Company Registration No. 6498589 (England and Wales)
WMS CAR & COMMERCIAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
WMS CAR & COMMERCIAL LIMITED
COMPANY INFORMATION
Directors
Wayne Surin
Nicola Surin
Secretary
Nicola Surin
Company number
6498589
Registered office
86 Fairfolds
Watford
Herts
WD25 9UW
WMS CAR & COMMERCIAL LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
WMS CAR & COMMERCIAL LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
2
19,183
16,722
Current assets
Stock and work in progress
615
510
Cash at bank and in hand
52,716
29,385
53,331
29,895
Creditors: amounts falling due within one year
3
(15,374)
(8,394)
Net current assets
37,957
21,501
Total assets less current liabilities
57,140
38,223
Capital and reserves
Called up share capital
4
100
100
Profit and loss reserves
57,040
38,123
Total equity
57,140
38,223
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 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 17 November 2023 and are signed on its behalf by:
Nicola Surin
Director
Company Registration No. 6498589
WMS CAR & COMMERCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 2 -
1
Accounting policies
Company information
WMS Car & Commercial Limited is a private company limited by shares incorporated in England and Wales. The registered office is 86 Fairfolds, Watford, Herts, WD25 9UW.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. 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
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% reducing balance
Fixtures and fittings
25% reducing balance
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.
1.4
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.
1.5
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.
WMS CAR & COMMERCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 3 -
2
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2022
99,405
Additions
8,856
At 28 February 2023
108,261
Depreciation and impairment
At 1 March 2022
82,683
Depreciation charged in the year
6,395
At 28 February 2023
89,078
Carrying amount
At 28 February 2023
19,183
At 28 February 2022
16,722
3
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
169
292
Corporation tax
7,425
5,026
Other taxation and social security
7,180
2,476
Other creditors
600
600
15,374
8,394
4
Called up share capital
2023
2022
£
£
Ordinary share capital
Authorised
1 Ordinary of £100 each
100
100
Issued and fully paid
1 Ordinary of £100 each
100
100