Caseware UK (AP4) 2023.0.135 2023.0.135 2023-06-302023-06-302022-07-01falseNo description of principal activity1211truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06947842 2022-07-01 2023-06-30 06947842 2021-07-01 2022-06-30 06947842 2023-06-30 06947842 2022-06-30 06947842 c:Director1 2022-07-01 2023-06-30 06947842 d:Buildings 2022-07-01 2023-06-30 06947842 d:Buildings 2023-06-30 06947842 d:Buildings 2022-06-30 06947842 d:Buildings d:LongLeaseholdAssets 2022-07-01 2023-06-30 06947842 d:Buildings d:LongLeaseholdAssets 2023-06-30 06947842 d:Buildings d:LongLeaseholdAssets 2022-06-30 06947842 d:LandBuildings 2023-06-30 06947842 d:LandBuildings 2022-06-30 06947842 d:PlantMachinery 2022-07-01 2023-06-30 06947842 d:PlantMachinery 2023-06-30 06947842 d:PlantMachinery 2022-06-30 06947842 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 06947842 d:MotorVehicles 2022-07-01 2023-06-30 06947842 d:MotorVehicles 2023-06-30 06947842 d:MotorVehicles 2022-06-30 06947842 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 06947842 d:FurnitureFittings 2022-07-01 2023-06-30 06947842 d:FurnitureFittings 2023-06-30 06947842 d:FurnitureFittings 2022-06-30 06947842 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 06947842 d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 06947842 d:FreeholdInvestmentProperty 2022-07-01 2023-06-30 06947842 d:FreeholdInvestmentProperty 2023-06-30 06947842 d:CurrentFinancialInstruments 2023-06-30 06947842 d:CurrentFinancialInstruments 2022-06-30 06947842 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 06947842 d:CurrentFinancialInstruments d:WithinOneYear 2022-06-30 06947842 d:ShareCapital 2023-06-30 06947842 d:ShareCapital 2022-06-30 06947842 d:RetainedEarningsAccumulatedLosses 2023-06-30 06947842 d:RetainedEarningsAccumulatedLosses 2022-06-30 06947842 c:FRS102 2022-07-01 2023-06-30 06947842 c:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 06947842 c:FullAccounts 2022-07-01 2023-06-30 06947842 c:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 06947842 d:WithinOneYear 2023-06-30 06947842 d:WithinOneYear 2022-06-30 06947842 2 2022-07-01 2023-06-30 06947842 d:AcceleratedTaxDepreciationDeferredTax 2023-06-30 06947842 d:AcceleratedTaxDepreciationDeferredTax 2022-06-30 06947842 e:PoundSterling 2022-07-01 2023-06-30 iso4217:GBP xbrli:pure

Registered number: 06947842










WARNE MOTORS BURY LTD








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

 
WARNE MOTORS BURY LTD
REGISTERED NUMBER:06947842

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
244,436
340,834

Investment property
 5 
474,255
-

  
718,691
340,834

Current assets
  

Stocks
  
16,869
36,885

Debtors: amounts falling due within one year
 6 
94,580
239,135

Cash at bank and in hand
  
313,997
411,896

  
425,446
687,916

Creditors: amounts falling due within one year
 7 
(175,798)
(155,192)

Net current assets
  
 
 
249,648
 
 
532,724

Total assets less current liabilities
  
968,339
873,558

Provisions for liabilities
  

Deferred tax
 8 
(11,238)
(33,582)

  
 
 
(11,238)
 
 
(33,582)

Net assets
  
957,101
839,976


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
956,101
838,976

  
957,101
839,976


Page 1

 
WARNE MOTORS BURY LTD
REGISTERED NUMBER:06947842
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




A W Warne
Director

Date: 5 March 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
WARNE MOTORS BURY LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

Warne Motors Bury Limited is a private company limited by shares and incorporated in England and Wales, registration number 06947842. The registered office is The Old Appleyard, Long Thurlow Road, Badwell Ash, Bury St Edmunds, Suffolk, IP31 3EX.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
WARNE MOTORS BURY LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

Current and deferred taxation

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

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
WARNE MOTORS BURY LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)


2.6
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
nil
L/Term Leasehold Property
-
Over lease term - 5 years
Plant & machinery
-
10 - 20% straight line
Motor vehicles
-
20% straight line
Fixtures & fittings
-
10 - 33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Investment property

Investment property is carried at fair value determined annually by the director and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 5

 
WARNE MOTORS BURY LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 6

 
WARNE MOTORS BURY LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid.


3.


Employees

The average monthly number of employees, including directors, during the year was 12 (2022 - 11).

Page 7

 
WARNE MOTORS BURY LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

4.


Tangible fixed assets





Freehold Property and Improvem'ts
Plant & machinery
Motor vehicles
Fixtures & fittings
Total

£
£
£
£
£



Cost or valuation


At 1 July 2022
322,017
102,185
526,322
30,818
981,342


Additions
-
2,452
-
249
2,701


Disposals
-
-
(188,476)
-
(188,476)



At 30 June 2023

322,017
104,637
337,846
31,067
795,567



Depreciation


At 1 July 2022
229,655
81,727
303,788
25,338
640,508


Charge for the year on owned assets
3,650
10,143
66,909
2,604
83,306


Disposals
-
-
(172,683)
-
(172,683)



At 30 June 2023

233,305
91,870
198,014
27,942
551,131



Net book value



At 30 June 2023
88,712
12,767
139,832
3,125
244,436



At 30 June 2022
92,362
20,458
222,534
5,480
340,834




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Freehold
86,797
86,797

Property improvements
1,915
5,565

88,712
92,362


Page 8

 
WARNE MOTORS BURY LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

5.


Investment property


Freehold investment property

£



Valuation


Additions at cost
474,255



At 30 June 2023
474,255

The 2023 valuations were made by director, on an open market value for existing use basis.








6.


Debtors

2023
2022
£
£


Trade debtors
23,488
23,265

Other debtors
12,100
159,743

Prepayments and accrued income
9,546
6,681

Tax recoverable
49,446
49,446

94,580
239,135



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
62,270
70,937

Corporation tax
66,057
44,455

Other taxation and social security
41,935
35,074

Other creditors
1,063
1,563

Accruals and deferred income
4,473
3,163

175,798
155,192


Page 9

 
WARNE MOTORS BURY LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

8.


Deferred taxation




2023


£






At beginning of year
(33,582)


Charged to profit or loss
22,344



At end of year
(11,238)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(11,238)
(33,582)

(11,238)
(33,582)


9.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £126,790 (2022 - £5,494). No contributions were payable to the fund at the reporting date.


10.


Commitments under operating leases

At 30 June 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
-
17,250

-
17,250


11.


Transactions with directors

At the year end the director owed the company £Nil (2022: £151,143). Amounts repaid in the year totalled £151,143. Interest is declared as a benefit in kind. 

 
Page 10