Registered number
05698335
Formby Village Radio Cars Limited
Unaudited Filleted Accounts
31 March 2023
Formby Village Radio Cars Limited
Registered number: 05698335
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 310,233 379,178
Current assets
Debtors 5 269,362 250,812
Cash at bank and in hand 255,368 138,451
524,730 389,263
Creditors: amounts falling due within one year 6 (230,041) (256,824)
Net current assets 294,689 132,439
Total assets less current liabilities 604,922 511,617
Creditors: amounts falling due after more than one year 7 (47,054) (117,024)
Net assets 557,868 394,593
Capital and reserves
Called up share capital 300 300
Profit and loss account 557,568 394,293
Shareholder's funds 557,868 394,593
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J Sholicar
Director
Approved by the board on 30 September 2023
Formby Village Radio Cars Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% reducing balance
Motor vehicles 25% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 7 5
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2022 10,000
At 31 March 2023 10,000
Amortisation
At 1 April 2022 10,000
At 31 March 2023 10,000
Net book value
At 31 March 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2022 1,417 805,217 806,634
Additions 462 46,000 46,462
Disposals - (46,455) (46,455)
At 31 March 2023 1,879 804,762 806,641
Depreciation
At 1 April 2022 1,079 426,377 427,456
Charge for the year 167 95,642 95,809
On disposals - (26,857) (26,857)
At 31 March 2023 1,246 495,162 496,408
Net book value
At 31 March 2023 633 309,600 310,233
At 31 March 2022 338 378,840 379,178
5 Debtors 2023 2022
£ £
Trade debtors 212,137 193,556
Other debtors 57,225 57,256
269,362 250,812
6 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 57,938 77,269
Trade creditors - 998
Taxation and social security costs 155,690 98,749
Other creditors 16,413 79,808
230,041 256,824
7 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 47,054 117,024
8 Related party transactions
At 31 March 2023, the company is owed £57,050 (2022 - £57,050) from Formby Properties Ltd. Both companies being under the control of the director Mr J Sholicar.
9 Other information
Formby Village Radio Cars Limited is a private company limited by shares and incorporated in England. Its registered office is:
300 St. Marys Road
Garston
Liverpool
Merseyside
L19 0NQ
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