Registered number
04136380
WESTERN CAR COMPANY LIMITED
Filleted Accounts
31 January 2024
WESTERN CAR COMPANY LIMITED
Registered number: 04136380
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 74,114 77,057
Current assets
Debtors 4 181,365 212,470
Cash at bank and in hand 330,863 389,916
512,228 602,386
Creditors: amounts falling due within one year 5 (307,172) (373,518)
Net current assets 205,056 228,868
Total assets less current liabilities 279,170 305,925
Creditors: amounts falling due after more than one year 6 (66,680) (100,170)
Net assets 212,490 205,755
Capital and reserves
Called up share capital 50 50
Share premium 70,940 70,940
Profit and loss account 141,500 134,765
Shareholders' funds 212,490 205,755
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.
Amjid Javaid
Director
Approved by the board on 25 June 2024
WESTERN CAR COMPANY LIMITED
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
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
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:
Freehold buildings 2% straight line
Radio Equipments 17% straight line
Computer Equipments 33% straight line
Fixtures, fittings, tools and equipment 10% straight line
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 11 11
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 February 2023 146,405
At 31 January 2024 146,405
Depreciation
At 1 February 2023 69,348
Charge for the year 2,943
At 31 January 2024 72,291
Net book value
At 31 January 2024 74,114
At 31 January 2023 77,057
4 Debtors 2024 2023
£ £
Trade debtors 181,365 212,470
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 256,935 321,380
Taxation and social security costs 41,694 37,379
Other creditors 8,543 14,759
307,172 373,518
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 66,680 100,170
7 Controlling party
The company is controlled by the director.
8 Other information
WESTERN CAR COMPANY LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
60 Osmaston Road
Derby
DE1 2HZ
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