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REGISTERED NUMBER: 10828348 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 August 2023

for

Colewood Automotive Limited

Colewood Automotive Limited (Registered number: 10828348)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Colewood Automotive Limited

Company Information
for the Year Ended 31 August 2023







DIRECTORS: T M Coleman
R T Croft
M E R Wise





REGISTERED OFFICE: Colewood House
1 Kingfisher Way
Kingfisher Court
STOCKTON-ON-TEES
TS18 3EX





REGISTERED NUMBER: 10828348 (England and Wales)





ACCOUNTANTS: Clive Owen LLP
Chartered Accountants
140 Coniscliffe Road
DARLINGTON
Co Durham
DL3 7RT

Colewood Automotive Limited (Registered number: 10828348)

Balance Sheet
31 August 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 560,455 577,426
Tangible assets 5 53,911 31,609
614,366 609,035

CURRENT ASSETS
Stocks 6 107,637 80,500
Debtors 7 2,416,864 1,973,116
Cash at bank 975,613 853,990
3,500,114 2,907,606
CREDITORS
Amounts falling due within one year 8 3,702,162 3,107,314
NET CURRENT LIABILITIES (202,048 ) (199,708 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

412,318

409,327

CREDITORS
Amounts falling due after more than one
year

9

(23,528

)

(34,776

)

PROVISIONS FOR LIABILITIES 10 (139,929 ) (127,993 )
NET ASSETS 248,861 246,558

CAPITAL AND RESERVES
Called up share capital 11 5 5
Share premium 200,000 200,000
Retained earnings 48,856 46,553
SHAREHOLDERS' FUNDS 248,861 246,558

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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.

Colewood Automotive Limited (Registered number: 10828348)

Balance Sheet - continued
31 August 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 February 2024 and were signed on its behalf by:





T M Coleman - Director


Colewood Automotive Limited (Registered number: 10828348)

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

1. STATUTORY INFORMATION

Colewood Automotive 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.

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 as modified by the revaluation of certain assets.

There were no material departures from this 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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with companies under common control.

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

Income recognition
Income is recognised when a contract for the sale of goods is determined as unconditional.

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.

Development costs are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Office equipment - 20% on cost
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Colewood Automotive Limited (Registered number: 10828348)

Notes to the Financial Statements - continued
for the Year Ended 31 August 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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 33 (2022 - 29 ) .

4. INTANGIBLE FIXED ASSETS
Development
costs
£   
COST
At 1 September 2022 1,008,049
Additions 205,154
At 31 August 2023 1,213,203
AMORTISATION
At 1 September 2022 430,623
Amortisation for year 222,125
At 31 August 2023 652,748
NET BOOK VALUE
At 31 August 2023 560,455
At 31 August 2022 577,426

Colewood Automotive Limited (Registered number: 10828348)

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

5. TANGIBLE FIXED ASSETS
Office Computer
equipment equipment Totals
£    £    £   
COST
At 1 September 2022 19,775 29,268 49,043
Additions 31,494 6,090 37,584
Disposals - (541 ) (541 )
At 31 August 2023 51,269 34,817 86,086
DEPRECIATION
At 1 September 2022 2,193 15,241 17,434
Charge for year 8,762 5,994 14,756
Eliminated on disposal - (15 ) (15 )
At 31 August 2023 10,955 21,220 32,175
NET BOOK VALUE
At 31 August 2023 40,314 13,597 53,911
At 31 August 2022 17,582 14,027 31,609


6. STOCKS
2023 2022
£    £   
Stocks 107,637 80,500

Stocks have been valued at the lower of cost and estimated selling price less costs to sell.

7. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 523,283 525,097
Amounts owed by related undertakings 814,691 405,731
Other debtors 309,451 456,178
Directors' current accounts 165,248 161,726
Prepayments and accrued income 453,191 424,384
2,265,864 1,973,116

Amounts falling due after more than one year:
Other debtors 151,000 -

Aggregate amounts 2,416,864 1,973,116

Colewood Automotive Limited (Registered number: 10828348)

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

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 2,591,677 2,500,448
Taxation and social security 37,216 -
Other creditors 8,474 14,277
Accruals and deferred income 1,054,795 582,589
3,702,162 3,107,314

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 2-5 years 23,528 34,776

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 139,929 127,993

Deferred
tax
£   
Balance at 1 September 2022 127,993
Accelerated capital allowances 11,936
Balance at 31 August 2023 139,929

11. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary A shares £0.01 1 1
375 Ordinary B shares £0.01 4 4
5 5

Colewood Automotive Limited (Registered number: 10828348)

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

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

2023 2022
£    £   
T M Coleman
Balance outstanding at start of year 161,726 218,171
Amounts advanced 181,038 169,200
Amounts repaid (177,516 ) (225,645 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 165,248 161,726

No interest has been charged and there are no set repayment terms.

13. RELATED PARTY DISCLOSURES

2023 2022
£ £
Amount due from owners holding a participating interest 30,000 30,000
No interest was charged during the year.