2024-01-012024-06-302024-06-30false00713665J.W.WELLS(SALISBURY ROAD GARAGE 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J.W.WELLS(SALISBURY ROAD GARAGE RINGWOOD)LIMITED

Registered Number
00713665
(England and Wales)

Unaudited Financial Statements for the Period ended
30 June 2024

J.W.WELLS(SALISBURY ROAD GARAGE RINGWOOD)LIMITED
Company Information
for the period from 1 January 2024 to 30 June 2024

Director

WELLS, Hazel

Company Secretary

BULPITT CROCKER TAXATION LIMITED

Registered Address

C/O Bulpitt Crocker Taxation Limited Tayfield House
38 Poole Road
Westbourne
BH4 9DW

Registered Number

00713665 (England and Wales)
J.W.WELLS(SALISBURY ROAD GARAGE RINGWOOD)LIMITED
Balance Sheet as at
30 June 2024

Notes

30 Jun 2024

31 Dec 2023

£

£

£

£

Fixed assets
Tangible assets3-723,591
-723,591
Current assets
Stocks4-670
Debtors-3,610
Cash at bank and on hand1,640,00411,101
1,640,00415,381
Creditors amounts falling due within one year5(202,184)(52,165)
Net current assets (liabilities)1,437,820(36,784)
Total assets less current liabilities1,437,820686,807
Provisions for liabilities6-(126,921)
Net assets1,437,820559,886
Capital and reserves
Called up share capital50,00050,000
Revaluation reserve-492,037
Profit and loss account1,387,82017,849
Shareholders' funds1,437,820559,886
The financial statements were approved and authorised for issue by the Director on 1 October 2024, and are signed on its behalf by:
WELLS, Hazel
Director
Registered Company No. 00713665
J.W.WELLS(SALISBURY ROAD GARAGE RINGWOOD)LIMITED
Notes to the Financial Statements
for the period ended 30 June 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover policy
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.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Financial instruments
A financial asset or financial liability is recognised only when the company becomes a party to the contractual provision of the instrument. Basic financial instruments are initially recorded at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
2.Average number of employees

20242023
Average number of employees during the year34
3.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Fixtures & fittings

Office Equipment

Total

££££££
Cost or valuation
At 01 January 24750,000125,29932,20875,2383,941986,686
Additions--18,436--18,436
Disposals(750,000)(125,299)(50,644)(75,238)(3,941)(1,005,122)
Depreciation and impairment
At 01 January 2449,048116,16522,01772,3843,481263,095
On disposals(49,048)(116,165)(22,017)(72,384)(3,481)(263,095)
Net book value
At 30 June 24------
At 31 December 23700,9529,13410,1912,854460723,591
4.Stocks

2024

2023

££
Other stocks-670
Total-670
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables-5,304
Taxation and social security200,84210,164
Other creditors-35,228
Accrued liabilities and deferred income1,3421,469
Total202,18452,165
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
6.Provisions for liabilities
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

2024

2023

££
Net deferred tax liability (asset)-126,921
Total-126,921