Company Registration No. 07159939 (England and Wales)
Poole Bay Motors Ltd
Unaudited accounts
for the year ended 28 February 2023
Poole Bay Motors Ltd
Unaudited accounts
Contents
Poole Bay Motors Ltd
Company Information
for the year ended 28 February 2023
Directors
Scott G MacKay
Lisa Marie Colegate
Company Number
07159939 (England and Wales)
Registered Office
252-254 BOURNEMOUTH ROAD
POOLE
BH14 9AN
ENGLAND
Accountants
Thyme Accounting Services Limited
Flat 10 Leighton Lodge
15 Branksome Wood Road
Bournemouth
Dorset
BH2 6BX
Poole Bay Motors Ltd
Accountants' report
Accountants' report to the board of directors of Poole Bay Motors Ltd on the preparation of the unaudited statutory accounts for the year ended 28 February 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Poole Bay Motors Ltd for the year ended
28 February 2023 as set out on pages
5 -
8 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Poole Bay Motors Ltd, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Poole Bay Motors Ltd and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Poole Bay Motors Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Poole Bay Motors Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Poole Bay Motors Ltd. You consider that Poole Bay Motors Ltd 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 accounts of Poole Bay Motors Ltd. 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 accounts.
Thyme Accounting Services Limited
Flat 10 Leighton Lodge
15 Branksome Wood Road
Bournemouth
Dorset
BH2 6BX
29 November 2023
Poole Bay Motors Ltd
Statement of financial position
as at 28 February 2023
Tangible assets
23,243
19,029
Investment property
160,000
160,000
Inventories
190,694
222,569
Cash at bank and in hand
14,561
86,191
Creditors: amounts falling due within one year
(308,647)
(344,852)
Net current liabilities
(79,394)
(23,432)
Total assets less current liabilities
103,849
155,597
Creditors: amounts falling due after more than one year
(46,929)
(82,900)
Called up share capital
2
2
Profit and loss account
56,918
72,695
Shareholders' funds
56,920
72,697
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 29 November 2023 and were signed on its behalf by
Scott G MacKay
Director
Company Registration No. 07159939
Poole Bay Motors Ltd
Notes to the Accounts
for the year ended 28 February 2023
Poole Bay Motors Ltd is a private company, limited by shares, registered in England and Wales, registration number 07159939. The registered office is 252-254 BOURNEMOUTH ROAD, POOLE, BH14 9AN, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
The financial statements have been prepared on a going concern basis, based on the continued support of the company's bank and future financial projections. The director remains fully committed to the company and forecasts that it will be able to meet its day to day working capital requirements to continue trading into the foreseeable future with his continued support. For this reason the director considers that the going concern basis is appropriate.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
Not provided
Plant & machinery
15% on reducing balance
Motor vehicles
25% on reducing balance
Fixtures & fittings
15% on reducing balance
Computer equipment
33% on cost
Poole Bay Motors Ltd
Notes to the Accounts
for the year ended 28 February 2023
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 March 2022
39,046
1,550
17,052
9,584
67,232
Additions
7,529
-
-
1,856
9,385
At 28 February 2023
46,575
1,550
17,052
11,440
76,617
At 1 March 2022
25,508
1,372
13,663
7,660
48,203
Charge for the year
3,160
44
508
1,459
5,171
At 28 February 2023
28,668
1,416
14,171
9,119
53,374
At 28 February 2023
17,907
134
2,881
2,321
23,243
At 28 February 2022
13,538
178
3,389
1,924
19,029
Fair value at 1 March 2022
160,000
At 28 February 2023
160,000
Amounts falling due within one year
Accrued income and prepayments
1,525
4,743
Amounts falling due after more than one year
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
33,058
27,497
Trade creditors
49,232
34,651
Taxes and social security
19,263
29,119
Other creditors
7,562
7,003
Loans from directors
181,161
224,227
Poole Bay Motors Ltd
Notes to the Accounts
for the year ended 28 February 2023
8
Creditors: amounts falling due after more than one year
2023
2022
Allotted, called up and fully paid:
2 Ordinary shares of £1 each
2
2
10
Transactions with related parties
The bank borrowings are secured by the director Mr S G MacKay giving a personal guarantee of £95000
11
Average number of employees
During the year the average number of employees was 7 (2022: 7).