G.B. FLINT COACHWORKS LIMITED - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 03156150 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2018

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:

LING PHIPP

Chartered Accountants

22-26 Nottingham Road

Stapleford

Nottingham

NG9 8AA

FIXED ASSETS

Intangible assets

4

6,597

9,895

Tangible assets

5

1,161,500

1,196,348

1,168,097

1,206,243

CURRENT ASSETS

Stocks

142,783

118,075

Debtors

6

262,081

332,088

Cash at bank and in hand

20,563

354

425,427

450,517

CREDITORS

Amounts falling due within one year

7

360,642

471,932

NET CURRENT ASSETS/(LIABILITIES)

64,785

(21,415

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,232,882

1,184,828

CREDITORS

Amounts falling due after more than one year

8

(276,662

)

(179,753

)

PROVISIONS FOR LIABILITIES

(68,198

)

(77,014

)

NET ASSETS

888,022

928,061

CAPITAL AND RESERVES

Called up share capital

300

300

Revaluation reserve

10

343,645

337,055

Capital redemption reserve

100

100

Retained earnings

543,977

590,606

SHAREHOLDERS' FUNDS

888,022

928,061

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 29 June 2018 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Franchise Fee are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets

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

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

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 30 (2017 - 30 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 April 2017

and 31 March 2018

16,492

AMORTISATION

At 1 April 2017

6,597

Charge for year

3,298

At 31 March 2018

9,895

NET BOOK VALUE

At 31 March 2018

6,597

At 31 March 2017

9,895

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1 April 2017

1,125,000

345,548

1,470,548

Additions

-

4,397

4,397

Disposals

-

(31,879

)

(31,879

)

At 31 March 2018

1,125,000

318,066

1,443,066

DEPRECIATION

At 1 April 2017

18,392

255,808

274,200

Charge for year

18,393

19,843

38,236

Eliminated on disposal

-

(30,870

)

(30,870

)

At 31 March 2018

36,785

244,781

281,566

NET BOOK VALUE

At 31 March 2018

1,088,215

73,285

1,161,500

At 31 March 2017

1,106,608

89,740

1,196,348

Cost or valuation at 31 March 2018 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 2016

327,965

-

327,965

Cost

797,035

318,066

1,115,101

1,125,000

318,066

1,443,066

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

cost:

31.3.18

31.3.17

£

£

Cost

797,035

797,035

Aggregate depreciation

82,838

76,921

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

.

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

Plant and

machinery

etc

£

COST OR VALUATION

At 1 April 2017

and 31 March 2018

54,238

DEPRECIATION

At 1 April 2017

13,560

Charge for year

10,170

At 31 March 2018

23,730

NET BOOK VALUE

At 31 March 2018

30,508

At 31 March 2017

40,678

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Trade debtors

245,542

316,210

Other debtors

16,539

15,878

262,081

332,088

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Bank loans and overdrafts

22,392

91,952

Hire purchase contracts

10,770

10,223

Trade creditors

174,817

144,089

Taxation and social security

60,926

88,967

Other creditors

91,737

136,701

360,642

471,932

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.18

31.3.17

£

£

Bank loans

252,338

144,659

Hire purchase contracts

24,324

35,094

276,662

179,753

31.3.18

31.3.17

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank Loan Over 5 years

155,194

98,408

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.18

31.3.17

£

£

Bank overdraft

-

81,096

Bank loans

274,730

155,515

Hire purchase contracts

35,094

45,317

309,824

281,928

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.

RESERVES

Revaluation

reserve

£

At 1 April 2017

337,055

Deferred tax on revaluation

6,590

At 31 March 2018

343,645

11.	OTHER FINANCIAL COMMITMENTS

The company has total commitments of £39,975 (2017 - £44,369)