Registered number
08917589
WHOOPS WHEEL FIX IT LIMITED
Filleted Accounts
For the year ended 31 March 2023
WHOOPS WHEEL FIX IT LIMITED
Registered number: 08917589
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 188,169 222,255
Current assets
Stocks 10,477 1,772
Debtors 4 127,644 77,012
Cash at bank and in hand 170,077 149,309
308,198 228,093
Creditors: amounts falling due within one year 5 (232,318) (239,768)
Net current assets/(liabilities) 75,880 (11,675)
Total assets less current liabilities 264,049 210,580
Creditors: amounts falling due after more than one year 6 (212,151) (106,837)
Net assets 51,898 103,743
Capital and reserves
Called up share capital 100 100
Profit and loss account 51,798 103,643
Shareholders' funds 51,898 103,743
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
Mr. Mark Ronald Dale Furneaux
Director
Approved by the board on 17 November 2023
WHOOPS WHEEL FIX IT 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.
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 25% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 15 19
3 Tangible fixed assets
Leasehold
Land and buildings
Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 13,625 306,763 135,265 455,653
Additions - 24,096 - 24,096
At 31 March 2023 13,625 330,859 135,265 479,749
Depreciation
At 1 April 2022 - 150,968 82,430 233,398
Charge for the year - 44,973 13,209 58,182
At 31 March 2023 - 195,941 95,639 291,580
Net book value
At 31 March 2023 13,625 134,918 39,626 188,169
At 31 March 2022 13,625 155,795 52,835 222,255
4 Debtors 2023 2022
£ £
Trade debtors 127,644 70,823
Other debtors - 6,189
127,644 77,012
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 25,672 22,920
Obligations under finance lease and hire purchase contracts 63,759 50,785
Trade creditors 45,664 108,192
Taxation and social security costs 91,713 46,579
Other creditors 5,510 11,292
232,318 239,768
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 183,804 62,228
Obligations under finance lease and hire purchase contracts 28,347 44,609
212,151 106,837
7 Other information
WHOOPS WHEEL FIX IT LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Unit 1
38 Crown Road
Enfield
England
EN1 1TH
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