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Registration number: 04895988

Woodside Garage (Maulden) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Woodside Garage (Maulden) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Woodside Garage (Maulden) Limited

Company Information

Director

Mr Mark Richard Smith

Company secretary

Mrs Anita Margaret Smith

Registered office

Unit 8
Woodside Farm
Clophill Road
Maulden
Bedfordshire
MK45 2AE

Accountants

AIMS Accountants for Business
1 Grimthorpe Close
St Albans
Hertfordshire
AL3 5RW

 

Woodside Garage (Maulden) Limited

(Registration number: 04895988)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

158,505

186,137

Current assets

 

Stocks

5

340,133

564,009

Debtors

6

354,821

28,983

Cash at bank and in hand

 

2,074,479

1,914,399

 

2,769,433

2,507,391

Creditors: Amounts falling due within one year

7

(485,232)

(581,330)

Net current assets

 

2,284,201

1,926,061

Total assets less current liabilities

 

2,442,706

2,112,198

Provisions for liabilities

(34,380)

(37,793)

Net assets

 

2,408,326

2,074,405

Capital and reserves

 

Called up share capital

8

25,000

25,000

Retained earnings

2,383,326

2,049,405

Shareholders' funds

 

2,408,326

2,074,405

 

Woodside Garage (Maulden) Limited

(Registration number: 04895988)
Balance Sheet as at 31 October 2023

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

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.

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 30 July 2024
 

.........................................
Mr Mark Richard Smith
Director

   
     

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Woodside Garage (Maulden) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

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

The address of its registered office is:
Unit 8
Woodside Farm
Clophill Road
Maulden
Bedfordshire
MK45 2AE
England

These financial statements were authorised for issue by the director on 30 July 2024.

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 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 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.

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.

 

Woodside Garage (Maulden) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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

25% reducing balance

Motor Vehicles

25% reducing balance

Fixtures and fittings

25% reducing balance

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.

 

Woodside Garage (Maulden) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 8 (2022 - 8).

 

Woodside Garage (Maulden) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

127,407

330,213

457,620

Additions

-

2,300

2,300

Disposals

-

(1,000)

(1,000)

At 31 October 2023

127,407

331,513

458,920

Depreciation

At 1 November 2022

115,577

155,906

271,483

Charge for the year

(4,398)

33,844

29,446

Eliminated on disposal

-

(514)

(514)

At 31 October 2023

111,179

189,236

300,415

Carrying amount

At 31 October 2023

16,228

142,277

158,505

At 31 October 2022

11,830

174,307

186,137

5

stocks

2023
£

2022
£

Finished goods and goods for resale

338,633

564,009

Other inventories

1,500

-

340,133

564,009

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

59,963

22,258

Amounts owed by related parties

10

287,456

-

Prepayments

 

7,402

6,725

   

354,821

28,983

 

Woodside Garage (Maulden) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

223,647

87,896

Taxation and social security

190,400

137,443

Accruals and deferred income

-

218

Other creditors

71,185

355,773

485,232

581,330

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

25,000

25,000

25,000

25,000

         
 

Woodside Garage (Maulden) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

9

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £2.40 (2022 - £2.50) per each Ordinary shares

 

48,000

 

61,225

         

10

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

8,160

8,160