1 January 2023 false No description of principal activity Taxfiler 2024.5 7381220business:PrivateLimitedCompanyLtd2023-01-012023-12-31 73812202022-12-31 73812202023-01-012023-12-31 7381220business:AuditExemptWithAccountantsReport2023-01-012023-12-31 7381220business:FilletedAccounts2023-01-012023-12-31 73812202023-12-31 7381220business:Director12023-01-012023-12-31 7381220business:Director22023-01-012023-12-31 7381220business:RegisteredOffice2023-01-012023-12-31 73812202022-12-31 7381220core:WithinOneYear2023-12-31 7381220core:WithinOneYear2022-12-31 7381220core:AfterOneYear2023-12-31 7381220core:AfterOneYear2022-12-31 7381220core:ShareCapitalcore:PreviouslyStatedAmount2023-12-31 7381220core:ShareCapitalcore:PreviouslyStatedAmount2022-12-31 7381220core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2023-12-31 7381220core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2022-12-31 7381220core:PreviouslyStatedAmount2023-12-31 7381220core:PreviouslyStatedAmount2022-12-31 7381220business:SmallEntities2023-01-012023-12-31 7381220countries:EnglandWales2023-01-012023-12-31 7381220core:PlantMachinery2023-01-012023-12-31 7381220core:FurnitureFittings2023-01-012023-12-31 7381220core:ComputerEquipment2023-01-012023-12-31 7381220core:PlantMachinery2022-12-31 7381220core:MotorVehicles2022-12-31 7381220core:FurnitureFittings2022-12-31 7381220core:ComputerEquipment2022-12-31 7381220core:MotorVehicles2023-01-012023-12-31 7381220core:PlantMachinery2023-12-31 7381220core:MotorVehicles2023-12-31 7381220core:FurnitureFittings2023-12-31 7381220core:ComputerEquipment2023-12-31 73812202022-01-012022-12-31 iso4217:GBP xbrli:pure
Company Registration No. 7381220 (England and Wales)
Banbury Motors Ltd Unaudited accounts for the year ended 31 December 2023
Banbury Motors Ltd Unaudited accounts Contents
Page
- 2 -
Banbury Motors Ltd Company Information for the year ended 31 December 2023
Directors
Vishal Bhardwaj Jiwan Bhardwaj
Company Number
7381220 (England and Wales)
Registered Office
Unit 4 Glebe Business Park Horley Banbury Oxfordshire OX15 6BN England
Accountants
Anthistle Craven Moreton House 31 High Street Buckingham Bucks MK18 1NU
- 3 -
Banbury Motors Ltd Statement of financial position as at 31 December 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
60,827 
46,153 
Current assets
Inventories
512,317 
454,762 
Debtors
108,440 
34,848 
Cash at bank and in hand
11,707 
23,996 
632,464 
513,606 
Creditors: amounts falling due within one year
(453,263)
(268,073)
Net current assets
179,201 
245,533 
Total assets less current liabilities
240,028 
291,686 
Creditors: amounts falling due after more than one year
(104,685)
(159,481)
Provisions for liabilities
Deferred tax
(11,558)
- 
Net assets
123,785 
132,205 
Capital and reserves
Called up share capital
2 
2 
Profit and loss account
123,783 
132,203 
Shareholders' funds
123,785 
132,205 
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2024 and were signed on its behalf by
Vishal Bhardwaj Director Company Registration No. 7381220
- 4 -
Banbury Motors Ltd Notes to the Accounts for the year ended 31 December 2023
1
Statutory information
Banbury Motors Ltd is a private company, limited by shares, registered in England and Wales, registration number 7381220. The registered office is Unit 4, Glebe Business Park Horley, Banbury, Oxfordshire, OX15 6BN, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
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 sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% reducing balance
Fixtures & fittings
20% reducing balance & 15% reducing balance
Computer equipment
25% reducing balance
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
- 5 -
Banbury Motors Ltd Notes to the Accounts for the year ended 31 December 2023
4
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At 1 January 2023
27,350 
38,948 
11,962 
3,672 
81,932 
Additions
32,722 
- 
1,774 
- 
34,496 
At 31 December 2023
60,072 
38,948 
13,736 
3,672 
116,428 
Depreciation
At 1 January 2023
10,458 
15,553 
7,211 
2,557 
35,779 
Charge for the year
16,373 
2,189 
981 
279 
19,822 
At 31 December 2023
26,831 
17,742 
8,192 
2,836 
55,601 
Net book value
At 31 December 2023
33,241 
21,206 
5,544 
836 
60,827 
At 31 December 2022
16,892 
23,395 
4,751 
1,115 
46,153 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
104,358 
30,766 
Other debtors
4,082 
4,082 
108,440 
34,848 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
86,481 
74,757 
Trade creditors
221,663 
73,553 
Taxes and social security
35,121 
2,161 
Other creditors
5,491 
1,200 
Loans from directors
103,987 
115,882 
Accruals
520 
520 
453,263 
268,073 
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
104,685 
159,481 
8
Average number of employees
During the year the average number of employees was 4 (2022: 3).
- 6 -