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Registered number: 1261371
Wealdstone Motor Sales Limited
Unaudited ABRIDGED Financial Statements
For The Year Ended 30 June 2024
M J Golz & Co
Chartered Certified Accountants
Odeon House,146 College Road
Harrow
HA1 1BH
Contents
Page
Abridged Balance Sheet 1—2
Notes to the Abridged Financial Statements 3—4
Page 1
Abridged Balance Sheet
Registered number: 1261371
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 183,073 191,482
183,073 191,482
CURRENT ASSETS
Stocks 477,394 464,675
Debtors 4,451 5,319
Cash at bank and in hand 57,202 79,437
539,047 549,431
Creditors: Amounts Falling Due Within One Year (91,310 ) (88,717 )
NET CURRENT ASSETS (LIABILITIES) 447,737 460,714
TOTAL ASSETS LESS CURRENT LIABILITIES 630,810 652,196
NET ASSETS 630,810 652,196
CAPITAL AND RESERVES
Called up share capital 5 30,100 30,100
Profit and Loss Account 600,710 622,096
SHAREHOLDERS' FUNDS 630,810 652,196
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For the year ending 30 June 2024 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
All of the company's members have consented to the preparation of an Abridged Balance Sheet for the year end 30 June 2024 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
Mr Justin Clarke
Director
01/10/2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Abridged Financial Statements
1. General Information
Wealdstone Motor Sales Limited is a private company, limited by shares, incorporated in England & Wales, registered number 1261371 . The registered office is Odeon House, 146 College Road, Harrow, Middlesex, HA1 1BH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2% straight line
Leasehold Straight line over the life of the lease
Plant & Machinery 25% reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Current tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2023: 7)
7 7
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4. Tangible Assets
Total
£
Cost
As at 1 July 2023 454,582
As at 30 June 2024 454,582
Depreciation
As at 1 July 2023 263,100
Provided during the period 8,409
As at 30 June 2024 271,509
Net Book Value
As at 30 June 2024 183,073
As at 1 July 2023 191,482
5. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 30,100 30,100
6. Dividends
2024 2023
£ £
On equity shares:
Final dividend paid 34,000 120,000
Page 4