Registered number
09459496
Chestnut Motors Limited
Unaudited Filleted Accounts
29 February 2024
Chestnut Motors Limited
Registered number: 09459496
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 25,635 20,286
Current assets
Stocks 724,759 567,542
Debtors 4 5,000 44,965
Cash at bank and in hand 43,024 29,611
772,783 642,118
Creditors: amounts falling due within one year 5 (506,001) (468,720)
266,782 173,398
Total assets less current liabilities 292,417 193,684
Creditors: amounts falling due after more than one year 6 (33,027) (33,495)
Net assets 259,390 160,189
Capital and reserves
Called up share capital 1 1
Profit and loss account 259,389 160,188
Shareholders' funds 259,390 160,189
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Richard Scott
Director
Approved by the board on 15 October 2024
Chestnut Motors Limited
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
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 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles over 5 years straight line
Fixtures, fittings, tools and equipment over 3 years straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 March 2023 32,081 8,500 40,581
Additions 2,538 11,066 13,604
At 29 February 2024 34,619 19,566 54,185
Depreciation
At 1 March 2023 13,495 6,800 20,295
Charge for the year 4,342 3,913 8,255
At 29 February 2024 17,837 10,713 28,550
Net book value
At 29 February 2024 16,782 8,853 25,635
At 28 February 2023 18,586 1,700 20,286
4 Debtors 2024 2023
£ £
Trade debtors - 39,965
Other debtors 5,000 5,000
5,000 44,965
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Obligations under finance lease and hire purchase contracts 11,453 11,545
Trade creditors 386,953 436,681
Taxation and social security costs 54,956 (21,590)
Other creditors 42,639 32,084
506,001 468,720
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 12,500 22,500
Obligations under finance lease and hire purchase contracts 20,527 10,995
33,027 33,495
7 Loans from directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Directors loan 29,594 (6,507) 23,087
29,594 - (6,507) 23,087
The above loan is included in other creditors.
8 Other information
Chestnut Motors Limited is a private company limited by shares and incorporated in England. Its registered office is:
Factory Road
Sandycroft
Deeside
CH5 2QJ
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