Company registration number 09554378 (England and Wales)
CORDWALLIS VEHICLE CONTRACTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
CORDWALLIS VEHICLE CONTRACTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
CORDWALLIS VEHICLE CONTRACTS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
241,373
354,445
Current assets
Stocks
24,500
91,941
Debtors
5
132,001
153,528
Cash at bank and in hand
164,949
69,481
321,450
314,950
Creditors: amounts falling due within one year
6
(192,406)
(179,627)
Net current assets
129,044
135,323
Total assets less current liabilities
370,417
489,768
Creditors: amounts falling due after more than one year
7
(44,378)
(142,784)
Provisions for liabilities
(60,000)
(85,000)
Net assets
266,039
261,984
Capital and reserves
Called up share capital
8
10,000
10,000
Profit and loss reserves
256,039
251,984
Total equity
266,039
261,984
CORDWALLIS VEHICLE CONTRACTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 12 September 2024
Mr I Thomas
Director
Company Registration No. 09554378
CORDWALLIS VEHICLE CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Cordwallis Vehicle Contracts Limited is a private company limited by shares incorporated in England and Wales. The registered office is Cordwallis Street, MAIDENHEAD, SL6 7BE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of services is recognised by reference to the stage of completion.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Motor vehicles
Term of purchase agreement

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

1.5
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and includes cash held with the bank,

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

CORDWALLIS VEHICLE CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs. Financial assets are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, are recognised at transaction price including transaction costs. Financial liabilities are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities. Trade creditors are recognised at transaction price including transaction costs.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account.

 

Deferred tax assets and liabilities have been offset as the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

1.10
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at cost at the date of inception. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account on a straight line basis.

CORDWALLIS VEHICLE CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
997,535
Disposals
(194,265)
At 31 March 2024
803,270
Depreciation and impairment
At 1 April 2023
643,090
Depreciation charged in the year
90,968
Eliminated in respect of disposals
(172,161)
At 31 March 2024
561,897
Carrying amount
At 31 March 2024
241,373
At 31 March 2023
354,445
CORDWALLIS VEHICLE CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
110,303
143,981
Other debtors
21,698
9,547
132,001
153,528
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
40,954
17,145
Taxation and social security
28,453
30,281
Other creditors
122,999
132,201
192,406
179,627
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
44,378
142,784
8
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
10,000 Ordinary Shares of £1 each
10,000
10,000
10,000
10,000
9
Financial commitments, guarantees and contingent liabilities

Included in creditors : amounts falling due within one year is £86,749 (2023 - £99,121) secured over the assets they relate to.

 

Included in creditors : amounts falling due after more than one year is £44,378 (2023 - £142,784) secured over the assets they relate to.

 

CORDWALLIS VEHICLE CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
10
Related party transactions

Cordwallis Vehicle Contracts Limited share common directors and shareholders with Cordwallis Commercials (Maidenhead) Limited.

 

Included in creditors: amounts falling due within one year is £0 (2023 - £93) due to Cordwallis Commercials (Maidenhead) Limited from Cordwallis Vehicle Contracts Limited. The balance is interest free with no formal repayment terms.

 

Included in debtors is £15,293 (2023 - £0) due from Cordwallis Commercials (Maidenhead) Limited to Cordwallis Vehicle Contracts Limited. The balance is interest free with no formal repayment terms.

 

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