Company Registration No. 04872391 (England and Wales)
Thwaites M.O.T. & Service Centre Limited
Unaudited accounts
for the year ended 30 November 2019
Thwaites M.O.T. & Service Centre Limited
Unaudited accounts
Contents
Thwaites M.O.T. & Service Centre Limited
Company Information
for the year ended 30 November 2019
Company Number
04872391 (England and Wales)
Registered Office
Unit 1, William Street Trading Estate
Portslade
Brighton
BN41 1PZ
Accountants
Ian Sykes and Co Limited
1 Windlesham Gardens
Shoreham by Sea
West Sussex
BN43 5AD
Thwaites M.O.T. & Service Centre Limited
Statement of financial position
as at
30 November 2019
Tangible assets
80,495
89,438
Inventories
32,000
35,900
Cash at bank and in hand
1,385
284
Creditors: amounts falling due within one year
(114,404)
(151,759)
Net current liabilities
(41,086)
(88,661)
Total assets less current liabilities
39,409
777
Creditors: amounts falling due after more than one year
(37,980)
-
Called up share capital
100
100
Profit and loss account
1,329
677
Shareholders' funds
1,429
777
For the year ending 30 November 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts 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 FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 26 November 2020 and were signed on its behalf by
Mr C I Jowett
Director
Company Registration No. 04872391
Thwaites M.O.T. & Service Centre Limited
Notes to the Accounts
for the year ended 30 November 2019
Thwaites M.O.T. & Service Centre Limited is a private company, limited by shares, registered in England and Wales, registration number 04872391. The registered office is Unit 1, William Street Trading Estate, Portslade, Brighton, BN41 1PZ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention.
Revenue, described as turnover, is the value of goods provided to customers during the year, plus the value of work performed during the year with respect to services.
Revenue is recognised on the sale of goods when the goods are delivered and title has passed. Revenue is recognised on the provision of services on the completion of each individual assignment.
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes any expenditure incurred in bringing the stock to its present location and condition.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
10% reducing balance
Plant & machinery
10% reducing balance
Motor vehicles
10% reducing balance
Fixtures & fittings
10% reducing balance
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Thwaites M.O.T. & Service Centre Limited
Notes to the Accounts
for the year ended 30 November 2019
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 December 2018
28,539
150,418
41,201
14,555
234,713
At 30 November 2019
28,539
150,418
41,201
14,555
234,713
At 1 December 2018
16,181
93,010
24,745
11,339
145,275
Charge for the year
1,236
5,740
1,645
322
8,943
At 30 November 2019
17,417
98,750
26,390
11,661
154,218
At 30 November 2019
11,122
51,668
14,811
2,894
80,495
At 30 November 2018
12,358
57,408
16,456
3,216
89,438
Raw materials
16,000
17,500
Work in progress
16,000
18,400
Trade debtors
12,672
5,194
Accrued income and prepayments
12,547
14,241
Other debtors
10,728
3,127
7
Creditors: amounts falling due within one year
2019
2018
Bank loans and overdrafts
41,524
91,328
Trade creditors
44,171
49,460
Taxes and social security
4,606
1,412
Other creditors
22,744
4,928
Loans from directors
9
3,011
The company has granted a fixed and floating charge over its assets to secure amount shown under "Bank loans and overdrafts"
Included in "Other creditors" are advances against future sales totalling £19,407. The fixed fee in respect of these advances has been charged in full to the Profit & Loss Account
Thwaites M.O.T. & Service Centre Limited
Notes to the Accounts
for the year ended 30 November 2019
8
Creditors: amounts falling due after more than one year
2019
2018
The company has granted a fixed and floating charge over its assets to secure the amount shown under "Bank Loans".
9
Operating lease commitments
2019
2018
At 30 November 2019 the company has total minimum future payment commitments under non-cancellable operating leases as follows:
Operating leases expiring:
Within two to five years
13,005
-
10
Average number of employees
During the year the average number of employees was 6 (2018: 6).