Company registration number 07987545 (England and Wales)
HERONSGATE MOTOR CO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
HERONSGATE MOTOR CO LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
HERONSGATE MOTOR CO LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
328,500
365,000
Tangible assets
5
6,399
7,962
334,899
372,962
Current assets
Stocks
9,130
8,770
Debtors
6
35,128
7,159
Cash at bank and in hand
235,176
220,137
279,434
236,066
Creditors: amounts falling due within one year
7
(410,772)
(355,618)
Net current liabilities
(131,338)
(119,552)
Total assets less current liabilities
203,561
253,410
Provisions for liabilities
-
0
(1,990)
Net assets
203,561
251,420
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
203,461
251,320
Total equity
203,561
251,420

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 31 March 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.

HERONSGATE MOTOR CO LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 26 October 2023 and are signed on its behalf by:
CP Knight
Director
Company registration number 07987545 (England and Wales)
HERONSGATE MOTOR CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

Heronsgate Motor Co Limited is a private company limited by shares incorporated in England and Wales. The registered office is 8-10 Heronsgate Road, Chorleywood, Hertfordshire, WD3 5BW.

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.

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
Intangible fixed assets - goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life, which is estimated to be 20 years.

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:

Plant and machinery
25% per annum reducing balance
Computer equipment
25% per annum reducing balance
Motor vehicles
25% per annum reducing balance
1.5
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.

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.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

HERONSGATE MOTOR CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

1.8
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.

1.9
Employee benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
9
9
HERONSGATE MOTOR CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
730,000
Amortisation and impairment
At 1 April 2022
365,000
Amortisation charged for the year
36,500
At 31 March 2023
401,500
Carrying amount
At 31 March 2023
328,500
At 31 March 2022
365,000
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022
48,520
Additions
571
At 31 March 2023
49,091
Depreciation and impairment
At 1 April 2022
40,558
Depreciation charged in the year
2,134
At 31 March 2023
42,692
Carrying amount
At 31 March 2023
6,399
At 31 March 2022
7,962
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
9,604
3,199
Other debtors
4,994
3,960
14,598
7,159
HERONSGATE MOTOR CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
6
Debtors
(Continued)
- 6 -
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset
20,530
-
0
Total debtors
35,128
7,159
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
110,797
80,126
Corporation tax
28,916
53,099
Other taxation and social security
12,967
18,120
Other creditors
258,092
204,273
410,772
355,618
8
Related party transactions

The Company owed the Directors £163,775 (2022: £163,775) at the balance sheet date.

9
Control

The Company is controlled by the Directors.

2023-03-312022-04-01falseCCH SoftwareCCH Accounts Production 2023.200No description of principal activityCP KnightSL KnightGO WillsEJ Wills079875452022-04-012023-03-31079875452023-03-31079875452022-03-3107987545core:NetGoodwill2023-03-3107987545core:NetGoodwill2022-03-3107987545core:OtherPropertyPlantEquipment2023-03-3107987545core:OtherPropertyPlantEquipment2022-03-3107987545core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3107987545core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3107987545core:CurrentFinancialInstruments2023-03-3107987545core:CurrentFinancialInstruments2022-03-3107987545core:ShareCapital2023-03-3107987545core:ShareCapital2022-03-3107987545core:RetainedEarningsAccumulatedLosses2023-03-3107987545core:RetainedEarningsAccumulatedLosses2022-03-3107987545bus:Director12022-04-012023-03-3107987545core:Goodwill2022-04-012023-03-3107987545core:PlantMachinery2022-04-012023-03-3107987545core:ComputerEquipment2022-04-012023-03-3107987545core:MotorVehicles2022-04-012023-03-31079875452021-04-012022-03-3107987545core:NetGoodwill2022-03-3107987545core:NetGoodwill2022-04-012023-03-3107987545core:OtherPropertyPlantEquipment2022-03-3107987545core:OtherPropertyPlantEquipment2022-04-012023-03-3107987545core:WithinOneYear2023-03-3107987545core:WithinOneYear2022-03-3107987545core:AfterOneYear2023-03-3107987545core:AfterOneYear2022-03-3107987545bus:PrivateLimitedCompanyLtd2022-04-012023-03-3107987545bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3107987545bus:FRS1022022-04-012023-03-3107987545bus:AuditExempt-NoAccountantsReport2022-04-012023-03-3107987545bus:Director22022-04-012023-03-3107987545bus:Director32022-04-012023-03-3107987545bus:Director42022-04-012023-03-3107987545bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP