REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period |
1 December 2022 to 31 December 2023 |
for |
Wellesley Classic Cars Limited |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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 |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Plant and machinery etc | - |
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 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 December 2022 |
Additions |
Disposals | ( |
) |
Impairments | (14,019 | ) |
At 31 December 2023 |
DEPRECIATION |
At 1 December 2022 |
Charge for period |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 30 November 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 30.11.22 |
£ | £ |
Trade debtors |
Other debtors |
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 |
Taxation and social security |
Other creditors |
7. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.23 | 30.11.22 |
£ | £ |
Within one year |
Between one and five years |
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. |