Registered number
06712966
Woods Executive Chauffeur Limited
Unaudited
Filleted Accounts
31 October 2023
Woods Executive Chauffeur Limited
Registered number: 06712966
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 1 1
Tangible assets 4 304,047 209,787
304,048 209,788
Current assets
Debtors 5 10,900 54,190
Cash at bank and in hand 208,660 43,929
219,560 98,119
Creditors: amounts falling due within one year 6 (190,395) (113,568)
Net current assets/(liabilities) 29,165 (15,449)
Total assets less current liabilities 333,213 194,339
Creditors: amounts falling due after more than one year 7 (184,416) (97,843)
Net assets 148,797 96,496
Capital and reserves
Called up share capital 999 999
Profit and loss account 147,798 95,497
Shareholders' funds 148,797 96,496
The director is 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 director acknowledges his 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.
Mr B Wood
Director
Approved by the board on 29 July 2024
Woods Executive Chauffeur Limited
Notes to the Accounts
for the year ended 31 October 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Plant and machinery etc 10% Straight Line
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 November 2022 20,000
At 31 October 2023 20,000
Amortisation
At 1 November 2022 19,999
At 31 October 2023 19,999
Net book value
At 31 October 2023 1
At 31 October 2022 1
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Motor vehicles
£
Cost
At 1 November 2022 249,964
Additions 176,335
Disposals (53,913)
At 31 October 2023 372,386
Depreciation
At 1 November 2022 40,177
Charge for the year 33,783
On disposals (5,621)
At 31 October 2023 68,339
Net book value
At 31 October 2023 304,047
At 31 October 2022 209,787
5 Debtors 2023 2022
£ £
Other debtors 10,900 54,190
6 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 82,206 77,112
Trade creditors 15,494 -
Taxation and social security costs 89,324 33,480
Other creditors 3,371 2,976
190,395 113,568
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 39,154 45,076
Obligations under finance lease and hire purchase contracts 145,262 52,767
184,416 97,843
Company has borrowed bounce back loan of £50,000 payable over 6 years where the repayment will only start after the first anniversary of the loan agreement date. The interest rate on the loan payable is 2.5%, being 0.0% in the first year.
8 Other information
Woods Executive Chauffeur Limited is a private company limited by shares and incorporated in England. Its registered office is:
44 Whitton Drive
Greenford
Middlesex
UB6 0QZ
Woods Executive Chauffeur Limited 06712966 false 2022-11-01 2023-10-31 2023-10-31 VT Final Accounts April 2024 Mr B Wood No description of principal activity 06712966 2021-11-01 2022-10-31 06712966 core:WithinOneYear 2022-10-31 06712966 core:AfterOneYear 2022-10-31 06712966 core:ShareCapital 2022-10-31 06712966 core:RetainedEarningsAccumulatedLosses 2022-10-31 06712966 2022-11-01 2023-10-31 06712966 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 06712966 bus:AuditExempt-NoAccountantsReport 2022-11-01 2023-10-31 06712966 bus:Director40 2022-11-01 2023-10-31 06712966 1 2022-11-01 2023-10-31 06712966 2 2022-11-01 2023-10-31 06712966 core:Vehicles 2022-11-01 2023-10-31 06712966 countries:England 2022-11-01 2023-10-31 06712966 bus:FRS102 2022-11-01 2023-10-31 06712966 bus:FilletedAccounts 2022-11-01 2023-10-31 06712966 2023-10-31 06712966 core:WithinOneYear 2023-10-31 06712966 core:AfterOneYear 2023-10-31 06712966 core:ShareCapital 2023-10-31 06712966 core:RetainedEarningsAccumulatedLosses 2023-10-31 06712966 core:Goodwill 2023-10-31 06712966 core:Vehicles 2023-10-31 06712966 2022-10-31 06712966 core:Goodwill 2022-10-31 06712966 core:Vehicles 2022-10-31 iso4217:GBP xbrli:pure