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Registration number: 08306542

360 Wheels Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

360 Wheels Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

360 Wheels Limited

Company Information

Director

Mr D Ferrett

Registered office

Unit A7 The Arena
9 Nimrod Way
Ferndown
Wimborne
Dorset
BH21 7UH

Accountants

Elysium
Chartered Accountants
Unit A7 The Arena
9 Nimrod Way
Wimborne
Dorset
BH21 7UH

 

360 Wheels Limited

(Registration number: 08306542)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

136,654

121,402

Investments

6

1

1

 

136,655

121,403

Current assets

 

Stocks

7

1,077,571

1,103,686

Debtors

8

1,926,585

1,798,708

Cash at bank and in hand

 

526,875

578,716

 

3,531,031

3,481,110

Creditors: Amounts falling due within one year

9

(87,227)

(103,937)

Net current assets

 

3,443,804

3,377,173

Total assets less current liabilities

 

3,580,459

3,498,576

Creditors: Amounts falling due after more than one year

9

(15,634)

(25,504)

Provisions for liabilities

(55,518)

(53,066)

Net assets

 

3,509,307

3,420,006

Capital and reserves

 

Called up share capital

1

1

Retained earnings

3,509,306

3,420,005

Shareholders' funds

 

3,509,307

3,420,006

 

360 Wheels Limited

(Registration number: 08306542)
Balance Sheet as at 31 December 2023

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.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 25 September 2024
 

.........................................
Mr D Ferrett
Director

 

360 Wheels 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.

The address of its registered office is:
Unit A7 The Arena
9 Nimrod Way
Ferndown
Wimborne
Dorset
BH21 7UH

The principal place of business is:
Unit 160
Ampress Park
Wellworthy Road
Lymington
SO41 8JY

These financial statements were authorised for issue by the director on 25 September 2024.

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).

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Government grants

Grants of a revenue nature are recognised in income in the period the related costs are incurred and for which the grant is intended to compensate.

 

360 Wheels 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.

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

Plant & machinery

15% reducing balance

Fixtures & fittings

20% straight line

Motor vehicles

25% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Patent

3 years straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

360 Wheels Limited

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

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

360 Wheels Limited

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

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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 the director) during the year, was 4 (2022 - 5).

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 January 2023

276

276

At 31 December 2023

276

276

Amortisation

At 1 January 2023

276

276

At 31 December 2023

276

276

Carrying amount

At 31 December 2023

-

-

 

360 Wheels Limited

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

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 January 2023

1,775

231,798

32,647

32,995

Additions

-

37,434

2,003

-

Disposals

-

-

-

(4,500)

At 31 December 2023

1,775

269,232

34,650

28,495

Depreciation

At 1 January 2023

1,413

133,257

29,502

13,641

Charge for the year

120

18,213

949

4,817

Eliminated on disposal

-

-

-

(4,414)

At 31 December 2023

1,533

151,470

30,451

14,044

Carrying amount

At 31 December 2023

242

117,762

4,199

14,451

At 31 December 2022

362

98,541

3,145

19,354

Total
£

Cost or valuation

At 1 January 2023

299,215

Additions

39,437

Disposals

(4,500)

At 31 December 2023

334,152

Depreciation

At 1 January 2023

177,813

Charge for the year

24,099

Eliminated on disposal

(4,414)

At 31 December 2023

197,498

Carrying amount

At 31 December 2023

136,654

At 31 December 2022

121,402

 

360 Wheels Limited

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

6

Investments

2023
£

2022
£

Investments in subsidiaries

1

1

Subsidiaries

£

Cost or valuation

At 1 January 2023

1

Provision

Carrying amount

At 31 December 2023

1

At 31 December 2022

1

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2023

2022

Subsidiary undertakings

3SDM Wheels Inc

1950 W Corporate Way, PMB 99908, Anaheim, CA 92801.

USA

£1 Ordinary

100%

100%

Subsidiary undertakings

3SDM Wheels Inc

The principal activity of 3SDM Wheels Inc is wheel sales.

7

Stocks

2023
£

2022
£

Other inventories

1,077,571

1,103,686

 

360 Wheels Limited

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

8

Debtors

Current

2023
£

2022
£

Trade debtors

144,416

127,618

Prepayments

45,423

58,618

Other debtors

1,736,746

1,612,472

 

1,926,585

1,798,708

 

360 Wheels Limited

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

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

9,870

9,870

Trade creditors

 

8,652

12,553

Taxation and social security

 

54,524

54,092

Accruals and deferred income

 

1,800

1,800

Other creditors

 

12,381

25,622

 

87,227

103,937

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

15,634

25,504

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

15,634

25,504

Current loans and borrowings

2023
£

2022
£

Bank borrowings

9,870

9,870

11

Parent and ultimate parent undertaking

The company's immediate parent and ultimate controlling party is Alurim Automotive Limited, a company incorporated in England.