Registered number
00618942
Worths Motor Services Limited
Unaudited Filleted Accounts
31 January 2024
Worths Motor Services Limited
Registered number: 00618942
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 698,150 256,711
Current assets
Stocks 105,719 102,363
Debtors 4 69,528 67,143
Cash at bank and in hand 252,260 315,085
427,507 484,591
Creditors: amounts falling due within one year 5 (255,614) (200,245)
Net current assets 171,893 284,346
Total assets less current liabilities 870,043 541,057
Creditors: amounts falling due after more than one year 6 (410,009) (89,188)
Provisions for liabilities (37,558) (35,203)
Net assets 422,476 416,666
Capital and reserves
Called up share capital 10,000 10,000
Profit and loss account 412,476 406,666
Shareholders' funds 422,476 416,666
The directors are 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 directors acknowledge their 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.
P E Worth
Director
Approved by the board on 24 July 2024
Worths Motor Services Limited
Notes to the Accounts
for the year ended 31 January 2024
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.
Grants
Grants are recognised under the Accrual Model whereby revenue grants are matched with related expenditure, if any, and capital grants systematically with the useful economic life of related underlying assets. Grants are only recognised when there is reasonable assurance that any conditions attaching to them will be met and that the grant will be received.
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:
Leasehold land and buildings over the lease term
Vehicles over 10 years
Other plant, fixtures, fittings, tools and equipment over 4 to 14 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 18 16
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 February 2023 110,209 446,737 1,295,309 1,852,255
Additions - 44,458 493,822 538,280
Disposals - (97,622) (330,364) (427,986)
At 31 January 2024 110,209 393,573 1,458,767 1,962,549
Depreciation
At 1 February 2023 110,209 436,431 1,048,904 1,595,544
Charge for the year - 7,463 87,428 94,891
On disposals - (95,672) (330,364) (426,036)
At 31 January 2024 110,209 348,222 805,968 1,264,399
Net book value
At 31 January 2024 - 45,351 652,799 698,150
At 31 January 2023 - 10,306 246,405 256,711
4 Debtors 2024 2023
£ £
Trade debtors 14,978 12,643
Other debtors 35,756 33,098
Prepayments and accrued income 18,794 21,402
69,528 67,143
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 110 -
Obligations under finance lease and hire purchase contracts 96,050 39,894
Trade creditors 138,571 132,668
Taxation and social security costs 8,821 12,783
Other creditors 5,968 9,975
Accruals and deferred income 6,094 4,925
255,614 200,245
6 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 409,277 89,188
Accruals and deferred income 732 -
410,009 89,188
7 Loans 2024 2023
£ £
Creditors include:
Secured loans 505,327 129,083
The above amounts relate to hire purchase contracts secured on the assets concerned.
8 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 27,881 -
9 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr P E Worth
Loan account - 823 (650) 173
- 823 (650) 173
10 Related party transactions 2024 2023
£ £
Drectors' joint account
Director
During the year the company rented leasehold premises from the estate of R.E. Worth. The bank has a charge over this land and buildings.
Rent credited to above account - 12,000
Rent drawn in cash 24,000 18,000
Total rent 24,000 30,000
Other than as reported above, transactions on this account were transfers in, expenses and dividends credited of £400 (2023: £20,450), transfers out and sums charged of £4,408 (2023: £14,431). Overdrawn balances are subject to an interest charge of 4.5% p.a.
Amount due from (to) the related party (5,966) (9,974)
P E Worth
Director
Personal expenses met by the company and interest charged amounted to £823, of which £650 was repaid during the year. Overdrawn balances are subject to an interest charge of 4.5% p.a.
Amount due from (to) the related party 173 -
Loan to director's family member
In addition to the above, an interest-free loan made to a director's family member during the previous year was repaid. A new loan of £20,000 was made during the year also repayable in equal monthly instalments over twelve months. Finance costs have not been accounted for in relation to these loans under FRS102 Section 11 on grounds of immateriality.
Ammout due from the related party 16,660 14,175
11 Controlling party
The estate of Mr R.E. Worth is the company's controlling related party by virtue of owning more than 50% of the issued ordinary share capital of the company.
12 Other information
Worths Motor Services Limited is a private company limited by shares and incorporated in England under registration number 00618942. Its registered office is:
The Garage
Enstone
Chipping Norton
Oxfordshire
OX7 4LQ
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