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REGISTERED NUMBER: 13739005 (England and Wales)



















Unaudited Financial Statements

for the Period

1 December 2022 to 31 December 2023

for

Wellesley Classic Cars Limited

Wellesley Classic Cars Limited (Registered number: 13739005)

Contents of the Financial Statements
for the Period 1 December 2022 to 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Wellesley Classic Cars Limited

Company Information
for the Period 1 December 2022 to 31 December 2023







DIRECTORS: Mrs L J Hannigan
A J Hannigan





REGISTERED OFFICE: 44 The Pantiles
Tunbridge Wells
Kent
TN2 5TN





REGISTERED NUMBER: 13739005 (England and Wales)





ACCOUNTANTS: APT
44 The Pantiles
Tunbridge Wells
Kent
TN2 5TN

Wellesley Classic Cars Limited (Registered number: 13739005)

Balance Sheet
31 December 2023

31.12.23 30.11.22
Notes £    £   
FIXED ASSETS
Tangible assets 4 935,226 772,678

CURRENT ASSETS
Stocks 202,139 152,058
Debtors 5 200,163 24,235
Cash at bank and in hand 531 7,469
402,833 183,762
CREDITORS
Amounts falling due within one year 6 (1,481,194 ) (985,040 )
NET CURRENT LIABILITIES (1,078,361 ) (801,278 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(143,135

)

(28,600

)

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings (143,137 ) (28,602 )
SHAREHOLDERS' FUNDS (143,135 ) (28,600 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Wellesley Classic Cars Limited (Registered number: 13739005)

Balance Sheet - continued
31 December 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 August 2024 and were signed on its behalf by:





A J Hannigan - Director


Wellesley Classic Cars Limited (Registered number: 13739005)

Notes to the Financial Statements
for the Period 1 December 2022 to 31 December 2023


1. STATUTORY INFORMATION

Wellesley Classic 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.

2. ACCOUNTING POLICIES

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

The functional and presentational currency of the company is pounds sterling. Monetary amounts in these financial statements are rounded to the nearest £1, except where otherwise indicated.

Going Concern
The balance sheet is overdrawn at the period end, however, after reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Significant judgements and estimates
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed. Where amounts are received in advance the recognition is deferred until such a time that the above conditions have been met.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 15% on reducing balance and at variable rates on reducing balance

Depreciation in respect of motor vehicles has not been charged on the basis that the residual value ordinarily exceeds the carrying value of the asset. An annual impairment review as detailed below is carried out on each asset.

Impairment of assets
Fixed assets are reviewed at each reporting date to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Wellesley Classic Cars Limited (Registered number: 13739005)

Notes to the Financial Statements - continued
for the Period 1 December 2022 to 31 December 2023


2. ACCOUNTING POLICIES - continued

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

Financial instruments
Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost, using the effective interest rate method.

Basic financial liabilities including trade and other payables are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 period 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.

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.

Pension costs and other post-retirement benefits
The company contributes to pension schemes of personnel and the pension charge represents the amounts payable by the company to the funds in respect of the year.

Wellesley Classic Cars Limited (Registered number: 13739005)

Notes to the Financial Statements - continued
for the Period 1 December 2022 to 31 December 2023


2. ACCOUNTING POLICIES - continued

Provisions for liabilities
Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 1 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 December 2022 772,685
Additions 257,372
Disposals (80,053 )
Impairments (14,019 )
At 31 December 2023 935,985
DEPRECIATION
At 1 December 2022 7
Charge for period 752
At 31 December 2023 759
NET BOOK VALUE
At 31 December 2023 935,226
At 30 November 2022 772,678

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 30.11.22
£    £   
Trade debtors 6,000 -
Other debtors 194,163 24,235
200,163 24,235

Wellesley Classic Cars Limited (Registered number: 13739005)

Notes to the Financial Statements - continued
for the Period 1 December 2022 to 31 December 2023


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 30.11.22
£    £   
Trade creditors 5,503 11,514
Taxation and social security 1,052 1,084
Other creditors 1,474,639 972,442
1,481,194 985,040

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23 30.11.22
£    £   
Within one year 17,625 18,263
Between one and five years 73,500 97,000
91,125 115,263

8. RELATED PARTY DISCLOSURES

At the balance sheet date £1,472,666 (2022: £965,877) was owed to entities connected to key management personnel. The debts are repayable on demand, interest free and included in other creditors falling due within one year.

At the balance sheet date £95,989 (2022; Nil) was owing from entities connected to key management personnel. The debt is repayable on demand, interest free and included in other debtors falling due within one year.