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REGISTERED NUMBER: 01602882 (England and Wales)















CENTRAL WHEEL COMPONENTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






CENTRAL WHEEL COMPONENTS LIMITED (REGISTERED NUMBER: 01602882)

CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CENTRAL WHEEL COMPONENTS LIMITED

COMPANY INFORMATION
For The Year Ended 31 MARCH 2024







DIRECTORS: W G Harding
R C Hoyland
Mrs B L Harding
D G Harding
Mrs F Harding





SECRETARY: Mrs F Harding





REGISTERED OFFICE: 8-9 Station Road
Coleshill
Birmingham
West Midlands
B46 1HT





REGISTERED NUMBER: 01602882 (England and Wales)





ACCOUNTANTS: Charles Lovell & Co Limited
Chartered Certified Accountants
and Statutory Auditors
8 Church Green East
Redditch
Worcestershire
B98 8BP

CENTRAL WHEEL COMPONENTS LIMITED (REGISTERED NUMBER: 01602882)

BALANCE SHEET
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 619,611 533,032

CURRENT ASSETS
Stocks 1,597,079 1,543,890
Debtors 5 356,954 491,282
Cash at bank and in hand 34,393 327,019
1,988,426 2,362,191
CREDITORS
Amounts falling due within one year 6 1,285,312 1,557,228
NET CURRENT ASSETS 703,114 804,963
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,322,725

1,337,995

CREDITORS
Amounts falling due after more than one
year

7

(165,382

)

(156,509

)

PROVISIONS FOR LIABILITIES (148,076 ) (88,474 )
NET ASSETS 1,009,267 1,093,012

CAPITAL AND RESERVES
Called up share capital 6,600 6,600
Retained earnings 1,002,667 1,086,412
SHAREHOLDERS' FUNDS 1,009,267 1,093,012

CENTRAL WHEEL COMPONENTS LIMITED (REGISTERED NUMBER: 01602882)

BALANCE SHEET - continued
31 MARCH 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 September 2024 and were signed on its behalf by:





W G Harding - Director


CENTRAL WHEEL COMPONENTS LIMITED (REGISTERED NUMBER: 01602882)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 MARCH 2024


1. STATUTORY INFORMATION

Central Wheel Components Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on reducing balance and 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

CENTRAL WHEEL COMPONENTS LIMITED (REGISTERED NUMBER: 01602882)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 42 (2023 - 49 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 1,460,630
Additions 264,803
Disposals (141,115 )
At 31 March 2024 1,584,318
DEPRECIATION
At 1 April 2023 927,598
Charge for year 116,265
Eliminated on disposal (79,156 )
At 31 March 2024 964,707
NET BOOK VALUE
At 31 March 2024 619,611
At 31 March 2023 533,032

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 April 2023 188,903
Additions 213,464
Disposals (141,115 )
At 31 March 2024 261,252
DEPRECIATION
At 1 April 2023 79,254
Charge for year 67,209
Eliminated on disposal (79,156 )
At 31 March 2024 67,307
NET BOOK VALUE
At 31 March 2024 193,945
At 31 March 2023 109,649

CENTRAL WHEEL COMPONENTS LIMITED (REGISTERED NUMBER: 01602882)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 MARCH 2024


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 312,379 258,551
Amounts owed by group undertakings 3,944 4,166
Amounts owed by associates 11,920 204,696
Other debtors 28,711 23,869
356,954 491,282

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 50,000 50,000
Hire purchase contracts (see note 8) 52,117 28,395
Trade creditors 210,771 348,939
Amounts owed to group undertakings 825,425 884,539
Taxation and social security 75,394 173,827
Other creditors 71,605 71,528
1,285,312 1,557,228

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans 83,333 133,333
Hire purchase contracts (see note 8) 82,049 23,176
165,382 156,509

8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31.3.24 31.3.23
£    £   
Net obligations repayable:
Within one year 52,117 28,395
Between one and five years 82,049 23,176
134,166 51,571

9. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans 133,333 183,333
Hire purchase contracts 134,166 51,571
267,499 234,904