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WeFlex Car Sales Ltd

Annual Report and Financial Statements
Year Ended 30 November 2023

Registration number: 10226992

 

WeFlex Car Sales Ltd

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 4

 

WeFlex Car Sales Ltd

Balance Sheet

30 November 2023

Note

2023
£

2022
£

Current assets

 

Debtors

4

-

24,099

Cash at bank and in hand

 

1,544

118

 

1,544

24,217

Creditors: Amounts falling due within one year

5

(47,796)

(66,751)

Net liabilities

 

(46,252)

(42,534)

Capital and reserves

 

Profit and loss account

(46,252)

(42,534)

Shareholders' deficit

 

(46,252)

(42,534)

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 director on 27 August 2024
 

.........................................
N A Williamson
Director

Company Registration Number: 10226992

 

WeFlex Car Sales Ltd

Notes to the Financial Statements

Year Ended 30 November 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:
Unit 6 Westpoint Trading Estate
Alliance Road
London
W3 0RA
England

These financial statements were authorised for issue by the director on 27 August 2024.

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 - '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
The company holds the following financial instruments:

• Cash and bank balances;
• Amounts due to group undertakings.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

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.


 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2022 - 0).

4

Debtors

2023
£

2022
£

Other debtors

-

24,099

-

24,099

 

WeFlex Car Sales Ltd

Notes to the Financial Statements

Year Ended 30 November 2023

5

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Amounts owed to group undertakings

6

47,796

66,751

6

Related party transactions

Summary of transactions with parent

The company made purchases of £40,768 (2022 - £38,144) from the parent company.
 

7

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report was Paul Giessler FCA, who signed for and on behalf of PKF Francis Clark on 28 August 2024.

8

Parent and ultimate parent undertaking

The company's immediate and ultimate parent is WeFlex Ltd, incorporated in England and Wales.