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Registered Number: 12041978
England and Wales

 

 

 


Unaudited Financial Statements

for the year ended 30 June 2024

for

ELM MOTOR COMPANY LTD

Directors Mr N Mallett
Mr P Mallett
Mr B Darnell
Registered Number 12041978
Registered Office 5 Sandy Court
Ashleigh Way
Plymouth
Devon
PL7 5JX
Accountants H M Williams Chartered Certified Accountants
5 Sandy Court
Ashleigh Way
Plymouth
PL7 5JX
1
Director's report and financial statements
The directors present their annual report and the financial statements for the year ended 30 June 2024
Principal activities
The principal activity of the company in the year under review was that of second hand car sales.
Directors
The directors who have held office during the whole of the year were as follows:
Mr N Mallett
Mr P Mallett
Mr B Darnell 


Statement of directors' responsibilities
The directors are responsible for preparing the directors’ report and the financial statements in accordance with applicable law and regulation.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to
  • select suitable accounting policies and then apply them consistently
  • make judgments and accounting estimates that are reasonable and prudent
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business


The directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

This report was approved by the board and signed on its behalf by:


----------------------------------
Mr P Mallett
Director

Date approved: 17 September 2024
2
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 2,282    3,144 
2,282    3,144 
Current assets      
Stocks 4 595,349    455,408 
Debtors 5 17,518    2,795 
Cash at bank and in hand 17,139    15,329 
630,006    473,532 
Creditors: amount falling due within one year 6 (427,447)   (226,260)
Net current assets 202,559    247,272 
 
Total assets less current liabilities 204,841    250,416 
Creditors: amount falling due after more than one year 7 (98,329)   (123,088)
Provisions for liabilities 8 (434)   (418)
Net assets 106,078    126,910 
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account 105,978    126,810 
Shareholders' funds 106,078    126,910 
 


For the year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
These 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 income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 17 September 2024 and were signed on its behalf by:


-------------------------------
Mr P Mallett
Director
3
General Information
Elm Motor Company Ltd is a private company, limited by shares, registered in England and Wales, registration number 12041978, registration address 5 Sandy Court, Ashleigh Way, Plymouth, Devon, PL7 5JX.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
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 (as applied to small entities by Section 1A of the standard)
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 taxation
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 year 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.
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 25% Reducing Balance
Motor Vehicles 25% Reducing Balance
Computer Equipment 3 yr Straight Line
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items.
2.

Average number of employees

Average number of employees during the year was 3 (2023 : 2).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Computer Equipment   Total
  £   £   £   £
At 01 July 2023 4,950    2,250    1,015    8,215 
Additions      
Disposals      
At 30 June 2024 4,950    2,250    1,015    8,215 
Depreciation
At 01 July 2023 3,173    984    914    5,071 
Charge for year 444    317    101    862 
On disposals      
At 30 June 2024 3,617    1,301    1,015    5,933 
Net book values
Closing balance as at 30 June 2024 1,333    949      2,282 
Opening balance as at 01 July 2023 1,777    1,266    101    3,144 


4.

Stocks

2024
£
  2023
£
Stocks 595,349    455,408 
595,349    455,408 

5.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 15,685    2,795 
Other Debtors 1,833   
17,518    2,795 

6.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 17,740    18,664 
Bank Loans & Overdrafts 10,000    10,000 
Taxation and Social Security 38,805    31,637 
Other Creditors 360,902    165,959 
427,447    226,260 

7.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Obligations under HP/Financial Leases 69,162    83,921 
Other Creditors 29,167    39,167 
98,329    123,088 

8.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax 434    418 
434    418 

9.

Ultimate controlling party

The ultimate Controlling party is Mr P Mallett.
4