Belle Coachworks Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 04065413 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2016

for

Belle Coachworks Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr M J Shreeve

Mrs A Shreeve

Mr D J Shreeve

SECRETARY:

Mrs S I Speed

REGISTERED OFFICE:

Pinbush Road

South Lowestoft Industrial Estate

Lowestoft

Suffolk

NR33 7NL

REGISTERED NUMBER:

04065413 (England and Wales)

ACCOUNTANTS:

CUNNINGHAMS

Number Sixty One

Alexandra Road

Lowestoft

Suffolk

NR32 1PL

FIXED ASSETS

Intangible assets

4

5,674

8,481

Tangible assets

5

991,738

971,777

Investments

6

3

4

Investment property

7

181,750

203,593

1,179,165

1,183,855

CURRENT ASSETS

Stocks

17,350

19,610

Debtors

8

879,621

700,919

Cash at bank

378,661

734,812

1,275,632

1,455,341

CREDITORS

Amounts falling due within one year

9

925,412

1,088,025

NET CURRENT ASSETS

350,220

367,316

TOTAL ASSETS LESS CURRENT LIABILITIES

1,529,385

1,551,171

CREDITORS

Amounts falling due after more than one year

10

(260,959

)

(285,140

)

PROVISIONS FOR LIABILITIES

(50,745

)

(35,805

)

NET ASSETS

1,217,681

1,230,226

CAPITAL AND RESERVES

Called up share capital

5,000

5,000

Share premium

350,678

350,678

Fair value reserve

12

8,199

-

Retained earnings

853,804

874,548

SHAREHOLDERS' FUNDS

1,217,681

1,230,226

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 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 4 September 2017 and were signed on its behalf by:

Mr M J Shreeve - Director

Mrs A Shreeve - Director

Mr D J Shreeve - Director

1.	STATUTORY INFORMATION

Belle Coachworks Limited is a private company, limited by shares, registered in England & Wales. The

company's registration number and registered office address can be found on the Company Information page.

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

rounded to the nearest £1.

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.

Preparation of consolidated financial statements

The financial statements contain information about Belle Coachworks Limited as an individual company and do

not contain consolidated financial information as the parent of a group. The company has taken the option under

Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of twelve 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 cost

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on cost and 20% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

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" no depreciation is provided in

respect of freehold properties held as investments. This is a departure from the requirements of the Companies

Act 2006 which requires all properties to be depreciated. Such properties are held for investment and not for

consumption and the directors consider that to depreciate them would not give a true and fair view. Depreciation

is only one of the many elements reflected in the annual valuation of properties and accordingly the amount of

depreciation which might otherwise have been charged cannot be separately identified or quantified. The

directors consider that this policy results in the financial statements giving a true and fair view.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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 41 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2016

and 31 December 2016

33,688

AMORTISATION

At 1 January 2016

25,207

Charge for year

2,807

At 31 December 2016

28,014

NET BOOK VALUE

At 31 December 2016

5,674

At 31 December 2015

8,481

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2016

829,072

590,647

1,419,719

Additions

-

125,105

125,105

Disposals

-

(47,694

)

(47,694

)

At 31 December 2016

829,072

668,058

1,497,130

DEPRECIATION

At 1 January 2016

85,168

362,774

447,942

Charge for year

12,981

61,419

74,400

Eliminated on disposal

-

(16,950

)

(16,950

)

At 31 December 2016

98,149

407,243

505,392

NET BOOK VALUE

At 31 December 2016

730,923

260,815

991,738

At 31 December 2015

743,904

227,873

971,777

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

Plant and

machinery

etc

£

COST

At 1 January 2016

76,576

Transfer to ownership

(76,576

)

At 31 December 2016

-

DEPRECIATION

At 1 January 2016

23,038

Charge for year

5,189

Transfer to ownership

(28,227

)

At 31 December 2016

-

NET BOOK VALUE

At 31 December 2016

-

At 31 December 2015

53,538

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2016

4

Disposals

(1

)

At 31 December 2016

3

NET BOOK VALUE

At 31 December 2016

3

At 31 December 2015

4

7.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2016

203,593

Additions

180,901

Disposals

(212,995

)

Revaluations

10,251

At 31 December 2016

181,750

NET BOOK VALUE

At 31 December 2016

181,750

At 31 December 2015

203,593

Cost or valuation at 31 December 2016 is represented by:

£

Valuation in 2016

10,251

Cost

171,499

181,750

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Trade debtors

194,059

257,160

Amounts owed by group undertakings

105,735

-

Amounts recoverable on contracts

321,500

327,796

Other debtors

230,810

91,000

Prepayments

27,517

24,963

879,621

700,919

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Bank loans and overdrafts

21,066

9,977

Hire purchase contracts

20,100

32,995

Trade creditors

379,709

574,619

Amounts owed to group undertakings

-

3,681

Taxation

34,895

82,366

Social security and other taxes

112,780

131,756

Other creditors

45,775

44,473

Directors' current accounts

215,773

128,431

Deferred income

85,458

72,000

Accrued expenses

9,856

7,727

925,412

1,088,025

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.16

31.12.15

£

£

Bank loans due within 1-2 years

21,066

15,583

Bank loans due within 2-5 years

63,199

48,988

Bank loans due in more than 5 years

128,869

177,403

Hire purchase contracts

47,825

43,166

260,959

285,140

Amounts falling due in more than five years:

Repayable by instalments

Bank loans due in more than 5 years

128,869

177,403

11.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.16

31.12.15

£

£

Bank loans

234,200

251,951

The bank loan is secured by way of fixed and floating charges over the company's assets.

12.

RESERVES

Fair

value

reserve

£

Revaluation of investment property

8,199

At 31 December 2016

8,199

13.	RELATED PARTY DISCLOSURES

Advatec Transport Limited

Subsidiary Company

During the year the company made sales of £677,000 (2015: £264,000) to Advatec Transport Limited.

31.12.16

31.12.15

£

£

Amount due from/(to) related party at the balance sheet date

105,735

(3,681

)

Shreeve Property Limited

A company in which Mr D J Shreeve is a director and shareholder

During the year the company made loans of £230,810 to Shreeve Property Limited.

31.12.16

31.12.15

£

£

Amount due from related party at the balance sheet date

230,810

-

Mr M J Shreeve

A director of the company

During the year, the company paid dividends totalling £98,610 (2015: £34,440) to the director.

Mr D J Shreeve

A director of the company

During the year the company paid dividends totalling £69,583 (2015: £8,332) to the director.

14.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr M J Shreeve.