Registered number
12310315
Nero Ward Motors Limited
Report and Unaudited Accounts for the year ended
30 November 2023
Nero Ward Motors Limited
Report and accounts
Contents
Page
Director's report 1
Accountants' report 2
Profit and loss account 3
Balance sheet 4
Statement of changes in equity 5
Notes to the accounts 6
Nero Ward Motors Limited
Registered number: 12310315
Director's Report
The director presents his report and accounts for the year ended 30 November 2023.
Principal activities
The company's principal activity during the period was that of I.T services, car repairs and maintenance, car storage, and buying and selling of cars.
Directors
The following persons served as directors during the year:
D Lakshitha-Praveen Weerasuriya
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 30 July 2024 and signed on its behalf.
D Lakshitha-Praveen Weerasuriya
Director
Nero Ward Motors Limited
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Nero Ward Motors Limited for the year ended 30 November 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Nero Ward Motors Limited for the year ended 30 November 2023 which comprise of the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity 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, we are subject to its ethical and other professional requirements which are detailed at
www.icaew.com/en/members/regulations-standards-and-guidance
This report is made solely to the Board of Directors of Nero Ward Motors Limited, as a body, in accordance with the terms of our engagement letter dated 17 May 2021. Our work has been undertaken solely to prepare for your approval the accounts of Nero Ward Motors Limited and state those matters that we have agreed to state to the Board of Directors of Nero Ward Motors Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Nero Ward Motors Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Nero Ward Motors Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Nero Ward Motors Limited. You consider that Nero Ward Motors Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Nero Ward Motors Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
CK Partnership Ltd
Chartered Accountants
1 Old Court Mews
311 Chase Road
London
N14 6JS
30 July 2024
Nero Ward Motors Limited
Profit and Loss Account
for the year ended 30 November 2023
2023 2022
£ £
Turnover 43,435 156,771
Cost of sales (8,083) (16,585)
Gross profit 35,352 140,186
Administrative expenses (108,240) (221,046)
Operating loss (72,888) (80,860)
Loss before taxation (72,888) (80,860)
Tax on loss - -
Loss for the financial year (72,888) (80,860)
Nero Ward Motors Limited
Registered number: 12310315
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 449,196 445,208
Investments 4 20,134 20,134
469,330 465,342
Current assets
Debtors 5 24,920 27,747
Cash at bank and in hand 20 39,888
24,940 67,635
Creditors: amounts falling due within one year 6 (12,260) (11,579)
Net current assets 12,680 56,056
Total assets less current liabilities 482,010 521,398
Creditors: amounts falling due after more than one year 7 (641,000) (607,500)
Net liabilities (158,990) (86,102)
Capital and reserves
Called up share capital 100 100
Profit and loss account (159,090) (86,202)
Shareholder's funds (158,990) (86,102)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
D Lakshitha-Praveen Weerasuriya
Director
Approved by the board on 30 July 2024
Nero Ward Motors Limited
Statement of Changes in Equity
for the year ended 30 November 2023
Share Share Re- Profit Total
capital premium valuation and loss
reserve account
£ £ £ £ £
At 1 December 2021 100 - - (5,342) (5,242)
Loss for the financial year (80,860) (80,860)
At 30 November 2022 100 - - (86,202) (86,102)
At 1 December 2022 100 - - (86,202) (86,102)
Loss for the financial year (72,888) (72,888)
At 30 November 2023 100 - - (159,090) (158,990)
Nero Ward Motors Limited
Notes to the Accounts
for the year ended 30 November 2023
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.
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 50 years
Plant and machinery over 10 years
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 6
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 December 2022 363,609 121,323 484,932
Additions 10,705 13,957 24,662
At 30 November 2023 374,314 135,280 509,594
Depreciation
At 1 December 2022 15,465 24,259 39,724
Charge for the year 7,486 13,188 20,674
At 30 November 2023 22,951 37,447 60,398
Net book value
At 30 November 2023 351,363 97,833 449,196
At 30 November 2022 348,144 97,064 445,208
4 Investments
Other
investments
£
Cost
At 1 December 2022 20,134
At 30 November 2023 20,134
5 Debtors 2023 2022
£ £
Trade debtors 22,571 25,181
Other debtors 2,349 2,566
24,920 27,747
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 10,460 6,300
Taxation and social security costs - 3,479
Other creditors 1,800 1,800
12,260 11,579
7 Creditors: amounts falling due after more than one year 2023 2022
£ £
Director's loan 641,000 607,500
8 Transactions with director
Description Paid Repaid C/fwd
£ £ £
01/12/2022 - Balance brought forward - - 607,500
26/05/2023 - Loan to company 6,000 613,500
26/07/2023 - Loan to company 2,500 616,000
18/08/2023 - Loan to company 3,500 619,500
22/09/2023 - Loan to company 5,000 624,500
26/10/2023 - Loan to company 16,500 641,000
33,500 - 641,000
9 Related party transactions
Included in director's loan is £641,000 (2022 - £607,500) on an interest free basis from the director Mr Don Lakshitha Praveen Weerasuriya to the company.

The breakdown of the transfers that form the director's loan are scheduled in note 8.
10 Controlling party
The ultimate controlling party is the director D Lakshitha-Praveen Weerasuriya, who holds 100% of the issued share capital of the company.
11 Other information
Nero Ward Motors Limited is a private company limited by shares and incorporated in England. Its registered office is:
1 Old Court Mews
311 Chase Road
London
N14 6JS
Nero Ward Motors Limited 12310315 false 2022-12-01 2023-11-30 2023-11-30 VT Final Accounts April 2022 12310315 2021-12-01 2022-11-30 12310315 core:WithinOneYear 2022-11-30 12310315 core:AfterOneYear 2022-11-30 12310315 core:ShareCapital 2022-11-30 12310315 core:RetainedEarningsAccumulatedLosses 2022-11-30 12310315 2021-11-30 12310315 core:ShareCapital 2021-11-30 12310315 core:SharePremium 2021-11-30 12310315 core:OtherReservesSubtotal 2021-11-30 12310315 core:RetainedEarningsAccumulatedLosses 2021-11-30 12310315 2022-12-01 2023-11-30 12310315 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 12310315 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 12310315 bus:Director1 2022-12-01 2023-11-30 12310315 core:RetainedEarningsAccumulatedLosses 2022-12-01 2023-11-30 12310315 1 2022-12-01 2023-11-30 12310315 2 2022-12-01 2023-11-30 12310315 core:LandBuildings 2022-12-01 2023-11-30 12310315 core:PlantMachinery 2022-12-01 2023-11-30 12310315 bus:Director1 1 2022-12-01 2023-11-30 12310315 countries:England 2022-12-01 2023-11-30 12310315 bus:FRS102 2022-12-01 2023-11-30 12310315 bus:FullAccounts 2022-12-01 2023-11-30 12310315 2023-11-30 12310315 core:WithinOneYear 2023-11-30 12310315 core:AfterOneYear 2023-11-30 12310315 core:ShareCapital 2023-11-30 12310315 core:RetainedEarningsAccumulatedLosses 2023-11-30 12310315 core:SharePremium 2023-11-30 12310315 core:OtherReservesSubtotal 2023-11-30 12310315 core:LandBuildings 2023-11-30 12310315 core:PlantMachinery 2023-11-30 12310315 bus:Director1 1 2023-11-30 12310315 2022-11-30 12310315 core:SharePremium 2022-11-30 12310315 core:OtherReservesSubtotal 2022-11-30 12310315 core:LandBuildings 2022-11-30 12310315 core:PlantMachinery 2022-11-30 iso4217:GBP xbrli:pure