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Registration number: 00716436

W.& G.Hollis Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

W.& G.Hollis Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

W.& G.Hollis Limited

Company Information

Directors

Mr JW Hollis

Miss JA Lewis

Registered office

1 Crabble Hill
Buckland
Dover
Kent
CT17 0RS

Accountants

Beresfords
Chartered Certified Accountants
1-2 Rhodium Point
Spindle Close
Hawkinge
Folkestone
Kent
CT18 7TQ

 

W.& G.Hollis Limited

(Registration number: 00716436)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

185,794

172,256

Investments

5

(915)

(915)

 

184,879

171,341

Current assets

 

Stocks

6

352,980

324,374

Debtors

7

38,772

38,557

Cash at bank and in hand

 

148,289

138,144

 

540,041

501,075

Creditors: Amounts falling due within one year

8

(212,075)

(167,584)

Net current assets

 

327,966

333,491

Total assets less current liabilities

 

512,845

504,832

Creditors: Amounts falling due after more than one year

8

(19,772)

(20,837)

Provisions for liabilities

(9,194)

(9,077)

Net assets

 

483,879

474,918

Capital and reserves

 

Called up share capital

8,000

8,000

Share premium reserve

1,000

1,000

Retained earnings

474,879

465,918

Shareholders' funds

 

483,879

474,918

 

W.& G.Hollis Limited

(Registration number: 00716436)
Balance Sheet as at 31 December 2023 (continued)

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.

Directors' 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 directors acknowledge their 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 August 2024 and signed on its behalf by:
 

.........................................
Mr JW Hollis
Director

.........................................
Miss JA Lewis
Director

 
     
 

W.& G.Hollis Limited

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

1

General information

W.& G.Hollis Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 00716436 and registered office address is as follows:

1 Crabble Hill
Buckland
Dover
Kent
CT17 0RS

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

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 that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements are prepared on a going concern basis and there are no material uncertainties that cast significant doubt on the Company’s ability to continue as a going concern.



 

W.& G.Hollis Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Judgements

No judgements have been made in the process of applying the accounting policies that have had a significant effect on the amounts recognised in the financial statements.

No key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year have been made.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of goods and services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Sale of goods
Revenue from the sale of vehicles and parts is recognised when the company has transferred the significant risks and rewards of ownership to the buyer. This is usually at the point the customer collects or has signed for delivery of the goods.

Revenue from the provision of services for repair and servicing vehicles is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;
- it is probable that the company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Government grants

Grants are accounted for under the accruals model permitted by FRS102. Grants relating to expenditure on tangible assets are credited to the profit and loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.

Grants of a revenue nature are recognised in the profit and loss account in the same period as the related expenditure.

Finance income and costs policy

Interest income is recognised in the profit and loss account using the effective interest method.

Finance costs are charged to the profit and loss account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 

W.& G.Hollis Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:

The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;

Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Company can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Tangible assets

Tangible assets are stated in the balance sheet 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, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

2% on cost

Plant and machinery

15% reducing balance

Fixtures and fittings

12.5% reducing balance

Property improvements

2% on cost

 

W.& G.Hollis Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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 subsequently measured at amortised cost using the effective interest method.

 

W.& G.Hollis Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Defined contribution pension obligation

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 22 (2022 - 23).

 

W.& G.Hollis Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

4

Tangible assets

Land and buildings
£

Property improvements
£

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2023

163,585

99,874

83,863

121,492

468,814

Additions

-

19,225

-

6,442

25,667

At 31 December 2023

163,585

119,099

83,863

127,934

494,481

Depreciation

At 1 January 2023

80,210

48,048

81,969

86,331

296,558

Charge for the year

3,271

2,382

236

6,240

12,129

At 31 December 2023

83,481

50,430

82,205

92,571

308,687

Carrying amount

At 31 December 2023

80,104

68,669

1,658

35,363

185,794

At 31 December 2022

83,375

51,826

1,894

35,161

172,256

 

W.& G.Hollis Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

5

Investments

Subsidiaries

£

Cost or valuation

Investment

2,000

Loans from subsidiaries

(2,915)

At 31 December 2023

(915)

Carrying amount

At 31 December 2023

(915)

At 31 December 2022

(915)

6

Stocks

2023
£

2022
£

Consumables

1,959

2,070

Vehicles and parts

351,021

322,304

352,980

324,374

7

Debtors

Current

2023
£

2022
£

Trade debtors

13,837

15,276

Prepayments

20,644

22,536

Other debtors

4,291

745

 

38,772

38,557

 

W.& G.Hollis Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

14,154

14,055

Trade creditors

 

148,481

87,660

Taxation and social security

 

27,346

42,094

Accruals and deferred income

 

11,627

11,047

Other creditors

 

10,467

12,728

 

212,075

167,584

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Other non-current financial liabilities

19,772

20,837

During 1996, Volkswagen waived the Dealer Support Loan provided in 1993 for the improvement of the Company's premises and equipment. The Company transferred the capital element of this loan into a deferred income account to be released over the life of the assets concerned.

9

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Directors current account

14,154

14,055

 

W.& G.Hollis Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £13,000 (2022 - £16,000).

The company had future minimum lease payments due under non-cancellable operating leases, in respect of the rent of the yard and forecourt used for the Company's business on a rolling basis.

Amounts disclosed in the balance sheet

Included in the balance sheet are unpaid pension contributions of £687 (2022 - £464).