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Registration number: 00835567

Five Square Motors Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2023

 

Five Square Motors Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Five Square Motors Limited

(Registration number: 00835567)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

602,450

614,206

Current assets

 

Stocks

5

17,855

18,297

Debtors

6

25,311

28,883

Cash at bank and in hand

 

9,893

64

 

53,059

47,244

Creditors: Amounts falling due within one year

7

(132,803)

(119,520)

Net current liabilities

 

(79,744)

(72,276)

Total assets less current liabilities

 

522,706

541,930

Creditors: Amounts falling due after more than one year

7

(27,003)

(53,359)

Provisions for liabilities

(7,464)

(8,755)

Net assets

 

488,239

479,816

Capital and reserves

 

Called up share capital

3,000

3,000

Revaluation reserve

460,266

466,616

Retained earnings

24,973

10,200

Shareholders' funds

 

488,239

479,816

 

Five Square Motors Limited

(Registration number: 00835567)
Balance Sheet as at 30 September 2023

For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 8 April 2024 and signed on its behalf by:
 

S T Mowbray
Director

B M Mowbray
Director

 
     
 

Five Square Motors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Salisbury Road
Shaftesbury
Dorset
SP7 8BU

These financial statements were authorised for issue by the Board on 8 April 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Five Square Motors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Freehold property is stated in the Balance Sheet at a valuation amount obtained during the year ended 30 September 2013, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold land

Nil

Freehold property

2% straight line

Property improvements

10% or 20% straight line

Furniture, fittings and equipment

15% reducing balance or 33% straight line

Motor vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Five Square Motors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress 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. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Five Square Motors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 6 (2022 - 8).

 

Five Square Motors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

4

Tangible assets

Freehold land and buildings
£

Property improvements
 £

Furniture, fittings and equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2022

635,000

133,880

146,734

20,410

936,024

Additions

-

-

2,558

-

2,558

Disposals

-

-

(34,501)

(15,910)

(50,411)

At 30 September 2023

635,000

133,880

114,791

4,500

888,171

Depreciation

At 1 October 2022

57,150

130,007

114,976

19,685

321,818

Charge for the year

6,350

968

4,870

150

12,338

Eliminated on disposal

-

-

(32,650)

(15,785)

(48,435)

At 30 September 2023

63,500

130,975

87,196

4,050

285,721

Carrying amount

At 30 September 2023

571,500

2,905

27,595

450

602,450

At 30 September 2022

577,850

3,873

31,758

725

614,206

Included within the net book value of land and buildings above is £571,500 (2022 - £577,850) in respect of freehold land and buildings.
 

 

Five Square Motors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

5

Stocks

2023
£

2022
£

Finished goods and goods for resale

17,855

18,297

6

Debtors

2023
£

2022
£

Trade debtors

21,624

24,837

Other debtors

3,324

4,046

Prepayments

363

-

25,311

28,883

7

Creditors

Due within one year

Note

2023
£

2022
£

 

Loans and borrowings

8

30,863

39,870

Trade creditors

 

54,000

43,363

Amounts due to related parties

9

7,553

591

Social security and other taxes

 

12,647

7,886

Other creditors

 

2,252

1,256

Accruals

 

4,600

5,743

Corporation tax liability

18,317

19,485

Deferred income

 

2,571

1,326

 

132,803

119,520

Due after one year

 

Loans and borrowings

8

27,003

53,359


There is a fixed and floating charge over the company's assets in respect of the bank loans.

 

Five Square Motors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

27,003

53,359

2023
£

2022
£

Current loans and borrowings

Bank borrowings

30,863

37,713

Bank overdrafts

-

2,157

30,863

39,870

9

Related party transactions

Loans from related parties

2023

Key management
£

Total
£

At start of period

591

591

Advanced

15,750

15,750

Repaid

(8,788)

(8,788)

At end of period

7,553

7,553

2022

Key management
£

Total
£

At start of period

107

107

Advanced

15,000

15,000

Repaid

(14,516)

(14,516)

At end of period

591

591

No interest was charged on the above loans and the loans are repayable on demand.