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REGISTERED NUMBER: 02438036 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

WEDNESBURY CAR & COMMERCIALS LIMITED

WEDNESBURY CAR & COMMERCIALS LIMITED (REGISTERED NUMBER: 02438036)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Balance Sheet 1

Notes to the Financial Statements 3


WEDNESBURY CAR & COMMERCIALS LIMITED (REGISTERED NUMBER: 02438036)

BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 729,269 529,602

CURRENT ASSETS
Stocks 7,500 7,500
Debtors 5 584,941 433,682
Cash at bank and in hand 555,805 332,845
1,148,246 774,027
CREDITORS
Amounts falling due within one year 6 580,773 379,893
NET CURRENT ASSETS 567,473 394,134
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,296,742

923,736

CREDITORS
Amounts falling due after more than one
year

7

(218,497

)

(198,543

)

PROVISIONS FOR LIABILITIES (105,000 ) (78,000 )
NET ASSETS 973,245 647,193

CAPITAL AND RESERVES
Called up share capital 535 535
Capital redemption reserve 490 490
Retained earnings 972,220 646,168
SHAREHOLDERS' FUNDS 973,245 647,193

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

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.

WEDNESBURY CAR & COMMERCIALS LIMITED (REGISTERED NUMBER: 02438036)

BALANCE SHEET - continued
31 DECEMBER 2023


The 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 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 16 September 2024 and were signed on its behalf by:




P R Schofield - Director B Wiggin - Director




N E Wiggin - Director


WEDNESBURY CAR & COMMERCIALS LIMITED (REGISTERED NUMBER: 02438036)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Wednesbury Car & Commercials Limited is a private company limited by shares and incorporated in England. It's registered office is Admiral House, Waterfront East, Brierley Hill, West Midlands, DY5 1XG. The company's registered number is 02438036.

The financial statements are presented in Sterling, which is the functional currency of the company.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 - 20% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 20% on cost

Taxation
Taxation for the year 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 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.

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.

WEDNESBURY CAR & COMMERCIALS LIMITED (REGISTERED NUMBER: 02438036)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
Basic financial liabilities, including trade and other debtors, bank loans and other loans 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 36 (2022 - 31 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 649,230
Additions 311,122
Disposals (82,527 )
At 31 December 2023 877,825
DEPRECIATION
At 1 January 2023 119,628
Charge for year 82,547
Eliminated on disposal (53,619 )
At 31 December 2023 148,556
NET BOOK VALUE
At 31 December 2023 729,269
At 31 December 2022 529,602

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 573,941 433,682
Other debtors 11,000 -
584,941 433,682

WEDNESBURY CAR & COMMERCIALS LIMITED (REGISTERED NUMBER: 02438036)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 20,000 20,000
Hire purchase contracts (see note 8) 9,869 13,009
Trade creditors 107,703 111,690
Taxation and social security 291,634 143,962
Other creditors 151,567 91,232
580,773 379,893

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans 35,000 55,000
Hire purchase contracts (see note 8) 74,088 61,543
Other creditors 109,409 82,000
218,497 198,543

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.12.23 31.12.22
£    £   
Net obligations repayable:
Within one year 9,869 13,009
Between one and five years 74,088 61,543
83,957 74,552

Non-cancellable operating leases
31.12.23 31.12.22
£    £   
Within one year 77,399 68,000
Between one and five years 349,609 272,000
In more than five years 155,000 238,000
582,008 578,000

WEDNESBURY CAR & COMMERCIALS LIMITED (REGISTERED NUMBER: 02438036)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


9. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Hire purchase contracts 83,957 74,552

Hire purchase liabilities were secured against the assets acquired.

10. RELATED PARTY DISCLOSURES

During the year, total dividends of £257,334 (2022 - £206,000) were paid to the directors .