REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023 |
FOR |
WARFORD CARS LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023 |
FOR |
WARFORD CARS LTD |
WARFORD CARS LTD (REGISTERED NUMBER: 11277999) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31st March 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
WARFORD CARS LTD |
COMPANY INFORMATION |
for the Year Ended 31st March 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
100 Barbirolli Square |
Manchester |
M2 3BD |
WARFORD CARS LTD (REGISTERED NUMBER: 11277999) |
BALANCE SHEET |
31st March 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
WARFORD CARS LTD (REGISTERED NUMBER: 11277999) |
BALANCE SHEET - continued |
31st March 2023 |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
WARFORD CARS LTD (REGISTERED NUMBER: 11277999) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31st March 2023 |
1. | STATUTORY INFORMATION |
Warford Cars Limited is a private limited company limited by share capital, incorporated in England and Wales, registration number 11277999. The registered office address is KJG, 100 Barbirolli Square, Manchester, United Kingdom, M2 3BD. The principle place of activity address is Unit 11, Deanway Business Park, Wilmslow, Cheshire, SK9 3HW. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Critical accounting judgements and key sources of estimation uncertainty |
In the application of the company's accounting policies above, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period. |
Turnover |
Turnover represents amounts recognised by the company in respect of goods and services supplied, exclusive of Value Added Tax and trade discounts. Turnover principally consists of car sales. Sales of cars are recognised at point of delivery to the customer. Retail sales are funded through payment from either a finance company or direct payment from the customer via cash, cheque, or debit card. Financing agreements are between the customer and the finance company. |
Government grants |
Government revenue grants are recognised in the profit and loss account over the period in which the related costs are recognised. |
Tangible fixed assets |
Fixtures and fittings | - |
Stocks |
Motor vehicle stocks are stated at the lower of cost and selling price less selling costs. Fair values are assessed using market research data which is based upon recent industry activity. Whilst the data is deemed representative of current values it is possible that ultimate sales values can vary from those applied. |
WARFORD CARS LTD (REGISTERED NUMBER: 11277999) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st March 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current 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. |
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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Trade and other debtors |
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts. |
Trade and other creditors |
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
WARFORD CARS LTD (REGISTERED NUMBER: 11277999) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st March 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1st April 2022 |
Additions |
At 31st March 2023 |
DEPRECIATION |
At 1st April 2022 |
Charge for year |
At 31st March 2023 |
NET BOOK VALUE |
At 31st March 2023 |
At 31st March 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
WARFORD CARS LTD (REGISTERED NUMBER: 11277999) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st March 2023 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Other loans |
The holder of the other loan has a floating charge and negative pledge over the assets of the company dated 21st June 2022. |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary A | £1 | 75 | 100 |
Ordinary B | £1 | 25 | - |
Ordinary C | £1 | 25 | - |
125 | 100 |
10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
At the reporting date, £3,211 was due from Mr W M Kennedy (2022: £5,821 due to) and £8,608 due to Mr D N Muff (2022 : £Nil) by way of unsecured loans on which the company pays no interest. |
11. | RELATED PARTY DISCLOSURES |
Included in other debtors includes amounts owed from a company under common control of £16,160 (2022 - 10,188). The amount is interest free and has no set repayment date. |
12. | ULTIMATE CONTROLLING PARTY |
The controlling party is Mr William Michael Nicholas Kennedy. |