Company Registration No. 04872391 (England and Wales)
Thwaites M.O.T. & Service Centre Limited
Unaudited accounts
for the year ended 30 November 2021
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 2021
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 2021
Tangible assets
76,478
72,445
Inventories
43,222
46,367
Cash at bank and in hand
11,462
12,399
Creditors: amounts falling due within one year
(172,947)
(146,073)
Net current liabilities
(50,968)
(46,696)
Total assets less current liabilities
25,510
25,749
Creditors: amounts falling due after more than one year
(24,546)
(63,179)
Net assets/(liabilities)
964
(37,430)
Called up share capital
100
100
Profit and loss account
864
(37,530)
Shareholders' funds
964
(37,430)
For the year ending 30 November 2021 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 31 August 2022 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 2021
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.
Government grants are recognised under the accrual model meaning that grants relating to revenue shall be recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.
Thwaites M.O.T. & Service Centre Limited
Notes to the Accounts
for the year ended 30 November 2021
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 2020
28,539
150,418
41,201
14,555
234,713
Additions
-
3,581
8,950
-
12,531
At 30 November 2021
28,539
153,999
50,151
14,555
247,244
At 1 December 2020
18,529
103,918
27,871
11,950
162,268
Charge for the year
1,001
5,008
2,228
261
8,498
At 30 November 2021
19,530
108,926
30,099
12,211
170,766
At 30 November 2021
9,009
45,073
20,052
2,344
76,478
At 30 November 2020
10,010
46,500
13,330
2,605
72,445
5
Debtors: amounts falling due within one year
2021
2020
Trade debtors
46,304
12,152
Accrued income and prepayments
4,388
14,858
Other debtors
10,795
11,058
6
Creditors: amounts falling due within one year
2021
2020
Bank loans and overdrafts
60,671
40,442
Trade creditors
36,300
24,984
Taxes and social security
11,789
9,096
Other creditors
43,431
63,217
Loans from directors
19,256
6,959
The company has granted a fixed and floating charge over its assets to secure £23,524 of the amount shown under "Bank loans and overdrafts"
Included in "Other creditors" are advances against future sales totalling £28,090. The fixed fee in respect of these advances has been charged in full to the Profit & Loss Account
7
Creditors: amounts falling due after more than one year
2021
2020
The company has granted a fixed and floating charge over its assets to secure £16,350 of the amount shown under "Bank Loans".
Thwaites M.O.T. & Service Centre Limited
Notes to the Accounts
for the year ended 30 November 2021
8
Operating lease commitments
2021
2020
At 30 November 2021 the company has total minimum future payment commitments under non-cancellable operating leases as follows:
Operating leases expiring:
Within two to five years
5,251
7,405
9
Average number of employees
During the year the average number of employees was 6 (2020: 6).