Company registration number 12137675 (England and Wales)
CAED & CO WHEELS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
CAED & CO WHEELS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
CAED & CO WHEELS LTD
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
9,000
18,000
Tangible assets
4
100,191
117,887
109,191
135,887
Current assets
Debtors
5
75,985
56,708
Cash at bank and in hand
17,885
19,687
93,870
76,395
Creditors: amounts falling due within one year
6
(172,745)
(192,177)
Net current liabilities
(78,875)
(115,782)
Total assets less current liabilities
30,316
20,105
Creditors: amounts falling due after more than one year
7
(102,459)
(91,887)
Net liabilities
(72,143)
(71,782)
Capital and reserves
Called up share capital
8
2
2
Profit and loss reserves
(72,145)
(71,784)
Total equity
(72,143)
(71,782)
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 August 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.
CAED & CO WHEELS LTD
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2023
31 August 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 21 November 2023 and are signed on its behalf by:
Mrs C McVey
Director
Company registration number 12137675 (England and Wales)
CAED & CO WHEELS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 3 -
1
Accounting policies
Company information
Caed & Co Wheels Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Mentor House, Ainsworth Street, Blackburn, Lancashire, BB1 6AY.
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
Going concern
The company is reliant upon the financial support of its directors and external finance providers. The directors are not aware of any reason why this support will not be maintained for the foreseeable future. As a result the directors have adopted the going concern basis in preparing the financial statements.true
1.3
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.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Initial Franchise Fee
5 Years
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
15% reducing balance
Fixtures and fittings
15% straight line
Computers
20% straight line
CAED & CO WHEELS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 4 -
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.
1.6
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.
1.7
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
5
4
3
Intangible fixed assets
Initial Franchise Fee
£
Cost
At 1 September 2022 and 31 August 2023
45,000
Amortisation and impairment
At 1 September 2022
27,000
Amortisation charged for the year
9,000
At 31 August 2023
36,000
Carrying amount
At 31 August 2023
9,000
At 31 August 2022
18,000
CAED & CO WHEELS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2022
177,438
Additions
1,198
At 31 August 2023
178,636
Depreciation and impairment
At 1 September 2022
59,551
Depreciation charged in the year
18,894
At 31 August 2023
78,445
Carrying amount
At 31 August 2023
100,191
At 31 August 2022
117,887
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2023
2022
£
£
Plant and equipment
73,685
86,689
Depreciation charge for the year in respect of leased assets
13,003
15,298
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
39,048
31,365
Prepayments and accrued income
36,937
25,343
75,985
56,708
CAED & CO WHEELS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
23,641
54,913
Obligations under finance leases
11,873
28,130
Trade creditors
29,075
24,826
Taxation and social security
8,193
11,707
Other creditors
97,097
70,163
Accruals and deferred income
2,866
2,438
172,745
192,177
Bank loans are secured by a fixed and floating charge over all assets.
Other creditors comprise amounts due to the directors.
Obligations under finance leases are secured against the assets acquired.
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
74,329
51,884
Obligations under finance leases
28,130
40,003
102,459
91,887
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
1
1
1
1
Ordinary B of £1 each
1
1
1
1
2
2
2
2