 1 March 2015 |
| Charge for year |
| Eliminated on disposal |
| At 29 February 2016 |
| NET BOOK VALUE |
| At 29 February 2016 |
| At 28 February 2015 |
| Fixtures |
| and | Motor | Computer |
| fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| COST OR VALUATION |
| At 1 March 2015 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 29 February 2016 |
| DEPRECIATION |
| At 1 March 2015 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 29 February 2016 |
| NET BOOK VALUE |
| At 29 February 2016 |
| At 28 February 2015 |
| Included in cost or valuation of land and buildings is freehold land of £ 19,500 (2015 - £ 19,500 ) which is not |
| depreciated. |
| Central Motors (Calderbank) Limited (Registered number: SC032937) |
| Notes to the Financial Statements - continued |
| For The Year Ended 29 February 2016 |
| 4. | TANGIBLE FIXED ASSETS - continued |
| Cost or valuation at 29 February 2016 is represented by: |
| Improvements |
| Freehold | to | Plant and |
| property | property | machinery |
| £ | £ | £ |
| Valuation in 1990 | 146,491 | - | - |
| Cost | 74,822 | 11,842 | 112,209 |
| 221,313 | 11,842 | 112,209 |
| Fixtures |
| and | Motor | Computer |
| fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| Valuation in 1990 | - | - | - | 146,491 |
| Cost | 64,158 | 151,198 | 37,056 | 451,285 |
| 64,158 | 151,198 | 37,056 | 597,776 |
| If |
| cost: |
| 29.2.16 | 28.2.15 |
| £ | £ |
| Cost | 74,822 |
| Aggregate depreciation | 55,540 |
| Value of land in freehold land and buildings | 1,413 | 1,413 |
| . |
| The depreciation charge for the year based on revalued land and buildings is £3,210 greater than the charge |
| based on cost. |
| 5. | FIXED ASSET INVESTMENTS |
| Investment |
| properties |
| £ |
| COST OR VALUATION |
| At 1 March 2015 |
| and 29 February 2016 | 713,934 |
| NET BOOK VALUE |
| At 29 February 2016 |
| At 28 February 2015 |
| Central Motors (Calderbank) Limited (Registered number: SC032937) |
| Notes to the Financial Statements - continued |
| For The Year Ended 29 February 2016 |
| 5. | FIXED ASSET INVESTMENTS - continued |
| Cost or valuation at 29 February 2016 is represented by: |
| Investment |
| properties |
| £ |
| Valuation in 2002 | 100,000 |
| Valuation in 2005 | 200,000 |
| Valuation in 2007 | 400,000 |
| Cost | 13,934 |
| 713,934 |
| If investment properties had not been revalued they would have been included at the following historical cost: |
| 29.2.16 | 28.2.15 |
| £ | £ |
| Cost | 13,934 | 13,934 |
| Investment properties were valued on an open market value basis on 28 February 2016 by the directors . |
| The directors have reviewed the value of investment properties and consider that the value currently stated in the |
| accounts is a fair reflection of the current market value. |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 29.2.16 | 28.2.15 |
| £ | £ |
| Trade debtors |
| Loan to related company |
| Prepayments and accrued income |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 29.2.16 | 28.2.15 |
| £ | £ |
| Trade creditors |
| Tax |
| Social security and other taxes |
| VAT |
| Other creditors |
| Accruals and deferred income |
| 8. | PROVISIONS FOR LIABILITIES |
| 29.2.16 | 28.2.15 |
| £ | £ |
| Deferred tax |
| Central Motors (Calderbank) Limited (Registered number: SC032937) |
| Notes to the Financial Statements - continued |
| For The Year Ended 29 February 2016 |
| 8. | PROVISIONS FOR LIABILITIES - continued |
| Deferred |
| tax |
| £ |
| Balance at 1 March 2015 |
| Accelerated capital allowances |
| Rate change |
| Balance at 29 February 2016 |
| Deferred taxation not provided for in the financial statements is set out below and calculated at a rate of 20% |
| (2015: 21%): |
| Unrealised capital gains £151,056 (2015: £159,978) |
| Defined benefit pension scheme net asset £31,400 (2015: £19,600) |
| No provision has been made for the deferred tax liability on unrealised capital gains as no binding agreement has |
| been made for any disposals of revalued land and buildings. |
| 9. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 29.2.16 | 28.2.15 |
| value: | £ | £ |
| Ordinary | £1 |
| 10. | RESERVES |
| Profit | Capital | Investment |
