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Registration number: 4607173

Worldwide Automotive Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Worldwide Automotive Limited

Contents

Company Information

1

Balance Sheet

2

Statement of Changes in Equity

3

Notes to the Unaudited Financial Statements

4 to 11

 

Worldwide Automotive Limited

Company Information

Directors

Mr Nigel Siret

Mrs Reihaneh Siret

Registered office

Unit E17
Telford Road
Bicester
Oxfordshire
OX26 4LD

Accountants

Periscope Group Limited
Faveo House, 2 Somerville Court
Banbury Business Park
Adderbury
Oxfordshire
OX17 3SN

 

Worldwide Automotive Limited

(Registration number: 4607173)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

557,541

555,263

Current assets

 

Stocks

5

51,238

41,975

Debtors

6

20,880

18,436

Cash at bank and in hand

 

8,546

28,876

 

80,664

89,287

Creditors: Amounts falling due within one year

7

(131,031)

(144,932)

Net current liabilities

 

(50,367)

(55,645)

Total assets less current liabilities

 

507,174

499,618

Creditors: Amounts falling due after more than one year

7

(368,491)

(371,595)

Net assets

 

138,683

128,023

Capital and reserves

 

Called up share capital

8

400

400

Revaluation reserve

38,292

38,292

Retained earnings

99,991

89,331

Shareholders' funds

 

138,683

128,023

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 7 September 2024 and signed on its behalf by:
 

.........................................
Mr Nigel Siret
Director

 

Worldwide Automotive Limited

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 January 2023

400

38,292

89,331

128,023

Profit for the year

-

-

50,660

50,660

Dividends

-

-

(40,000)

(40,000)

At 31 December 2023

400

38,292

99,991

138,683

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 January 2022

400

38,292

79,099

117,791

Profit for the year

-

-

50,232

50,232

Dividends

-

-

(40,000)

(40,000)

At 31 December 2022

400

38,292

89,331

128,023

 

Worldwide Automotive Limited

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

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Unit E17
Telford Road
Bicester
Oxfordshire
OX26 4LD

These financial statements were authorised for issue by the Board on 7 September 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 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 have been prepared on a going concern basis.

Revenue recognition

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

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.

Tax

The tax expense for the period comprises current 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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.

 

Worldwide Automotive Limited

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

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

Straight line 2.5%

Plant and machinery

Reducing balance 25%

Fixtures and fittings

Reducing balance 25%

Motor vehicles

Straight line 25%

Office equipment

Straight line 25%

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.

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.

 

Worldwide Automotive Limited

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

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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2022 - 10).

 

Worldwide Automotive Limited

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

554,573

14,582

102,638

72,473

744,266

Additions

-

2,288

24,184

1,946

28,418

At 31 December 2023

554,573

16,870

126,822

74,419

772,684

Depreciation

At 1 January 2023

46,000

11,423

72,211

59,369

189,003

Charge for the year

5,750

1,815

14,975

3,600

26,140

At 31 December 2023

51,750

13,238

87,186

62,969

215,143

Carrying amount

At 31 December 2023

502,823

3,632

39,636

11,450

557,541

At 31 December 2022

508,573

3,159

30,427

13,104

555,263

Included within the net book value of land and buildings above is £502,823 (2022 - £508,573) in respect of freehold land and buildings.
 

 

Worldwide Automotive Limited

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

5

Stocks

2023
£

2022
£

Other inventories

51,238

41,975

6

Debtors

Current

2023
£

2022
£

Trade debtors

18,470

16,005

Prepayments

1,630

1,039

Other debtors

780

1,392

 

20,880

18,436

 

Worldwide Automotive Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

13,487

22,201

Trade creditors

 

67,806

63,199

Taxation and social security

 

37,604

31,541

Accruals and deferred income

 

5,051

1,911

Other creditors

 

7,083

26,080

 

131,031

144,932

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

368,491

371,595

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary Shares of £1 each

400

400

400

400

       

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

368,491

371,595

Current loans and borrowings

2023
£

2022
£

Bank borrowings

13,487

22,201

10

Dividends

 

Worldwide Automotive Limited

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

2023

2022

£

£

Final dividend of £Nil (2022 - £Nil) per ordinary share

-

-

Interim dividend of £100.00 (2022 - £100.00) per ordinary share

40,000

40,000

40,000

40,000

 

 

11

Related party transactions

 

Worldwide Automotive Limited

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

23,817

22,276

Contributions paid to money purchase schemes

1,200

-

25,017

22,276

Dividends paid to directors

2023
£

2022
£

Mr Nigel Siret

Dividend

20,000

20,000

 

 

Mrs Reihaneh Siret

Dividend

20,000

20,000