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COMPANY REGISTRATION NUMBER: 04910230
WAINHOUSE MOTOR COMPANY LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2023
WAINHOUSE MOTOR COMPANY LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
Contents
Pages
Balance sheet 1 to 2
Notes to the financial statements 3 to 7
WAINHOUSE MOTOR COMPANY LIMITED
BALANCE SHEET
31 March 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
5
1
1
Tangible assets
6
1,934
3,226
------------
------------
1,935
3,227
Current assets
Stocks
7
58,521
67,783
Debtors
8
14,037
14,135
------------
------------
72,558
81,918
Creditors: amounts falling due within one year
9
( 48,843)
( 45,551)
------------
------------
Net current assets
23,715
36,367
------------
------------
Total assets less current liabilities
25,650
39,594
Creditors: amounts falling due after more than one year
10
( 21,667)
( 31,667)
Provisions
( 367)
( 613)
------------
------------
Net assets
3,616
7,314
------------
------------
Capital and reserves
Called up share capital
12
1
1
Profit and loss account
3,615
7,313
------------
------------
Shareholders funds
3,616
7,314
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
WAINHOUSE MOTOR COMPANY LIMITED
BALANCE SHEET (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 19 October 2023 , and are signed on behalf of the board by:
M R Uttley
Director
Company registration number: 04910230
WAINHOUSE MOTOR COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
1. General information
The company is a private company limited by shares, registered in England and Wales, company number 04910230 . The address of the registered office is 35 Westgate, Huddersfield, West Yorkshire, HD1 1PA. The place of business of the company is Pye Nest Road, Sowerby Bridge, West Yorkshire, HX6 2BX.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% reducing balance
Fixtures and fittings
-
25% reducing balance
Computer equipment
-
33% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 5 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
1
------------
Amortisation
At 1 April 2022 and 31 March 2023
------------
Carrying amount
At 31 March 2023
1
------------
At 31 March 2022
1
------------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Computer equipment
Total
£
£
£
£
Cost
At 1 April 2022 and 31 March 2023
7,555
2,936
2,930
13,421
------------
------------
------------
------------
Depreciation
At 1 April 2022
5,173
2,901
2,121
10,195
Charge for the year
476
9
807
1,292
------------
------------
------------
------------
At 31 March 2023
5,649
2,910
2,928
11,487
------------
------------
------------
------------
Carrying amount
At 31 March 2023
1,906
26
2
1,934
------------
------------
------------
------------
At 31 March 2022
2,382
35
809
3,226
------------
------------
------------
------------
7. Stocks
2023
2022
£
£
Vehicle stock
58,521
67,783
------------
------------
8. Debtors
2023
2022
£
£
Trade debtors
414
1,199
Prepayments and accrued income
4,351
4,286
Corporation tax repayable
622
Other debtors
8,650
8,650
------------
------------
14,037
14,135
------------
------------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
27,556
23,354
Trade creditors
676
543
Accruals and deferred income
2,673
4,201
Corporation tax
4,146
Social security and other taxes
8,662
9,539
Directors loan account
9,276
3,768
------------
------------
48,843
45,551
------------
------------
Included in creditors under one year is a bank overdraft £17,556 (2022: £13,354) which is secured by a fixed and floating charge.
Included in creditors under one year is a a government backed bounce back loan of £10,000 (2022: £10,000).
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
21,667
31,667
------------
------------
Included in creditors over one year is a a government backed bounce back loan of £21,667 (2022: £31,667).
11. Deferred tax
The deferred tax included in the balance sheet is as follows:
2023
2022
£
£
Included in provisions
367
613
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
367
613
------------
------------
12. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
------------
------------
------------
------------
13. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
12,000
12,000
------------
------------
14. Related party transactions
Included in other debtors is a loan of £8,650 (2022: £8,650) due from a company controlled by the director. This loan is unsecured, repayable on demand and interest free The director's loan account of £9,276 (2022: £3,768) included in creditors is unsecured, repayable on demand and is currently interest free.
15. Controlling party
The company is controlled by the director.