Registered number
11031869
MY FOUR WHEELS LTD
Filleted Accounts
31 March 2023
MY FOUR WHEELS LTD
Registered number: 11031869
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 5,529 4,235
Current assets
Debtors 4 85,967 200,172
Cash at bank and in hand 481,827 244,186
567,794 444,358
Creditors: amounts falling due within one year 5 (301,070) (213,315)
Net current assets 266,724 231,043
Net assets 272,253 235,278
Capital and reserves
Called up share capital 150 150
Profit and loss account 272,103 235,128
Shareholders' funds 272,253 235,278
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Christopher Mark Somers
Director
Approved by the board on 2 February 2024
MY FOUR WHEELS LTD
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Office equipment 25% Reducing balance method
Computer Equipment 33% Straight line method
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 19 8
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022 6,695
Additions 3,409
At 31 March 2023 10,104
Depreciation
At 1 April 2022 2,460
Charge for the year 2,115
At 31 March 2023 4,575
Net book value
At 31 March 2023 5,529
At 31 March 2022 4,235
4 Debtors 2023 2022
£ £
Trade debtors 29,616 132,246
Intercompany Loan - M4W DS Ltd 448 250
Director's Current Account 256 4,904
Test Fee control account - 7,126
Rent deposit 1,086 1,085
ATB - Intercompany loan 54,561 54,561
85,967 200,172
5 Creditors: amounts falling due within one year 2023 2022
£ £
Pupil and Lesson Money 15,527 27,400
Net wages 25,848 1,278
Pension payable 1,016 1,206
Intercompany Loans - SYNC 100 100
ADI Course - Disbursement account 167,233 -
PAYE 4,430 -
VAT 19,853 77,343
Trade creditors 11,014 15,467
Taxation and social security costs 56,049 90,521
301,070 213,315
6 Other information
MY FOUR WHEELS LTD is a private company limited by shares and incorporated in England. Its registered office is:
16 Clifton Moor Business Village
James Nicolson Link
York, England
YO30 4XG
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