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REGISTERED NUMBER: 03280947 (England and Wales)















CHRIS WAITE CAR SALES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023






CHRIS WAITE CAR SALES LIMITED (REGISTERED NUMBER: 03280947)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 9


CHRIS WAITE CAR SALES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTORS: Mr N J F Waite
Mrs L M Waite
Mr H Waite



REGISTERED OFFICE: 16 Lambourne Crescent
Cardiff Business Park
Llanishen
Cardiff
South Glamorgan
CF14 5GF



REGISTERED NUMBER: 03280947 (England and Wales)



ACCOUNTANTS: Johns Jones & Lo Limited
Chartered Accountants & Registered Auditors
16 Lambourne Crescent
Cardiff Business Park
Llanishen
Cardiff
CF14 5GF



BANKERS: Barclays Bank
Blackwood Business Centre
PO Box 31
85 High Street
Blackwood
Blaenau Gwent
NP12 1ZA

CHRIS WAITE CAR SALES LIMITED (REGISTERED NUMBER: 03280947)

BALANCE SHEET
31ST DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 417,307 394,400
417,307 394,400

CURRENT ASSETS
Stocks 511,493 567,356
Debtors 6 20,217 93,908
531,710 661,264
CREDITORS
Amounts falling due within one year 7 386,307 229,191
NET CURRENT ASSETS 145,403 432,073
TOTAL ASSETS LESS CURRENT
LIABILITIES

562,710

826,473

CREDITORS
Amounts falling due after more than one
year

8

15,000

212,946
NET ASSETS 547,710 613,527

CAPITAL AND RESERVES
Called up share capital 150 150
Retained earnings 547,560 613,377
SHAREHOLDERS' FUNDS 547,710 613,527

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

CHRIS WAITE CAR SALES LIMITED (REGISTERED NUMBER: 03280947)

BALANCE SHEET - continued
31ST DECEMBER 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12th August 2024 and were signed on its behalf by:





Mr N J F Waite - Director


CHRIS WAITE CAR SALES LIMITED (REGISTERED NUMBER: 03280947)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023

1. STATUTORY INFORMATION

Chris Waite Car Sales Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The accounts have been prepared on a going concern basis.

Significant judgements and estimates
Preparation of the financial statements requires management to make significant judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the statement of financial position date and the amounts reported for revenues and expenses during the period. However, the nature of estimation means that actual outcomes could differ from those estimates.

Recoverability of debtors
Estimation is involved in the assessment of the recoverability of debtors and the calculation of the associated bad debt provision. Factors such as the age of the debt, prior experience and recoverability statistics are included in management's assessment.

Useful economic lives of tangible fixed assets
Tangible fixed assets are depreciated over their useful economic lives taking into account residual values, where appropriate. Management regularly reviews the assets' useful economic lives. Changes in assets' useful economic lives can have a significant impact on depreciation for the period. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Provision for impairments
Tangible fixed assets are reviewed for signs of impairment each year and written down accordingly. All tangible fixed assets are reviewed by management in conjunction with market data and other relevant information. Changes in any of the factors considered for impairments can affect the value reported in the financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 1997, is being amortised evenly over its estimated useful life of ten years.

This relates to an asset acquired in 1997. This has now been fully written off.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

CHRIS WAITE CAR SALES LIMITED (REGISTERED NUMBER: 03280947)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold Property - 1% or 2% straight line
Fixtures & Fittings - 15% reducing balance
Motor Vehicles - 25% on reducing balance
Equipment - 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from banks. Debt instruments (other than those wholly repayable or receivable within one year), including loans and account receivables and payables, are initially measured at the transaction price (adjusted for transaction cost) and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangement constitutes a financing transaction, such as a trade debtor or creditor on extended credit terms, initial measurement is at the present value of future cash flows discounted at a market rate of interest. Subsequent measurement is at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is identified, an impairment loss is recognised in the statement of comprehensive income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between carrying amount and the present value of estimated cash flows discounted at the original effective interest rate. If the financial instrument has a variable interest rate the currently effective rate under the contract is used.

