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Registration number: 03715221

Salisbury & District Value Cars Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 March 2023

 

Salisbury & District Value Cars Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 10

 

Salisbury & District Value Cars Limited

Company Information

Directors

Mr Adrian Sainsbury

Ms Claire Louise Sainsbury

Registered office

Unit 7 & 8, Norton Enterprise Park
Whittle Road
Churchfields Industrial Estate
Salisbury
Wiltshire
SP2 7YS

 

Salisbury & District Value Cars Limited

(Registration number: 03715221)
Abridged Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

188,770

240,201

Investment property

81,000

81,000

 

269,770

321,201

Current assets

 

Debtors

297,022

181,164

Cash at bank and in hand

 

851

4,389

 

297,873

185,553

Prepayments and accrued income

 

11,642

68,493

Creditors: Amounts falling due within one year

5.1

(383,098)

(385,955)

Net current liabilities

 

(73,583)

(131,909)

Total assets less current liabilities

 

196,187

189,292

Creditors: Amounts falling due after more than one year

5.2

(112,307)

(159,182)

Provisions for liabilities

-

20,773

Accruals and deferred income

 

(33,550)

(5,670)

Net assets

 

50,330

45,213

Capital and reserves

 

Called up share capital

6

230

230

Other reserves

27,686

27,686

Retained earnings

22,414

17,297

Shareholders' funds

 

50,330

45,213

For the financial year ending 31 March 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

Salisbury & District Value Cars Limited

(Registration number: 03715221)
Abridged Balance Sheet as at 31 March 2023

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 18 April 2024 and signed on its behalf by:
 

.........................................
Mr Adrian Sainsbury
Director

 

Salisbury & District Value Cars Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

1

General information

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

The address of its registered office is:
Unit 7 & 8, Norton Enterprise Park
Whittle Road
Churchfields Industrial Estate
Salisbury
Wiltshire
SP2 7YS

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 abridged 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 abridged 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.

Parent Company

At the Balance Sheet date Salisbury & District Value Cars Limited was a subsidiary of Wiltshire Group Holdings Ltd, a company incorporated in England.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

Salisbury & District Value Cars Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

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 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.

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

Plant and machinery

15% reducing balance basis

Motor vehicles

25% straight line basis

Furniture and fittings

15% reducing balance basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

Trade 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.

 

Salisbury & District Value Cars Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 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 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Salisbury & District Value Cars Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

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 (including directors) during the year, was 10 (2022 - 12).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

125,000

254,612

429,487

809,099

Additions

-

1,485

-

1,485

Disposals

-

(19,501)

(44,693)

(64,194)

At 31 March 2023

125,000

236,596

384,794

746,390

Depreciation

At 1 April 2022

-

215,872

353,026

568,898

Charge for the year

-

5,618

43,148

48,766

Eliminated on disposal

-

(17,475)

(42,569)

(60,044)

At 31 March 2023

-

204,015

353,605

557,620

Carrying amount

At 31 March 2023

125,000

32,581

31,189

188,770

At 31 March 2022

125,000

38,740

76,461

240,201

Included within the net book value of land and buildings above is £125,000 (2022 - £125,000) in respect of freehold land and buildings.
 

Investment properties

2023
£

At 1 April

81,000

The directors have considered that the investment property currently has a market value of £270,000, with £81,000 representing the value of the company's interest in the property.

 

Salisbury & District Value Cars Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

There has been no valuation of investment property by an independent valuer.

5

Creditors

Creditors: amounts falling due within one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £48,050 (2022 - £66,073).

Creditors: amounts falling due after more than one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £112,307 (2022 - £159,182).

Creditors include bank loans repayable by instalments of £57,231 (2022 - £49,311) due after more than five years.

6

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A Shares of £1 each

200

200

200

200

Ordinary B Shares of £1 each

30

30

30

30

 

230

230

230

230

7

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £145,247 (2022 - £13,300). The company has entered into three lease hire agreements. Total hire charges that remain payable under the contracts are as per the above.

 

Salisbury & District Value Cars Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

8

Related party transactions

Transactions with directors

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Director 1

-

-

-

-

Director 3

38,988

-

(18,960)

20,028

Director 5

10,924

10,657

-

21,581

 

49,912

10,657

(18,960)

41,609

       

 

2022

At 1 April 2021
£

Repayments by director
£

At 31 March 2022
£

Director 1

76,367

(76,367)

-

Director 3

50,247

(11,259)

38,988

Director 5

267

10,657

10,924

 

126,881

(76,969)

49,912

     

 

 

Salisbury & District Value Cars Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

Summary of transactions with other related parties

Value Airports Transfers Ltd, Exec Connect (UK) Ltd and Value Group Training Services Ltd.
 During the year Salisbury & District Value cars ltd received money and made payments on behalf of it's sister companies.
 

Loans to related parties

2023

Other related parties
£

Total
£

At start of period

3,618

3,618

Advanced

120,146

120,146

Repaid

(1,356)

(1,356)

At end of period

122,408

122,408

2022

Other related parties
£

Total
£

At start of period

22,352

22,352

Advanced

20,751

20,751

Impairment

(39,485)

(39,485)

At end of period

3,618

3,618

Loans from related parties

2023

Other related parties
£

Total
£

At start of period

100

100

At end of period

100

100

2022

Other related parties
£

Total
£

At start of period

433,385

433,385

Repaid

(265,291)

(265,291)

Impairment

(167,994)

(167,994)

At end of period

100

100