Company registration number 03152251 (England and Wales)
DIESELS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
DIESELS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
DIESELS LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2023
31 January 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
22,500
37,500
Tangible assets
4
492,123
468,418
Investments
5
4
4
514,627
505,922
Current assets
Stocks
889,890
706,508
Debtors
6
366,596
283,628
Cash at bank and in hand
515,230
577,114
1,771,716
1,567,250
Creditors: amounts falling due within one year
7
(470,804)
(268,041)
Net current assets
1,300,912
1,299,209
Total assets less current liabilities
1,815,539
1,805,131
Provisions for liabilities
(13,203)
(4,538)
Net assets
1,802,336
1,800,593
Capital and reserves
Called up share capital
50
50
Profit and loss reserves
1,802,286
1,800,543
Total equity
1,802,336
1,800,593
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
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 and signed by the director and authorised for issue on 17 October 2023
Mr R J Palmer
Director
Company registration number 03152251 (England and Wales)
DIESELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
- 2 -
1
Accounting policies
Company information
Diesels Limited is a private company limited by shares incorporated in England and Wales. The registered office is 10 Marsh Barton Road, Exeter, Devon, EX2 8LW.
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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Vehicle sales are included in the financial statements when the sales contract is completed. This can be before the relevant vehicle is collected by or delivered to the customer. Bodyshop sales are recognised as soon as the work has been completed.
1.3
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual instalments over 20 years which is considered to be its estimated useful economic life.
1.4
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:
Land and buildings Leasehold
1% and 20% p.a over the life of the lease
Plant and machinery
25% p.a reducing balance
Fixtures, fittings & equipment
25% and 33% p.a 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.
1.5
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
DIESELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 3 -
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
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 liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.11
Leases
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.
DIESELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 4 -
1.12
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
12
16
3
Intangible fixed assets
Goodwill
£
Cost
At 1 February 2022 and 31 January 2023
300,000
Amortisation and impairment
At 1 February 2022
262,500
Amortisation charged for the year
15,000
At 31 January 2023
277,500
Carrying amount
At 31 January 2023
22,500
At 31 January 2022
37,500
DIESELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 5 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 February 2022
578,941
113,714
692,655
Additions
70,842
70,842
Disposals
(24,140)
(50,234)
(74,374)
At 31 January 2023
554,801
134,322
689,123
Depreciation and impairment
At 1 February 2022
145,361
78,876
224,237
Depreciation charged in the year
4,330
33,858
38,188
Eliminated in respect of disposals
(23,596)
(41,829)
(65,425)
At 31 January 2023
126,095
70,905
197,000
Carrying amount
At 31 January 2023
428,706
63,417
492,123
At 31 January 2022
433,580
34,838
468,418
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
4
4
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
360,178
201,175
Other debtors
6,418
82,453
366,596
283,628
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
234,985
133,947
Taxation and social security
122,005
62,692
Other creditors
113,814
71,402
470,804
268,041
DIESELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 6 -
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Jonathan Williams BSc ACA CTA
Statutory Auditor:
Simpkins Edwards Audit LLP
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
Within one year
4,156
4,156
10
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
The director
2.00
57,406
379,735
1,793
(445,441)
(6,507)
57,406
379,735
1,793
(445,441)
(6,507)
The aforementioned advances are unsecured and repayable on demand.