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Registered number: 00535642









HENDON WAY MOTORS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2023

 
HENDON WAY MOTORS LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF HENDON WAY MOTORS LIMITED
FOR THE YEAR ENDED 31 AUGUST 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Hendon Way Motors Limited for the year ended 31 August 2023 which comprise  the Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the director of Hendon Way Motors Limited in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Hendon Way Motors Limited and state those matters that we have agreed to state to the director of Hendon Way Motors Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hendon Way Motors Limited and its director for our work or for this report. 

It is your duty to ensure that Hendon Way Motors Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Hendon Way Motors Limited. You consider that Hendon Way Motors Limited is exempt from the statutory audit requirement for the year.



  



Nyman Libson Paul LLP
Chartered Accountants
124 Finchley Road
London
NW3 5JS
26 June 2024
Page 1

 
HENDON WAY MOTORS LIMITED
REGISTERED NUMBER: 00535642

STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,060,299
1,019,092

Current assets
  

Stocks
  
578,750
772,334

Debtors: amounts falling due within one year
 5 
951,530
967,435

Cash at bank and in hand
 6 
181,426
298

  
1,711,706
1,740,067

Current liabilities
  

Creditors: Amounts Falling Due Within One Year
  
(728,918)
(818,092)

Net current assets
  
 
 
982,788
 
 
921,975

Total assets less current liabilities
  
2,043,087
1,941,067

Creditors: amounts falling due after more than one year
 7 
(25,802)
(35,815)

Net assets
  
2,017,285
1,905,252


Capital and reserves
  

Called up share capital 
 9 
1,000
1,000

Profit and loss account
  
2,016,285
1,904,252

  
2,017,285
1,905,252


Page 2

 
HENDON WAY MOTORS LIMITED
REGISTERED NUMBER: 00535642
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 AUGUST 2023

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 June 2024.




A J Pozner
Director

The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
HENDON WAY MOTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1.


General information

Hendon Way Motors Limited is a private company limited by shares incorporated in England and Wales. The registered office is 124 Finchley Road, London, NW3 5JS. The principal place of business is 393-395 Hendon Way, London, NW4 3LP.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

  
2.2

Revenue

Turnover is recognised at the fair value of the consideration received or receivable for provided in the normal course of business and is shown net of VAT and other sales related taxes.
Sale of cars 
The company operates a retail used car showroom selling classic and sports cars to the general public. Sale of cars are recognised at point of delivery.
Management Fees 
Management fees are recognised when the management service has been rendered. Management fees are measured at the fair value of consideration received. 

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.4

Foreign currency translation

Functional and presentation currency
The company's functional and presentational currency is GBP.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 
HENDON WAY MOTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

 
2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
HENDON WAY MOTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on both a straight line and reducing balance basis..

Depreciation is provided on the following basis:

Freehold property
-
1%
straight line basis
Long-term leasehold property
-
Nil
Plant and machinery
-
20%
reducing balance basis
Fixtures and fittings
-
20%
reducing balance basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.
At each balance sheet date, stocks are assessed for impairment. If stock is 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.

  
2.12

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.14

Creditors

Short term creditors are measured at the transaction price.

 
2.15

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Page 6

 
HENDON WAY MOTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)


2.15
Financial instruments (continued)


Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 7

 
HENDON WAY MOTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

4.


Tangible fixed assets





Land and buildings
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 September 2022
1,109,669
8,166
1,117,835


Additions
51,286
-
51,286



At 31 August 2023

1,160,955
8,166
1,169,121



Depreciation


At 1 September 2022
94,758
3,985
98,743


Charge for the year on owned assets
9,243
836
10,079



At 31 August 2023

104,001
4,821
108,822



Net book value



At 31 August 2023
1,056,954
3,345
1,060,299



At 31 August 2022
1,014,911
4,181
1,019,092


5.


Debtors

2023
2022
£
£


Other debtors
786,557
869,363

Prepayments
3,133
3,133

Tax recoverable
161,840
94,939

951,530
967,435


Page 8

 
HENDON WAY MOTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
181,426
298

Less: bank overdrafts
-
(153,447)

181,426
(153,149)



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loan
25,802
35,815



8.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year
  

Bank loan
  
10,013
10,013

Amounts falling due 1-2 years
  

Bank loan
  
20,000
20,000

Amounts falling due 2-5 years
  

Bank loan
  
5,802
15,815

  
35,815
45,828



9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



500 (2022 - 500) Ordinary A shares of £1.00 each
500
500
500 (2022 - 500) Ordinary B shares of £1.00 each
500
500

1,000

1,000


Page 9

 
HENDON WAY MOTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

10.


Related party transactions

During the year the company received interest of £24,000 (2022: £24,000) on a loan balance receivable  included within other debtors amounting to £45,828 (2022: £327,830) from Caslin Limited, a company owned by Mr A J Pozner and Mrs E Pozner. 
In addition, during the year the company also received a management fee of £5,801 (2022: £8,550) from Caslin Limited for the management of properties.
At the reporting date the director owed £679,525 (2022: £481,300) to the company. Interest of £12,914 (2022: £4,744) was paid on this loan during the year.

 
Page 10