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REGISTERED NUMBER: 05258593 (England and Wales)


























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH APRIL 2024

FOR

OUTWOOD CARS LIMITED

OUTWOOD CARS LIMITED (REGISTERED NUMBER: 05258593)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH APRIL 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


OUTWOOD CARS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH APRIL 2024







DIRECTOR: Mr J J Hek





REGISTERED OFFICE: The Grove
Eling Hill
Eling
Southampton
Hampshire
SO40 9HF





REGISTERED NUMBER: 05258593 (England and Wales)






OUTWOOD CARS LIMITED (REGISTERED NUMBER: 05258593)

BALANCE SHEET
30TH APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 33,371 37,637

CURRENT ASSETS
Stocks 382,892 334,073
Debtors 6 411,020 280,279
Cash at bank and in hand 33,560 105,131
827,472 719,483
CREDITORS
Amounts falling due within one year 7 321,465 586,691
NET CURRENT ASSETS 506,007 132,792
TOTAL ASSETS LESS CURRENT
LIABILITIES

539,378

170,429

CREDITORS
Amounts falling due after more than one year 8 (514,219 ) (146,318 )

PROVISIONS FOR LIABILITIES (8,343 ) (7,151 )
NET ASSETS 16,816 16,960

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 16,716 16,860
SHAREHOLDERS' FUNDS 16,816 16,960

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th April 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 director and authorised for issue on 22nd August 2024 and were signed by:





Mr J J Hek - Director


OUTWOOD CARS LIMITED (REGISTERED NUMBER: 05258593)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH APRIL 2024


1. STATUTORY INFORMATION

Outwood Cars 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% straight line
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% straight line
Computer equipment - 25% on reducing balance and 15% on reducing balance

All fixed assets are initially recorded at cost.

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

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.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

OUTWOOD CARS LIMITED (REGISTERED NUMBER: 05258593)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2024


3. ACCOUNTING POLICIES - continued

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.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in administrative expenses.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1st May 2023 6,000 30,409 9,489
Additions - - 2,839
At 30th April 2024 6,000 30,409 12,328
DEPRECIATION
At 1st May 2023 1,250 5,247 3,886
Charge for year 600 3,774 1,492
At 30th April 2024 1,850 9,021 5,378
NET BOOK VALUE
At 30th April 2024 4,150 21,388 6,950
At 30th April 2023 4,750 25,162 5,603

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1st May 2023 540 3,506 49,944
Additions - - 2,839
At 30th April 2024 540 3,506 52,783
DEPRECIATION
At 1st May 2023 211 1,713 12,307
Charge for year 82 1,157 7,105
At 30th April 2024 293 2,870 19,412
NET BOOK VALUE
At 30th April 2024 247 636 33,371
At 30th April 2023 329 1,793 37,637

OUTWOOD CARS LIMITED (REGISTERED NUMBER: 05258593)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2024


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 168,835 130,462
Other debtors 242,185 149,817
411,020 280,279

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 28,924 26,141
Hire purchase contracts 41,585 8,613
Trade creditors 162,606 189,042
Taxation and social security 64,389 56,738
Other creditors 23,961 306,157
321,465 586,691

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 20,964 49,889
Hire purchase contracts 193,255 96,429
Other creditors 300,000 -
514,219 146,318

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 49,888 76,030
Hire purchase contracts 234,840 105,042
284,728 181,072

Bank loans include amounts borrowed under the Coronavirus Business Interruption Loan Scheme. The UK Government has provided the lender with a limited guarantee of up to 80% of the capital of the loan.

Hire purchase contracts are secured against the stock of motor vehicles to which they relate.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

11. OTHER FINANCIAL COMMITMENTS

Total future financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £297,000 (2023: £80,000).

This amount is in relation to operating lease commitments which are payable over the next three years.

OUTWOOD CARS LIMITED (REGISTERED NUMBER: 05258593)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2024


12. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30th April 2024 and 30th April 2023:

2024 2023
£    £   
Mr J J Hek
Balance outstanding at start of year 110,899 89,407
Amounts advanced 183,834 230,095
Amounts repaid (152,180 ) (208,603 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 142,553 110,899

This loan was unsecured with interest charged at HMRC approved rates and will be repaid within nine months of the year end.