Belle Coachworks Limited Filleted accounts for Companies House (small and micro)

BELLE COACHWORKS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04065413

Belle Coachworks Limited

Unaudited financial statements

31 December 2020

Belle Coachworks Limited

Statement of financial position

31 December 2020

	2020		2019
Note	£	£	£	£

Fixed assets

Tangible assets	6	858,483	1,086,618
Investments	7	3	3
		---------	-----------
		858,486	1,086,621

Current assets

Stocks		410,144	546,654
Debtors	8	1,263,552	1,430,894
Cash at bank and in hand		623,993	434,839
		-----------	-----------
		2,297,689	2,412,387

Creditors: Amounts falling due within one year	9	( 410,084)		( 863,003)
		-----------		-----------
Net current assets			1,887,605		1,549,384
			-----------		-----------
Total assets less current liabilities			2,746,091		2,636,005

Creditors: Amounts falling due after more than one year	10		( 355,021)		( 545,966)

Provisions

Taxation including deferred tax	( 28,542)	( 36,614)
	-----------	-----------
Net assets	2,362,528	2,053,425
	-----------	-----------

Capital and reserves

Called up share capital	5,002	5,002
Share premium account	350,678	350,678
Revaluation reserve	–	19,034
Profit and loss account	2,006,848	1,678,711
	-----------	-----------
Shareholders funds	2,362,528	2,053,425
	-----------	-----------

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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

For the year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Belle Coachworks Limited

Statement of financial position (continued)

31 December 2020

These financial statements were approved by the board of directors and authorised for issue on 29 August 2021 , and are signed on behalf of the board by:

Mr M J Shreeve	Mr D J Shreeve
Director	Director

Company registration number: 04065413

Belle Coachworks Limited

Notes to the financial statements

Year ended 31 December 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 28 Pinbush Road, South Lowestoft Industrial Estate, Lowestoft, Suffolk, NR33 7NL.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	Paid in connection with acquisition of the business in 2006

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property	-	2% on cost
Plant and machinery	-	20% reducing balance
Fixtures and fittings	-	20% reducing balance
Motor vehicles	-	25% reducing balance
Equipment	-	25% on cost and 20% on reducing balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of employees during the year was 36 (2019: 46 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 January 2020	33,688
Additions	–
Disposals of previously acquired businesses	( 33,688)
	-------
At 31 December 2020	–
	-------
Amortisation
At 1 January 2020	33,688
Charge for the year	–
Disposals of previously acquired businesses	( 33,688)
	-------
At 31 December 2020	–
	-------
Carrying amount
At 31 December 2020	–
	-------
At 31 December 2019	–
	-------

6. Tangible assets

	Freehold property	Long leasehold property	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£	£	£	£
Cost
At 1 January 2020	846,308	195,000	469,784	202,271	45,062	1,758,425
Additions	–	–	15,897	2,989	6,774	25,660
Disposals	–	( 195,000)	( 4,495)	–	–	( 199,495)
	---------	---------	---------	---------	-------	-----------
At 31 December 2020	846,308	–	481,186	205,260	51,836	1,584,590
	---------	---------	---------	---------	-------	-----------
Depreciation
At 1 January 2020	137,612	–	358,696	136,031	39,468	671,807
Charge for the year	13,326	–	22,963	15,195	2,892	54,376
Disposals	–	–	( 76)	–	–	( 76)
	---------	---------	---------	---------	-------	-----------
At 31 December 2020	150,938	–	381,583	151,226	42,360	726,107
	---------	---------	---------	---------	-------	-----------
Carrying amount
At 31 December 2020	695,370	–	99,603	54,034	9,476	858,483
	---------	---------	---------	---------	-------	-----------
At 31 December 2019	708,696	195,000	111,088	66,240	5,594	1,086,618
	---------	---------	---------	---------	-------	-----------

7. Investments

	Shares in group undertakings
	£
Cost
At 1 January 2020 and 31 December 2020	3
	----
Impairment
At 1 January 2020 and 31 December 2020	–
	----

Carrying amount
At 31 December 2020	3
	----
At 31 December 2019	3
	----

The company owns 100% of the issued share capital of the companies listed below.

		2020		2019

		£		£

Aggregate capital and reserves

Advatec Transport Limited	(47,545)	(36,481)
Advatec Bodies Limited	1	1

Profit and (loss) for the year

Advatec Transport Limited		(11,065)		1,140

Under the provision of section 402 of the Companies Act 2006 the company is exempt from preparing consolidated accounts and has not done so, therefore the accounts show information about the company as an individual entity.

8. Debtors

	2020	2019
	£	£
Trade debtors	268,915	453,361
Other debtors	994,637	977,533
	-----------	-----------
	1,263,552	1,430,894
	-----------	-----------

9. Creditors: Amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	29,012	34,340
Trade creditors	251,052	432,567
Amounts owed to group undertakings and undertakings in which the company has a participating interest	( 53,923)	234,377
Social security and other taxes	139,511	102,918
Other creditors	44,432	58,801
	---------	---------
	410,084	863,003
	---------	---------

Creditors in respect of bank loans and hire purchase agreements are secured by the company.

10. Creditors: Amounts falling due after more than one year

	2020	2019
	£	£
Bank loans and overdrafts	284,842	474,200
Other creditors	70,179	71,766
	---------	---------
	355,021	545,966
	---------	---------

Included within creditors: amounts falling due after more than five years is an amount of £103,979 (2019 - £172,393) in respect of liabilities payable by installments which fall due for payment more than five years from reporting date. Creditors in respect of bank loans and hire purchase agreements are secured by the company.

11. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2020	2019
	£	£
Not later than 1 year	7,265	7,265
Later than 1 year and not later than 5 years	25,401	32,666
	-------	-------
	32,666	39,931
	-------	-------

12. Directors' advances, credits and guarantees

The company operate a loan with the directors, as at the 31 December 2020 the directors owed the company £ 32,529 (2019 - £ 527 ). Beneficial loan interest of £529 (2019 - £nil) was charged on the loan at the H M Revenue & Customs standard rate.