Registered number
08917589
WHOOPS WHEEL FIX IT LIMITED
Management Accounts
For the year ended 31 March 2024
Sawhney Consulting
Chartered Certified Accountants
Harrow Business Centre
429-433 Pinner Road
North Harrow, Middlesex
HA1 4HN
WHOOPS WHEEL FIX IT LIMITED
Profit and Loss Account
for the year ended 31 March 2024
2024 2023
£ £
Turnover 1,375,638 1,204,995
Cost of sales (733,394) (589,236)
Gross profit 642,244 615,759
Administrative expenses (498,889) (475,898)
Operating profit 143,355 139,861
Other income 8,528 318
Interest payable (27,639) (25,393)
Profit before taxation 124,244 114,786
Tax on profit (38,353) (25,631)
Profit for the financial year 85,891 89,155
WHOOPS WHEEL FIX IT LIMITED
Registered number: 08917589
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 155,315 188,169
Current assets
Stocks 11,001 10,477
Debtors 4 129,723 127,644
Cash at bank and in hand 234,786 170,077
375,510 308,198
Creditors: amounts falling due within one year 5 (412,703) (232,318)
Net current (liabilities)/assets (37,193) 75,880
Total assets less current liabilities 118,122 264,049
Creditors: amounts falling due after more than one year 6 (109,283) (212,151)
Net assets 8,839 51,898
Capital and reserves
Called up share capital 150 100
Profit and loss account 8,689 51,798
Shareholders' funds 8,839 51,898
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.
Mr. Mark Ronald Dale Furneaux
Director
Approved by the board on 16 August 2024
WHOOPS WHEEL FIX IT LIMITED
Notes to the Accounts
for the year ended 31 March 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.
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
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
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.
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 19
3 Tangible fixed assets
Leasehold Land and buildings Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 13,625 330,859 135,265 479,749
Additions - 11,923 - 11,923
At 31 March 2024 13,625 342,782 135,265 491,672
Depreciation
At 1 April 2023 - 195,941 95,639 291,580
Charge for the year - 34,871 9,906 44,777
At 31 March 2024 - 230,812 105,545 336,357
Net book value
At 31 March 2024 13,625 111,970 29,720 155,315
At 31 March 2023 13,625 134,918 39,626 188,169
4 Debtors 2024 2023
£ £
Trade debtors 129,723 127,644
129,723 127,644
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 57,178 25,672
Obligations under finance lease and hire purchase contracts 54,938 63,759
Trade creditors 27,365 45,664
Taxation and social security costs 137,730 91,713
Other creditors 135,492 5,510
412,703 232,318
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 109,283 183,804
Obligations under finance lease and hire purchase contracts - 28,347
109,283 212,151
7 Other information
WHOOPS WHEEL FIX IT LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Unit 1
38 Crown Road
Enfield
England
EN1 1TH
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