Registered number
06453796
Woodman Motor Company Limited
Report and Accounts
31 December 2023
Woodman Motor Company Limited
Registered number: 06453796
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 61,785 65,022
Current assets
Stocks 204,973 197,861
Debtors 4 17,816 2,317
Cash at bank and in hand 3,044 10,682
225,833 210,860
Creditors: amounts falling due within one year 5 (89,963) (77,890)
Net current assets 135,870 132,970
Total assets less current liabilities 197,655 197,992
Creditors: amounts falling due after more than one year 6 (14,953) (25,133)
Net assets 182,702 172,859
Capital and reserves
Called up share capital 106 106
Share premium 6,220 6,220
Capital redemption reserve 7 175,185 175,185
Profit and loss account 1,191 (8,652)
Shareholders' funds 182,702 172,859
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr A Woodman
Director
Approved by the board on 17 September 2024
Woodman Motor Company Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold property 2% straight line
Leasehold land and buildings over the lease term
Office equipment 20% - 25% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leasing comittments
Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 2
3 Tangible fixed assets
Freehold property Office Equipment Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 57,689 25,383 52,581 135,653
Additions - 3,182 - 3,182
At 31 December 2023 57,689 28,565 52,581 138,835
Depreciation
At 1 January 2023 10,722 20,345 39,564 70,631
Charge for the year 1,154 2,010 3,255 6,419
At 31 December 2023 11,876 22,355 42,819 77,050
Net book value
At 31 December 2023 45,813 6,210 9,762 61,785
At 31 December 2022 46,967 5,038 13,017 65,022
4 Debtors 2023 2022
£ £
Amounts owed by related undertakings 10,692 -
Other debtors 7,124 2,317
17,816 2,317
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loan and overdraft 45,258 9,648
Trade creditors 5,367 3,693
Corporation tax 2,803 13,551
Other taxes and social security costs 1,484 4,084
Other creditors 35,051 46,914
89,963 77,890
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loan 14,953 25,133
7 Capital redemption reserve 2023 2022
£ £
At 1 January 2023 175,185 175,185
At 31 December 2023 175,185 175,185
8 Related party transactions
At 31 December 2023 the company owed £24,309 (2022: £50) to) Mr A Woodman , a company director. The movement during the year relates to net receipts of £24,289.
9 Controlling party
The company was under the control of its director, who owned the majority of the issued ordinary share capital, throughout the whole of the current and prior year.
10 Other information
Woodman Motor Company Limited is a private company limited by shares and incorporated in England. Its registered office is:
Mariners Lodge
80 Victory Boulevard
Lytham St Annes
Lancashire
FY8 5TH
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