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REGISTERED NUMBER: 08433358 (England and Wales)















247 CARS (WILLENHALL) LIMITED

Unaudited Financial Statements for the Year Ended 31 March 2023






247 CARS (WILLENHALL) LIMITED (REGISTERED NUMBER: 08433358)

Contents of the Financial Statements
for the Year Ended 31 March 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

247 CARS (WILLENHALL) LIMITED

Company Information
for the Year Ended 31 March 2023







DIRECTORS: Shahzad Ali
A Ali





SECRETARY: Shahzad Ali





REGISTERED OFFICE: Watery Lane
Willenhall
West Midlands
WV13 3SU





REGISTERED NUMBER: 08433358 (England and Wales)





ACCOUNTANTS: Lancaster Haskins Limited
Granville House
2 Tettenhall Road
Wolverhampton
West Midlands
WV1 4SB

247 CARS (WILLENHALL) LIMITED (REGISTERED NUMBER: 08433358)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 9,454 30,633
Tangible assets 5 348,993 274,830
358,447 305,463

CURRENT ASSETS
Debtors 6 361,887 731,397
Cash at bank and in hand 192,927 58,168
554,814 789,565
CREDITORS
Amounts falling due within one year 7 738,704 942,860
NET CURRENT LIABILITIES (183,890 ) (153,295 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

174,557

152,168

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 174,457 152,068
SHAREHOLDERS' FUNDS 174,557 152,168

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

247 CARS (WILLENHALL) LIMITED (REGISTERED NUMBER: 08433358)

Balance Sheet - continued
31 March 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 November 2023 and were signed on its behalf by:





Shahzad Ali - Director


247 CARS (WILLENHALL) LIMITED (REGISTERED NUMBER: 08433358)

Notes to the Financial Statements
for the Year Ended 31 March 2023


1. STATUTORY INFORMATION

247 Cars (Willenhall) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised in line with work performed.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of various businesses, is being amortised evenly over 5 years from the date of purchase.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance and Straight line over 2 years
Motor vehicles - 25% Straight Line
Computer equipment - 33.33% on cost

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference shares of non-puttable ordinary shares which are measured at fair value, with changed recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


247 CARS (WILLENHALL) LIMITED (REGISTERED NUMBER: 08433358)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Going concern
The financial statements have been prepared on the going concern basis which assumes continued support from the director.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2022 - 25 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 178,662
AMORTISATION
At 1 April 2022 148,029
Charge for year 21,179
At 31 March 2023 169,208
NET BOOK VALUE
At 31 March 2023 9,454
At 31 March 2022 30,633

247 CARS (WILLENHALL) LIMITED (REGISTERED NUMBER: 08433358)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


5. TANGIBLE FIXED ASSETS
Fixtures
Leasehold and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2022 85,372 24,152 286,180 39,362 435,066
Additions - - 188,817 798 189,615
Disposals - - (3,000 ) - (3,000 )
At 31 March 2023 85,372 24,152 471,997 40,160 621,681
DEPRECIATION
At 1 April 2022 4,269 20,598 99,038 36,331 160,236
Charge for year 17,075 3,554 90,922 1,589 113,140
Eliminated on disposal - - (688 ) - (688 )
At 31 March 2023 21,344 24,152 189,272 37,920 272,688
NET BOOK VALUE
At 31 March 2023 64,028 - 282,725 2,240 348,993
At 31 March 2022 81,103 3,554 187,142 3,031 274,830

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 92,415 516,669
Other debtors 264,527 205,290
Directors' current accounts - 8,010
VAT - 548
Prepayments and accrued income 4,945 880
361,887 731,397

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade creditors 613,595 803,897
Social security and other taxes 52,710 70,665
VAT 37,270 -
Other creditors 6,080 52,338
Directors' current accounts 16,349 9,459
Accrued expenses 12,700 6,501
738,704 942,860

247 CARS (WILLENHALL) LIMITED (REGISTERED NUMBER: 08433358)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022:

31.3.23 31.3.22
£    £   
A Ali
Balance outstanding at start of year 8,010 -
Amounts advanced - 8,010
Amounts repaid (10,850 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (2,840 ) 8,010

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
247 Cars (Willenhall) Limited


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of 247 Cars (Willenhall) Limited for the year ended 31 March 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of 247 Cars (Willenhall) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of 247 Cars (Willenhall) Limited and state those matters that we have agreed to state to the Board of Directors of 247 Cars (Willenhall) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than 247 Cars (Willenhall) Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that 247 Cars (Willenhall) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of 247 Cars (Willenhall) Limited. You consider that 247 Cars (Willenhall) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of 247 Cars (Willenhall) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Lancaster Haskins Limited
Granville House
2 Tettenhall Road
Wolverhampton
West Midlands
WV1 4SB


22 November 2023