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Registration number: 05191000

Elmwood Vehicles Limited

Unaudited Financial Statements

for the Year Ended 31 May 2023

Brebners
Chartered Accountants
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

 

Elmwood Vehicles Limited

Statement of Financial Position as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

20,508

35,023

Current assets

 

Stocks

5

4,610

5,400

Debtors

6

195,921

182,107

Cash at bank and in hand

 

94,587

97,574

 

295,118

285,081

Creditors: Amounts falling due within one year

7

(150,245)

(159,578)

Net current assets

 

144,873

125,503

Total assets less current liabilities

 

165,381

160,526

Creditors: Amounts falling due after more than one year

7

(62,500)

(92,500)

Provisions for liabilities

(5,435)

(8,756)

Net assets

 

97,446

59,270

Capital and reserves

 

Called up share capital

125

125

Retained earnings

97,321

59,145

Shareholders' funds

 

97,446

59,270

For the financial year ending 31 May 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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

Approved and authorised by the Board on 22 February 2024 and signed on its behalf by:
 

.........................................

Mr T J Spencer

Director

Company registration number: 05191000

 

Elmwood Vehicles Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

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

The address of its registered office is:
c/o Brebners
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

The principal activity of the company is that of the maintenance and repair of motor vehicles.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

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.

Going concern

The company made a profit for the period ended 31 May 2023 and had net assets of £97,446 including cash at bank of £94,587 at this date.

The company continues to trade profitably and the directors do not believe the current economic conditions or global conflicts will have a material effect on the company.

On the basis of the above, and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

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 from vehicle maintenance and repair upon contractual completion of the specified works.

Government grants

Grants are accounted for under the accruals model. Grants of a revenue nature are recognised in other income in the same period as the related expenditure.

 

Elmwood Vehicles Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge 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.

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 statement of financial position 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.

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

Leasehold improvements

5% straight line

Plant and machinery

20% straight line

Fixtures and fittings and office equipment

20% straight line

Motor vehicles

25% straight line

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.

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 inventories 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.

 

Elmwood Vehicles Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

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 income statement 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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company during the year, was 9 (2022 - 9).

 

Elmwood Vehicles Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

4

Tangible assets

Leasehold improvements
£

Furniture, fittings and office equipment
£

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 June 2022

13,776

15,494

58,137

89,334

176,741

Additions

-

681

-

499

1,180

Disposals

-

-

-

(26,900)

(26,900)

At 31 May 2023

13,776

16,175

58,137

62,933

151,021

Depreciation

At 1 June 2022

7,802

13,828

31,603

88,485

141,718

Charge for the year

689

1,345

13,267

395

15,696

Eliminated on disposal

-

-

-

(26,901)

(26,901)

At 31 May 2023

8,491

15,173

44,870

61,979

130,513

Carrying amount

At 31 May 2023

5,285

1,002

13,267

954

20,508

At 31 May 2022

5,974

1,666

26,534

849

35,023

5

Stocks

2023
£

2022
£

Stock

4,610

5,400

6

Debtors

2023
£

2022
£

Trade debtors

17,488

12,152

Other debtors

178,433

169,955

195,921

182,107

 

Elmwood Vehicles Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Bank loans and overdrafts

8

30,000

30,000

Trade creditors

 

49,968

45,958

Taxation and social security

 

66,645

78,954

Other creditors

 

3,632

4,666

 

150,245

159,578

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Loans and borrowings

8

62,500

92,500

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank loan

30,000

30,000

2023
£

2022
£

Non-current loans and borrowings

Bank loan

62,500

92,500

The bank loan is secured by a fixed and floating charge over the assets and undertakings of the company.

9

Transactions with Directors

At 31 May 2023 an amount of £124,118 (2022: £137,083) was due from the directors. During the year there were advances of £163,441 and repayments of £180,000. Interest of £3,594 (2022: £3,495) has been charged at 2% and 2.25% p.a. There are no set terms in place.