Company Registration No. 06327343 (England and Wales)
POPLAR MOTORS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
POPLAR MOTORS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
POPLAR MOTORS LIMITED
BALANCE SHEET
AS AT
31 JULY 2023
31 July 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
10,211
11,672
Current assets
Stocks
107,697
230,724
Debtors
6
36,672
23,117
Cash at bank and in hand
52,485
12,190
196,854
266,031
Creditors: amounts falling due within one year
Loans and overdrafts
11,783
12,101
Taxation and social security
109,710
97,869
Other creditors
7
129,948
177,543
251,441
287,513
Net current liabilities
(54,587)
(21,482)
Total assets less current liabilities
(44,376)
(9,810)
Creditors: amounts falling due after more than one year
Loans and overdrafts
19,903
29,648
(19,903)
(29,648)
Net liabilities
(64,279)
(39,458)
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
(64,379)
(39,558)
Total equity
(64,279)
(39,458)
POPLAR MOTORS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2023
31 July 2023
- 2 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 30 July 2024 and are signed on its behalf by:
Mr D C Lister
Director
Company Registration No. 06327343
POPLAR MOTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 3 -
1
Accounting policies
Company information

Poplar Motors Limited is a private company limited by shares incorporated in England and Wales. The registered office is Old Road, Chesterfield, Derbyshire, S40 2QZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.true

1.3
Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of goods.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
33% reducing balance
Fixtures and fittings
15% reducing balance
Computer equipment
33% reducing balance
Motor vehicles
20% reducing balance and 10% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

POPLAR MOTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

 

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

 

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

POPLAR MOTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 5 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was 7 (2022 - 6).

2023
2022
Number
Number
Total
7
6
4
Intangible fixed assets
Goodwill
£
Cost
At 1 August 2022 and 31 July 2023
15,000
Amortisation and impairment
At 1 August 2022 and 31 July 2023
15,000
Carrying amount
At 31 July 2023
-
0
At 31 July 2022
-
0
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2022
64,178
Additions
512
At 31 July 2023
64,690
Depreciation and impairment
At 1 August 2022
52,506
Depreciation charged in the year
1,973
At 31 July 2023
54,479
Carrying amount
At 31 July 2023
10,211
At 31 July 2022
11,672
POPLAR MOTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 6 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
23,330
4,096
Other debtors
12,072
18,741
Prepayments and accrued income
1,270
280
36,672
23,117
7
Other creditors falling due within one year
2023
2022
£
£
Trade creditors
32,757
62,616
Other creditors
97,055
114,825
Accruals and deferred income
136
102
129,948
177,543
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
2023-07-312022-08-01falseCCH SoftwareCCH Accounts Production 2024.100No description of principal activityMr David C ListerMrs D F Listerfalsefalse063273432022-08-012023-07-31063273432023-07-31063273432022-07-3106327343core:OtherPropertyPlantEquipment2023-07-3106327343core:OtherPropertyPlantEquipment2022-07-3106327343core:CurrentFinancialInstrumentscore:WithinOneYear2023-07-3106327343core:CurrentFinancialInstrumentscore:WithinOneYear2022-07-3106327343core:CurrentFinancialInstruments2023-07-3106327343core:CurrentFinancialInstruments2022-07-3106327343core:Non-currentFinancialInstruments2023-07-3106327343core:Non-currentFinancialInstruments2022-07-3106327343core:ShareCapital2023-07-3106327343core:ShareCapital2022-07-3106327343core:RetainedEarningsAccumulatedLosses2023-07-3106327343core:RetainedEarningsAccumulatedLosses2022-07-3106327343bus:Director12022-08-012023-07-3106327343core:PlantMachinery2022-08-012023-07-3106327343core:FurnitureFittings2022-08-012023-07-3106327343core:ComputerEquipment2022-08-012023-07-3106327343core:MotorVehicles2022-08-012023-07-31063273432021-08-012022-07-3106327343core:NetGoodwill2022-07-3106327343core:NetGoodwill2023-07-3106327343core:NetGoodwill2022-07-3106327343core:OtherPropertyPlantEquipment2022-07-3106327343core:OtherPropertyPlantEquipment2022-08-012023-07-310632734312023-07-310632734322023-07-3106327343bus:PrivateLimitedCompanyLtd2022-08-012023-07-3106327343bus:SmallCompaniesRegimeForAccounts2022-08-012023-07-3106327343bus:FRS1022022-08-012023-07-3106327343bus:AuditExempt-NoAccountantsReport2022-08-012023-07-3106327343bus:Director22022-08-012023-07-3106327343bus:FullAccounts2022-08-012023-07-31xbrli:purexbrli:sharesiso4217:GBP