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COMPANY REGISTRATION NUMBER: 02894875
DAVID CHEADLE LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 April 2023
DAVID CHEADLE LIMITED
STATEMENT OF FINANCIAL POSITION
30 April 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
1,402
1,823
CURRENT ASSETS
Stocks
48,364
27,569
Debtors
6
366
Cash at bank and in hand
46,035
48,670
--------
--------
94,765
76,239
CREDITORS: amounts falling due within one year
7
41,746
26,250
--------
--------
NET CURRENT ASSETS
53,019
49,989
--------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
54,421
51,812
PROVISIONS
Taxation including deferred tax
266
346
--------
--------
NET ASSETS
54,155
51,466
--------
--------
CAPITAL AND RESERVES
Called up share capital
8
49
49
Profit and loss account
54,106
51,417
--------
--------
SHAREHOLDERS FUNDS
54,155
51,466
--------
--------
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 statement of comprehensive income has not been delivered.
For the year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
DAVID CHEADLE LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 April 2023
These financial statements were approved by the board of directors and authorised for issue on 29 September 2023 , and are signed on behalf of the board by:
Mr K Singh
Director
Company registration number: 02894875
DAVID CHEADLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Year ended 30 April 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 226 Trysull Road, Merry Hill, Wolverhampton, WV3 7JR.
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. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Revenue recognition
Car sales are recognised when payment is received from the customer. Repair sales are recognised when the repair is completed.
Taxation
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 that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Plant and machinery
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Computer and office equipment
-
25% straight line
Stocks
Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis. Net realisable value represents estimated selling price. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
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 persons employed by the company during the year amounted to 1 (2022: 1 ).
5. TANGIBLE ASSETS
Plant and machinery
Computer and office equipment
Total
£
£
£
Cost
At 1 May 2022 and 30 April 2023
32,952
2,057
35,009
--------
-------
--------
Depreciation
At 1 May 2022
31,554
1,632
33,186
Charge for the year
280
141
421
--------
-------
--------
At 30 April 2023
31,834
1,773
33,607
--------
-------
--------
Carrying amount
At 30 April 2023
1,118
284
1,402
--------
-------
--------
At 30 April 2022
1,398
425
1,823
--------
-------
--------
6. DEBTORS
2023
2022
£
£
Trade debtors
366
----
----
7. CREDITORS: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,323
2,157
Corporation tax
6,575
6,814
Social security and other taxes
3,430
2,967
Other creditors
29,418
14,312
--------
--------
41,746
26,250
--------
--------
8. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
49
49
49
49
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----
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