A financial asset is derecognised only when the contractual rights to the cash flows from the financial asset expire or are settled or, substantially all of the risks and rewards of ownership of the financial asset have been transferred to another party or when despite having retained some, but not substantially all, risks and rewards of ownership, control of the asset has been transferred to another party and the other party has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer. In this case, the company derecognises the asset and recognises separately any rights and obligations retained or created in the transfer. A financial liability is derecognised when the contract that gives rise to it is settled, sold, cancelled, or expires. Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such as an exchange or modification, this is treated as a derecognition of the original liability, such that the difference in the respective carrying amounts together with any costs or fees incurred are recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


CHRIS WAITE CAR SALES LIMITED (REGISTERED NUMBER: 03280947)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Cash and cash equivalents
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents include cash in hand, and deposits held at call with banks.

Going concern
These financial statements have been prepared on a going concern basis on the grounds that the Directors consider that the Company has sufficient cash resources to enable the Company to continue to meet its liabilities as they fall due.

Debtors
Debtors include trade debtors and certain other financial instruments, prepayments and deferred tax assets.. Prepayments are payments made for goods or services that will be received in the future.

Creditors
Creditors include trade creditors and certain other short and long-term financial instruments.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 12 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st January 2023
and 31st December 2023 350,000
AMORTISATION
At 1st January 2023
and 31st December 2023 350,000
NET BOOK VALUE
At 31st December 2023 -
At 31st December 2022 -

CHRIS WAITE CAR SALES LIMITED (REGISTERED NUMBER: 03280947)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor
property fittings vehicles Equipment Totals
£    £    £    £    £   
COST
At 1st January 2023 493,442 8,071 33,826 11,986 547,325
Additions 29,620 - - - 29,620
At 31st December 2023 523,062 8,071 33,826 11,986 576,945
DEPRECIATION
At 1st January 2023 103,084 7,530 32,368 9,943 152,925
Charge for year 5,961 81 364 307 6,713
At 31st December 2023 109,045 7,611 32,732 10,250 159,638
NET BOOK VALUE
At 31st December 2023 414,017 460 1,094 1,736 417,307
At 31st December 2022 390,358 541 1,458 2,043 394,400

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,572 2,404
Other debtors 11,322 40,372
Directors' current accounts - 36,115
Deferred tax asset 163 6,985
Prepayments and accrued income 7,160 8,032
20,217 93,908

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 224,493 34,254
Trade creditors 48,382 39,165
Tax 7,406 30,606
Social security and other taxes 6,018 5,280
VAT 6,873 9,970
Other creditors 895 967
Net Pay Control 17,677 16,708
Directors' current accounts 60,392 76,682
Accruals and deferred income 14,171 15,559
386,307 229,191

CHRIS WAITE CAR SALES LIMITED (REGISTERED NUMBER: 03280947)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 10,000 22,892
Bank loans - 2-5 years 5,000 63,841
Bank loans more 5 yr by instal - 126,213
15,000 212,946

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 126,213

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 477 6,955
Between one and five years - 317
477 7,272

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 20,007 13,056
Bank loans 219,486 234,144
239,493 247,200

As of November 2022, Barclays Security Trustee Limited has a fixed charge over the property of the company used as security for the loan taken out in the year.

Barclays Bank PLC have a fixed and floating charge over the undertakings and all property of the company, registered in 1997.

11. DEFERRED TAX
£   
Balance at 1st January 2023 (6,985 )
Charge to Income Statement during year 6,822
Balance at 31st December 2023 (163 )

CHRIS WAITE CAR SALES LIMITED (REGISTERED NUMBER: 03280947)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31st December 2023 and 31st December 2022:

2023 2022
£    £   
Mr C B Waite (Dec'd)
Balance outstanding at start of year 36,114 67,597
Amounts advanced 12,752 90,517
Amounts repaid - (122,000 )
Amounts written off (48,866 ) -
Amounts waived - -
Balance outstanding at end of year - 36,114

Mr N J F Waite
Balance outstanding at start of year (76,681 ) (76,981 )
Amounts advanced 16,289 300
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (60,392 ) (76,681 )

The loans from directors are interest free and are repayable upon demand.

13. RELATED PARTY DISCLOSURES

Included within other debtors is an amount due from Fairways Properties of £nil (2022: £10,752). This has been written of to the director's loan account of Chris Waite and subsequently written off.

14. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr N J F Waite.