Year Ended
Registration number:
WeFlex Car Sales Ltd
Balance Sheet
30 November 2023
Note |
2023 |
2022 |
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Current assets |
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Debtors |
- |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Profit and loss account |
( |
( |
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Shareholders' deficit |
( |
( |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 10226992
WeFlex Car Sales Ltd
Notes to the Financial Statements
Year Ended 30 November 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' includign Section 1A and the Companies Act 2006.
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.
These financial statements have been prepared in British pound sterling and rounded to the nearest whole pound.
Going concern
In determining the appropriate basis of preparation for the financial statements, the Directors are required to consider whether the WeFlex Group (the Group) can continue in operational existence for the foreseeable future, being a period of not less than twelve months from the date of approval of these financial statements.
The Directors have prepared a cash flow forecast to determine whether the Group has sufficient cash to meet its obligations as they fall due for a period of at least twelve months from the date of approval of these financial statements. The cash flow forecast has been prepared using a number of assumptions such as vehicle sales, vehicle utilisation rates, customer payments and the ability to obtain further debt funding. The Directors have also considered the potential impact of increased cost of living and interest rates might have on its cash flows.
Based on the cash flow forecasts, the Directors have concluded that it is appropriate to prepare the financial statements on a going concern basis.
WeFlex Car Sales Ltd
Notes to the Financial Statements
Year Ended 30 November 2023
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of Flexilease vehicles to third parties. Turnover is shown net of 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.
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.
Financial instruments
Classification
• Cash and bank balances;
• Amounts due to group undertakings.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Debtors |
2023 |
2022 |
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Other debtors |
- |
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- |
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WeFlex Car Sales Ltd
Notes to the Financial Statements
Year Ended 30 November 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Amounts owed to group undertakings |
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Related party transactions |
Summary of transactions with parent
Audit report |
Parent and ultimate parent undertaking |
The company's immediate and ultimate parent is