| and loss | Revaluation | redemption | revaluation |
| account | reserve | reserve | reserve | Totals |
| £ | £ | £ | £ | £ |
| At 1 March 2015 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| Transfer between reserves | ( |
) | - | - | - |
| At 29 February 2016 |
| Central Motors (Calderbank) Limited (Registered number: SC032937) |
| Notes to the Financial Statements - continued |
| For The Year Ended 29 February 2016 |
| 11. | PENSION COMMITMENTS |
| The company runs a defined benefit pension scheme and incurred costs during the year amounting to £34,281. |
| Included within creditors due within one year is an amount of £3,094 for pension costs payable at the year end. |
| The triennial valuation at 6th April 2013 indicated the market value of assets to be £1,988,000, actuarial |
| liabilities of £1,983,000 and a surplus of £5,000. The valuation was made on the statutory funding objective |
| basis. The report recommended an increase in employer contributions, however, in light of improved financial |
| conditions since the valuation date, in particular rises in yields on guilt edged securities, the employer and |
| trustees have agreed that the employer's contribution rate should be maintained at the existing level of 16.5% of |
| pensionable salary. |
| The valuation of scheme assets and liabilities and movement in surplus/deficit of the FRS 17 actuarial valuation |
| during the year can be analysed as follows: |
| Value of scheme assets and liabilities | 2016 | 2015 |
| £ | £ |
| Fair value of assets | 2,059,000 |
| Present value of scheme liabilities | (1,791,000 | ) | (1,961,000 | ) |
| Net pension (liability) / asset | 157,000 | 98,000 |
| Related deferred tax asset / (liability) | (31,400 | ) | (19,600 | ) |
| Net pension scheme asset / (liability) | 125,600 | 79,400 |
| Movement in surplus during the year: | 2016 | 2015 |
| £ | £ |
| Surplus at start of year | 98,000 | 250,000 |
| Current service costs | (27,000 | ) | (26,000 | ) |
| Contributions by members | (8,000 | ) | (9,000 | ) |
| Interest expenses on defined benefit obligation | (63,000 | ) | (74,000 | ) |
| Re-measurement experience adjustment (gain) loss | - | 48,000 |
| Re-measurement change in assumptions / (gain) loss | 41,000 | (216,000 | ) |
| Interest Income on assets | 67,000 | 85,000 |
| Re-measurement return on scheme assets (exc int) | 14,000 | 1,000 |
| Employer contributions | 27,000 | 30,000 |
| Members contributions | 8,000 | 9,000 |
| Surplus at end of year | 157,000 | 98,000 |
| The fair value of assets represents money invested in a cash deposit administration fund. |
| The pension scheme net assets has not been recognised in the accounts as the company will not be able to |
| recover the surplus through reduced contributions in the future or through refunds from the scheme. |
| Total benefits paid during the year amounted to £227,000 (2015 - £161,000). |
| Central Motors (Calderbank) Limited (Registered number: SC032937) |
| Notes to the Financial Statements - continued |
| For The Year Ended 29 February 2016 |
| 12. | RELATED PARTY DISCLOSURES |
| During the year Central Motors (Calderbank) Limited traded with Balman Limited which is under common |
| control. The following summarises the trade that occurred during the year: |
| £ |
| Sales to Balman Limited |
| Purchases from Balman Limited | 121,675 |
| Balance due from Balman Limited included in trade debtors | - |
| Balance due to Balman Limited included in trade creditors | 9,791 |
| The outstanding amounts due from Balman Limited were as follows : |
| £ |
| Beginning of the year | 21,380 |
| End of the year | 30,880 |
| Maximum during the year |
| The following final dividends were paid to directors during the year: |
| £ |
| Mr A Currie | 29,753 |
| Mr B. Currie | 29,753 |
| Mr G. Currie | 29,753 |
| Central Motors (Calderbank) Limited charged £12,000 administration charges to Balman Limited during the year |
| to 29 February 2016. |
| The company purchased a vehicle from Mr J Currie, director, for £5,000 during the year. |
| 13. | ULTIMATE CONTROLLING PARTY |
| In the opinion of the directors, there is no single ultimate controlling party. |