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Registration number: 01095664

Whitby Specialist Vehicles Limited

Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Whitby Specialist Vehicles Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Whitby Specialist Vehicles Limited

(Registration number: 01095664)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

410,194

415,241

Investments

5

201

201

 

410,395

415,442

Current assets

 

Stocks

2,042,706

1,928,132

Debtors

6

899,157

180,468

Cash at bank and in hand

 

601,217

938,199

 

3,543,080

3,046,799

Creditors: Amounts falling due within one year

7

(3,026,693)

(2,277,009)

Net current assets

 

516,387

769,790

Total assets less current liabilities

 

926,782

1,185,232

Creditors: Amounts falling due after more than one year

7

(18,853)

(357,567)

Provisions for liabilities

(39,376)

-

Net assets

 

868,553

827,665

Capital and reserves

 

Called up share capital

2,000

2,000

Retained earnings

866,553

825,665

Shareholders' funds

 

868,553

827,665

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Whitby Specialist Vehicles Limited

(Registration number: 01095664)
Balance Sheet as at 31 December 2023

Approved and authorised by the Board on 17 September 2024 and signed on its behalf by:
 

.........................................
Mr SM Whitby
Director

 

Whitby Specialist Vehicles Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Fourth Avenue
Weston Road Industrial Estate
Crewe
Cheshire
CW1 6TT

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are prepared in Sterling, which is the functional currency of the company. All monetary amounts are rounded to the nearest £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Whitby Specialist Vehicles Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises tax.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Improvement to property

10% on cost

Plant and machinery

20% on cost

Fixtures and fittings

33% on cost

Motor vehicles

25% on cost

Computer equipment

33% on reducing balance

 

Whitby Specialist Vehicles Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 42 (2022 - 41).

 

Whitby Specialist Vehicles Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Cost or valuation

At 1 January 2023

49,126

262,533

412,184

143,133

Additions

-

38,709

331,465

-

Disposals

-

-

(313,351)

-

At 31 December 2023

49,126

301,242

430,298

143,133

Depreciation

At 1 January 2023

49,126

177,808

92,599

132,203

Charge for the year

-

29,077

65,656

7,227

Eliminated on disposal

-

-

(40,091)

-

At 31 December 2023

49,126

206,885

118,164

139,430

Carrying amount

At 31 December 2023

-

94,357

312,134

3,703

At 31 December 2022

-

84,725

319,585

10,931

Total
£

Cost or valuation

At 1 January 2023

866,976

Additions

370,174

Disposals

(313,351)

At 31 December 2023

923,799

Depreciation

At 1 January 2023

451,736

Charge for the year

101,960

Eliminated on disposal

(40,091)

At 31 December 2023

513,605

Carrying amount

At 31 December 2023

410,194

At 31 December 2022

415,241

 

Whitby Specialist Vehicles Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Investments

2023
£

2022
£

Investments in subsidiaries

201

201

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

189,757

50,966

Amounts owed by related parties

151,480

-

Other debtors

 

557,920

129,502

   

899,157

180,468

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

16,160

130,000

Trade creditors

 

309,992

168,152

Amounts owed to group undertakings

246,369

-

Taxation and social security

 

242,370

235,572

Other creditors

 

2,211,802

1,743,285

 

3,026,693

2,277,009

Current loans and borrowings

2023
£

2022
£

Bank borrowings

-

130,000

HP and finance lease liabilities

16,160

-

16,160

130,000

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

18,853

357,567