Ushaw Moor Car Sales Ltd 12795693 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is Sale of used cars and light motor vehicles , Sale of other motor vehicles Digita Accounts Production Advanced 6.30.9574.0 true true 12795693 2023-04-01 2024-03-31 12795693 2024-03-31 12795693 bus:OrdinaryShareClass1 2024-03-31 12795693 core:CurrentFinancialInstruments 2024-03-31 12795693 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 12795693 bus:SmallEntities 2023-04-01 2024-03-31 12795693 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 12795693 bus:FilletedAccounts 2023-04-01 2024-03-31 12795693 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 12795693 bus:RegisteredOffice 2023-04-01 2024-03-31 12795693 bus:Director1 2023-04-01 2024-03-31 12795693 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 12795693 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 12795693 countries:England 2023-04-01 2024-03-31 12795693 2022-04-01 2023-03-31 12795693 2023-03-31 12795693 bus:OrdinaryShareClass1 2023-03-31 12795693 core:CurrentFinancialInstruments 2023-03-31 12795693 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 12795693

Ushaw Moor Car Sales Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Ushaw Moor Car Sales Ltd

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 7

 

Ushaw Moor Car Sales Ltd

(Registration number: 12795693)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

6,400

11,200

Current assets

 

Stocks

6

213,571

239,051

Debtors

7

1,818

-

Cash at bank and in hand

 

109,591

220,826

 

324,980

459,877

Creditors: Amounts falling due within one year

8

(213,356)

(337,560)

Net current assets

 

111,624

122,317

Net assets

 

118,024

133,517

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

117,924

133,417

Shareholders' funds

 

118,024

133,517

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 August 2024 and signed on its behalf by:
 

 

Ushaw Moor Car Sales Ltd

(Registration number: 12795693)
Balance Sheet as at 31 March 2024

.........................................
Mr David Slater
Director

 

Ushaw Moor Car Sales Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Broom Lane
Ushaw Moor, Durham
DH7 7LT
United Kingdom

These financial statements were authorised for issue by the Board on 13 August 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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Ushaw Moor Car Sales Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

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

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.

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.

 

Ushaw Moor Car Sales Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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 directors) during the year, was 4 (2023 - 4).

4

Loss/profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Amortisation expense

4,800

4,800

 

Ushaw Moor Car Sales Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Cost or valuation

Depreciation

Carrying amount

At 31 March 2024

6

Stocks

2024
£

2023
£

Other inventories

213,571

239,051

7

Debtors

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

199,850

260,354

Trade creditors

 

(573)

916

Taxation and social security

 

13,078

46,888

Accruals and deferred income

 

-

17,720

Other creditors

 

1,001

11,682

 

213,356

337,560

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       
 

Ushaw Moor Car Sales Ltd

Notes to the Financial Statements for the Year Ended 31 March 2024

10

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

199,850

260,354