Windrush Car Storage Limited 07156269 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is that of car storage and care of all vehicle types Digita Accounts Production Advanced 6.30.9574.0 true 07156269 2023-01-01 2023-12-31 07156269 2023-12-31 07156269 core:AcceleratedTaxDepreciationDeferredTax 2023-12-31 07156269 core:ProvisionsDeferredTax 2023-12-31 07156269 core:CurrentFinancialInstruments 2023-12-31 07156269 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 07156269 core:Non-currentFinancialInstruments 2023-12-31 07156269 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 07156269 core:FurnitureFittingsToolsEquipment 2023-12-31 07156269 core:LandBuildings 2023-12-31 07156269 core:MotorVehicles 2023-12-31 07156269 bus:SmallEntities 2023-01-01 2023-12-31 07156269 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 07156269 bus:FullAccounts 2023-01-01 2023-12-31 07156269 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 07156269 bus:RegisteredOffice 2023-01-01 2023-12-31 07156269 bus:Director2 2023-01-01 2023-12-31 07156269 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07156269 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 07156269 core:LandBuildings 2023-01-01 2023-12-31 07156269 core:LeaseholdImprovements 2023-01-01 2023-12-31 07156269 core:MotorVehicles 2023-01-01 2023-12-31 07156269 core:PlantMachinery 2023-01-01 2023-12-31 07156269 countries:EnglandWales 2023-01-01 2023-12-31 07156269 2022-12-31 07156269 core:FurnitureFittingsToolsEquipment 2022-12-31 07156269 core:LandBuildings 2022-12-31 07156269 core:MotorVehicles 2022-12-31 07156269 2022-01-01 2022-12-31 07156269 2022-12-31 07156269 core:AcceleratedTaxDepreciationDeferredTax 2022-12-31 07156269 core:ProvisionsDeferredTax 2022-12-31 07156269 core:CurrentFinancialInstruments 2022-12-31 07156269 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 07156269 core:Non-currentFinancialInstruments 2022-12-31 07156269 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 07156269 core:FurnitureFittingsToolsEquipment 2022-12-31 07156269 core:LandBuildings 2022-12-31 07156269 core:MotorVehicles 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 07156269

Prepared for the registrar

Windrush Car Storage Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Windrush Car Storage Limited

(Registration number: 07156269)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

537,272

369,732

Current assets

 

Stocks

145,526

118,384

Debtors

6

75,370

87,192

Cash at bank and in hand

 

194,093

321,546

 

414,989

527,122

Creditors: Amounts falling due within one year

7

(512,116)

(454,226)

Net current (liabilities)/assets

 

(97,127)

72,896

Total assets less current liabilities

 

440,145

442,628

Creditors: Amounts falling due after more than one year

7

-

(508)

Deferred tax liabilities

 

(94,650)

(50,346)

Net assets

 

345,495

391,774

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

345,395

391,674

Shareholders' funds

 

345,495

391,774

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

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.

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 5 August 2024
 

T A Earnshaw
Director

   
     
 

Windrush Car Storage Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

 

1

General information

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

The address of its registered office is:
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Judgements

No significant judgements have been made by management in preparing these financial statements.

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 and after eliminating sales within the company.

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

The current corporation 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 corporation tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

 

Windrush Car Storage Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Tangible assets

Tangible assets are stated in the statement of financial position 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

Leasehold improvements

5% straight line

Motor vehicles

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. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Hire purchase

Assets held under hire purchase agreements are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Windrush Car Storage Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 11 (2022 - 12).

 

4

Deferred tax

Deferred tax assets and liabilities

2023

Asset
£

Liability
£

Difference between accumulated depreciation and capital allowances

-

94,830

Short term timing difference

180

-

180

94,830

2022

Asset
£

Liability
£

Difference between accumulated depreciation and capital allowances

-

50,493

Short term timing difference

147

-

147

50,493

 

Windrush Car Storage Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

 

5

Tangible assets

Leasehold improvements
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost

At 1 January 2023

200,949

327,255

254,385

782,589

Additions

11,254

62,884

197,819

271,957

Disposals

-

(2,400)

-

(2,400)

At 31 December 2023

212,203

387,739

452,204

1,052,146

Depreciation

At 1 January 2023

41,825

216,626

154,406

412,857

Charge for the year

10,395

36,582

55,365

102,342

Eliminated on disposal

-

(325)

-

(325)

At 31 December 2023

52,220

252,883

209,771

514,874

Carrying amount

At 31 December 2023

159,983

134,856

242,433

537,272

At 31 December 2022

159,124

110,629

99,979

369,732

 

Windrush Car Storage Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

 

6

Debtors

2023
 £

2022
 £

Trade debtors

33,370

53,692

Other debtors

30,000

25,000

Prepayments

12,000

8,500

75,370

87,192

 

7

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

8

508

31,631

Trade creditors

 

23,934

18,160

Amounts due to related parties

10

136,064

66,200

Social security and other taxes

 

21,221

40,210

Outstanding defined contribution pension costs

 

1,721

1,408

Other creditors

 

69,114

87,330

Accrued expenses

 

122,144

52,849

Corporation tax liability

137,410

156,438

 

512,116

454,226

Due after one year

 

Loans and borrowings

8

-

508

 

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

508

31,631

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

-

508

 

9

Financial commitments

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £1,366,341 (2022 - £1,694,781).

 

10

Related party transactions

At 31 December 2023, the company owed its holding company Windrush Car Storage Holdings Limited £136,064 (2022: £66,200). The loan is unsecured, repayable on demand and no interest is payable.
 

 

Windrush Car Storage Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

 

11

Parent and ultimate parent undertaking

The company's immediate parent is Windrush Car Storage Holdings Limited, incorporated in England and Wales.