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COMPANY REGISTRATION NUMBER: 02894875
DAVID CHEADLE LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 April 2024
DAVID CHEADLE LIMITED
STATEMENT OF FINANCIAL POSITION
30 April 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
1,223
1,402
CURRENT ASSETS
Stocks
36,285
48,364
Debtors
6
366
Cash at bank and in hand
63,073
46,035
--------
--------
99,358
94,765
CREDITORS: amounts falling due within one year
7
45,537
41,746
--------
--------
NET CURRENT ASSETS
53,821
53,019
--------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
55,044
54,421
PROVISIONS
Taxation including deferred tax
232
266
--------
--------
NET ASSETS
54,812
54,155
--------
--------
CAPITAL AND RESERVES
Called up share capital
8
49
49
Profit and loss account
54,763
54,106
--------
--------
SHAREHOLDERS FUNDS
54,812
54,155
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
DAVID CHEADLE LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 22 October 2024 , and are signed on behalf of the board by:
Mr K Singh
Director
Company registration number: 02894875
DAVID CHEADLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Year ended 30 April 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 226 Trysull Road, Merry Hill, Wolverhampton, WV3 7JR.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Revenue recognition
Car sales are recognised when payment is received from the customer. Repair sales are recognised when the repair is completed.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% reducing balance
Computer and office equipment
-
25% straight line
Stocks
Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis. Net realisable value represents estimated selling price. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. TANGIBLE ASSETS
Plant and machinery
Computer and office equipment
Total
£
£
£
Cost
At 1 May 2023
32,952
2,057
35,009
Additions
249
249
--------
-------
--------
At 30 April 2024
32,952
2,306
35,258
--------
-------
--------
Depreciation
At 1 May 2023
31,834
1,773
33,607
Charge for the year
223
205
428
--------
-------
--------
At 30 April 2024
32,057
1,978
34,035
--------
-------
--------
Carrying amount
At 30 April 2024
895
328
1,223
--------
-------
--------
At 30 April 2023
1,118
284
1,402
--------
-------
--------
6. DEBTORS
2024
2023
£
£
Trade debtors
366
----
----
7. CREDITORS: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,674
2,323
Corporation tax
6,185
6,575
Social security and other taxes
5,222
3,430
Other creditors
32,456
29,418
--------
--------
45,537
41,746
--------
--------
8. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
49
49
49
49
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