Company Registration No. 05773212 (England and Wales)
WOTTON TYRE & EXHAUST CENTRE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
30-31 St.James Place
Mangotsfield
Bristol
United Kingdom
BS16 9JB
WOTTON TYRE & EXHAUST CENTRE LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
WOTTON TYRE & EXHAUST CENTRE LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr S D Lloyd
Mrs S M Lloyd
Secretary
Mrs S M Lloyd
Company number
05773212
Registered office
30-31 St James Place
Mangotsfield
Bristol
South Glos.
England
BS16 9JB
Accountants
TC Group
30-31 St.James Place
Mangotsfield
Bristol
United Kingdom
BS16 9JB
WOTTON TYRE & EXHAUST CENTRE LIMITED
BALANCE SHEET
AS AT
30 APRIL 2023
30 April 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
27,750
37,000
Tangible assets
4
4,676
6,236
32,426
43,236
Current assets
Stocks
15,552
10,686
Debtors
5
10,717
11,803
Cash at bank and in hand
11,505
33,314
37,774
55,803
Creditors: amounts falling due within one year
6
(31,781)
(35,506)
Net current assets
5,993
20,297
Total assets less current liabilities
38,419
63,533
Creditors: amounts falling due after more than one year
7
(20,394)
Provisions for liabilities
(888)
(1,185)
Net assets
37,531
41,954
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
36,531
40,954
Total equity
37,531
41,954
WOTTON TYRE & EXHAUST CENTRE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2023
30 April 2023
- 3 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 11 September 2023 and are signed on its behalf by:
Mr S D Lloyd
Mrs S M Lloyd
Director
Director
Company Registration No. 05773212
The notes on pages 4 to 7 form part of these financial statements
WOTTON TYRE & EXHAUST CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 4 -
1
Accounting policies
Company information
Wotton Tyre & Exhaust Centre Limited is a private company limited by shares incorporated in England and Wales. The registered office is 30-31 St James Place, Mangotsfield, Bristol, South Glos., England, BS16 9JB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is twenty years.
1.4
Intangible fixed assets
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% on reducing balance
Motor vehicles
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
WOTTON TYRE & EXHAUST CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 5 -
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
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.
1.8
Pension costs and other post-retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Hire purchase and leasing commitments
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
6
6
WOTTON TYRE & EXHAUST CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 6 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2022 and 30 April 2023
185,000
Amortisation and impairment
At 1 May 2022
148,000
Amortisation charged for the year
9,250
At 30 April 2023
157,250
Carrying amount
At 30 April 2023
27,750
At 30 April 2022
37,000
4
Tangible fixed assets
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2022 and 30 April 2023
13,584
2,576
19,574
35,734
Depreciation and impairment
At 1 May 2022
11,305
2,440
15,753
29,498
Depreciation charged in the year
569
35
956
1,560
At 30 April 2023
11,874
2,475
16,709
31,058
Carrying amount
At 30 April 2023
1,710
101
2,865
4,676
At 30 April 2022
2,279
136
3,821
6,236
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
10,717
11,803
WOTTON TYRE & EXHAUST CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 7 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
20,034
17,942
Taxation and social security
3,605
15,532
Other creditors
8,142
2,032
31,781
35,506
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
20,394
8
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
888
1,185
2023
Movements in the year:
£
Liability at 1 May 2022
1,185
Credit to profit or loss
(297)
Liability at 30 April 2023
888
The deferred tax liability set out above is expected to reverse within [12 months] and relates to accelerated capital allowances that are expected to mature within the same period.