Elm Motor Company Ltd - Accounts

Elm Motor Company Ltd - Accounts

ELM MOTOR COMPANY LTD - Company Information

Print Friendly Version

2020-07-01 2021-06-30 false Capium Accounts Production 1.1 12041978 bus:FullAccounts 2020-07-01 2021-06-30 12041978 bus:FRS102 2020-07-01 2021-06-30 12041978 bus:AuditExempt-NoAccountantsReport 2020-07-01 2021-06-30 12041978 bus:SmallCompaniesRegimeForAccounts 2020-07-01 2021-06-30 12041978 bus:PrivateLimitedCompanyLtd 2020-07-01 2021-06-30 12041978 2020-07-01 2021-06-30 12041978 2021-06-30 12041978 bus:RegisteredOffice 2020-07-01 2021-06-30 12041978 core:WithinOneYear 2021-06-30 12041978 core:AfterOneYear 2021-06-30 12041978 bus:Director1 2020-07-01 2021-06-30 12041978 bus:Director1 2021-06-30 12041978 bus:Director1 2019-06-10 2020-06-30 12041978 bus:Director2 2020-07-01 2021-06-30 12041978 bus:Director2 2021-06-30 12041978 bus:Director2 2019-06-10 2020-06-30 12041978 2019-06-10 12041978 bus:CompanySecretary1 2020-07-01 2021-06-30 12041978 bus:LeadAgentIfApplicable 2020-07-01 2021-06-30 12041978 2019-06-10 2020-06-30 12041978 2020-06-30 12041978 core:WithinOneYear 2020-06-30 12041978 core:AfterOneYear 2020-06-30 12041978 bus:EntityAccountantsOrAuditors 2019-06-10 2020-06-30 12041978 core:PlantMachinery 2020-07-01 2021-06-30 12041978 core:PlantMachinery 2021-06-30 12041978 core:PlantMachinery 2020-06-30 12041978 core:MotorCars 2020-07-01 2021-06-30 12041978 core:MotorCars 2021-06-30 12041978 core:MotorCars 2020-06-30 12041978 core:ComputerEquipment 2020-07-01 2021-06-30 12041978 core:ComputerEquipment 2021-06-30 12041978 core:ComputerEquipment 2020-06-30 12041978 core:LeasedAssetsHeldAsLessee core:PlantMachinery 2021-06-30 12041978 core:LeasedAssetsHeldAsLessee core:PlantMachinery 2020-06-30 12041978 core:CostValuation core:Non-currentFinancialInstruments 2021-06-30 12041978 core:CostValuation core:Non-currentFinancialInstruments 2020-06-30 12041978 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2021-06-30 12041978 core:DisposalsDecreaseInInvestments core:Non-currentFinancialInstruments 2021-06-30 12041978 core:RevaluationsIncreaseDecreaseInInvestments core:Non-currentFinancialInstruments 2021-06-30 12041978 core:Non-currentFinancialInstruments 2021-06-30 12041978 core:Non-currentFinancialInstruments 2020-06-30 12041978 core:ShareCapital 2021-06-30 12041978 core:ShareCapital 2020-06-30 12041978 core:RetainedEarningsAccumulatedLosses 2021-06-30 12041978 core:RetainedEarningsAccumulatedLosses 2020-06-30 12041978 dpl:Item1 2020-07-01 12041978 dpl:Item1 2021-06-30 12041978 dpl:Item1 2019-06-10 12041978 dpl:Item1 2020-06-30 iso4217:GBP xbrli:shares xbrli:pure
Registered Number: 12041978
England and Wales

 

 

 


Unaudited Financial Statements

for the year ended 30 June 2021

for

ELM MOTOR COMPANY LTD

Elm Motor Company Ltd
Contents Page
For the year ended 30 June 2021
Directors Mr N Mallett
Mr P Mallett
Registered Number 12041978
Registered Office 5 Sandy Court
Ashleigh Way
Plymouth
Devon
PL7 5JX
Accountants H M Williams Chartered Certified Accountants
5 Sandy Court
Ashleigh Way
Plymouth
PL7 5JX
1
The directors present their annual report and the financial statements for the year ended 30 June 2021.
Principal activities
The principal activity of the company in the year under review was that of second hand car sales.
Directors
The directors who have held office during the whole of the year were as follows:
Mr N Mallett
Mr P Mallett
Statement of directors' responsibilities
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to :
  • select suitable accounting policies and then apply them consistently
  • make judgements and accounting estimates that are reasonable and prudent
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions

This report was approved by the board and signed on its behalf by:


----------------------------------
Mr P Mallett
Director

Date approved: 31 March 2022
2
 
 		 Notes
 		 2021
£		   2020
£
Fixed assets      
Tangible fixed assets 3 96,308    2,477 
96,308    2,477 
Current assets      
Stocks 4 392,011    220,295 
Debtors 5 895    16,109 
Cash at bank and in hand 18,637    46,719 
411,543    283,123 
Creditors: amount falling due within one year 6 (226,941)   (111,356)
Net current assets 184,602    171,767 
 
Total assets less current liabilities 280,910    174,244 
Creditors: amount falling due after more than one year 7 (158,339)   (70,000)
Provisions for liabilities 8 3,802    (471)
Net assets 126,373    103,773 
 

Capital and reserves 		     
Called up share capital 100    100 
Profit and loss account 126,273    103,673 
Shareholder's funds 126,373    103,773 
 


For the year ended 30 June 2021 the company was entitled to exemption from audit under section 477 of the companies act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 31 March 2022 and were signed on its behalf by:


--------------------------------
Mr P Mallett
Director
3
General Information
Elm Motor Company Ltd is a private company, limited by shares, registered in England and Wales, registration number 12041978, registration address 5 Sandy Court, Ashleigh Way, Plymouth, Devon, PL7 5JX

The presentation currency is £ sterling.
1.

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.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
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 taxation
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.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and Machinery 25% Reducing Balance
Motor Vehicles 25% Reducing Balance
Computer Equipment 3 yr Straight Line
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items.
2.

Average number of employees

Average number of employees during the year was 2 (2020 : 2).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Computer Equipment   Total
  £   £   £   £
At 01 July 2020 2,950    -    397    3,347 
Additions 2,000    185,942    316    188,258 
Disposals -    (62,200)   -    (62,200)
At 30 June 2021 4,950    123,742    713    129,405 
Depreciation
At 01 July 2020 738    -    132    870 
Charge for year 1,053    30,936    238    32,227 
On disposals -    -    -    - 
At 30 June 2021 1,791    30,936    370    33,097 
Net book values
Closing balance as at 30 June 2021 3,159    92,806    343    96,308 
Opening balance as at 01 July 2020 2,212    -    265    2,477 


4.

Stocks

2021
£		   2020
£
Stocks 392,011    220,295 
392,011    220,295 

5.

Debtors: amounts falling due within one year

2021
£		   2020
£
Trade Debtors -    10,829 
Other Debtors 895    5,280 
895    16,109 

6.

Creditors: amount falling due within one year

2021
£		   2020
£
Trade Creditors 28,329    23,621 
Bank Loans & Overdrafts 10,000    - 
Taxation and Social Security 66,375    58,333 
Other Creditors 122,237    29,402 
226,941    111,356 

7.

Creditors: amount falling due after more than one year

2021
£		   2020
£
Obligations under HP/Financial Leases 99,172    - 
Other Creditors 59,167    70,000 
158,339    70,000 

8.

Provisions for liabilities

2021
£		   2020
£
Deferred Tax (3,802)   471 
(3,802)   471 

9.

Ultimate controlling party

The ultimate Controlling party is Mr P Mallett.
4