2022-07-012023-06-302023-06-30false07669338Cox Motors Somerton 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Cox Motors Somerton Ltd

Registered Number
07669338
(England and Wales)

Unaudited Financial Statements for the Year ended
30 June 2023

Cox Motors Somerton Ltd
Company Information
for the year from 1 July 2022 to 30 June 2023

Director

David George Peppard

Registered Address

Cary View
Etsome Road
Somerton
TA11 6JB

Registered Number

07669338 (England and Wales)
Cox Motors Somerton Ltd
Balance Sheet as at
30 June 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets54,0051,588
4,0051,588
Current assets
Stocks200200
Debtors612,53114,230
Cash at bank and on hand46,33640,336
59,06754,766
Creditors amounts falling due within one year7(11,021)(12,261)
Net current assets (liabilities)48,04642,505
Total assets less current liabilities52,05144,093
Provisions for liabilities(565)(63)
Net assets51,48644,030
Capital and reserves
Called up share capital11
Profit and loss account51,48544,029
Shareholders' funds51,48644,030
The financial statements were approved and authorised for issue by the Director on 21 September 2023, and are signed on its behalf by:
David George Peppard
Director
Registered Company No. 07669338
Cox Motors Somerton Ltd
Notes to the Financial Statements
for the year ended 30 June 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Accounting policies
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Plant and machinery25-
Vehicles25-
Office Equipment-3
Stocks policy
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Revenue recognition policy
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.
Deferred tax policy
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.
4.Employee information

20232022
Average number of employees during the year11
5.Property, plant and equipment

Total

£
Cost or valuation
At 01 July 229,180
Additions2,977
At 30 June 2312,157
Depreciation and impairment
At 01 July 227,592
Charge for year560
At 30 June 238,152
Net book value
At 30 June 234,005
At 30 June 221,588
6.Debtors

2023

2022

££
Trade debtors / trade receivables9,89512,012
Prepayments and accrued income2,6362,218
Total12,53114,230
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.
7.Creditors within one year

2023

2022

££
Trade creditors / trade payables-906
Taxation and social security9,10710,252
Accrued liabilities and deferred income1,9141,103
Total11,02112,261
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.