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Registration number: 3222909

Wilsden Autos Limited

trading as Wilsden Autos

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Wilsden Autos Limited

trading as Wilsden Autos

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Wilsden Autos Limited

trading as Wilsden Autos

Company Information

Directors

Mr Robert Lee

Mr Christopher Lee

Mr Stephen Lee

Registered office

Main Street
Wilsden
West Yorkshire
BD15 0HY

Accountants

Fullertons Limited
Chartered Certified Accountants
Manchester House
50A Oxford Road
Guiseley
Leeds
LS20 8AB

 

Wilsden Autos Limited

trading as Wilsden Autos

(Registration number: 3222909)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

277,124

283,771

Investments

6

87,920

87,880

 

365,044

371,651

Current assets

 

Stocks

7

415,681

533,778

Debtors

8

495,721

505,627

Cash at bank and in hand

 

106,623

79,779

 

1,018,025

1,119,184

Creditors: Amounts falling due within one year

9

(332,687)

(424,036)

Net current assets

 

685,338

695,148

Total assets less current liabilities

 

1,050,382

1,066,799

Creditors: Amounts falling due after more than one year

9

(27,646)

(32,744)

Net assets

 

1,022,736

1,034,055

Capital and reserves

 

Called up share capital

10

101

101

Share premium reserve

693,798

693,798

Retained earnings

328,837

340,156

Shareholders' funds

 

1,022,736

1,034,055

For the financial year ending 30 June 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.

 

Wilsden Autos Limited

trading as Wilsden Autos

(Registration number: 3222909)
Balance Sheet as at 30 June 2024

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 28 October 2024 and signed on its behalf by:
 

.........................................
Mr Robert Lee
Director

 

Wilsden Autos Limited

trading as Wilsden Autos

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

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

The address of its registered office is:
Main Street
Wilsden
West Yorkshire
BD15 0HY

These financial statements were authorised for issue by the Board on 28 October 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.

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.

 

Wilsden Autos Limited

trading as Wilsden Autos

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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

Land and buildings

2% straight line basis

Motor vehicles

25% reducing balance basis

Other plant and equipment

20% to 33% reducing balance basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% straight line basis

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

Wilsden Autos Limited

trading as Wilsden Autos

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Wilsden Autos Limited

trading as Wilsden Autos

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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 6 (2023 - 7).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2023

15,000

15,000

At 30 June 2024

15,000

15,000

Amortisation

At 1 July 2023

15,000

15,000

At 30 June 2024

15,000

15,000

Carrying amount

At 30 June 2024

-

-

 

Wilsden Autos Limited

trading as Wilsden Autos

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2023

362,474

6,249

17,188

86,515

472,426

At 30 June 2024

362,474

6,249

17,188

86,515

472,426

Depreciation

At 1 July 2023

87,111

3,735

16,958

80,851

188,655

Charge for the year

3,374

2,082

58

1,133

6,647

At 30 June 2024

90,485

5,817

17,016

81,984

195,302

Carrying amount

At 30 June 2024

271,989

432

172

4,531

277,124

At 30 June 2023

275,363

2,514

230

5,664

283,771

Included within the net book value of land and buildings above is £271,989 (2023 - £275,363) in respect of freehold land and buildings.
 

 

Wilsden Autos Limited

trading as Wilsden Autos

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

6

Investments

2024
£

2023
£

Investments in subsidiaries

87,920

87,880

Subsidiaries

£

Cost or valuation

At 1 July 2023

87,920

Provision

Carrying amount

At 30 June 2024

87,920

At 30 June 2023

87,880

7

Stocks

2024
£

2023
£

Other inventories

415,681

533,778

8

Debtors

Current

2024
£

2023
£

Trade debtors

-

720

Prepayments

4,780

5,184

Other debtors

490,941

499,723

 

495,721

505,627

 

Wilsden Autos Limited

trading as Wilsden Autos

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11

190,463

202,438

Trade creditors

 

7,084

12,007

Taxation and social security

 

28,873

36,046

Accruals and deferred income

 

2,675

7,180

Other creditors

 

103,592

166,365

 

332,687

424,036

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

27,646

32,744

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

ordinary of £1 each

101

101

101

101

       

11

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

27,646

32,744

Current loans and borrowings

 

Wilsden Autos Limited

trading as Wilsden Autos

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

2024
£

2023
£

Bank borrowings

5,358

5,619

Other borrowings

185,105

196,819

190,463

202,438

12

Related party transactions

2024

At 1 July 2023
£

Advances to director
£

At 30 June 2024
£

Director's loan account

196,819

(11,714)

185,105

 

2023

At 1 July 2022
£

Advances to director
£

Repayments by director
£

At 30 June 2023
£

Director's loan account

259,419

(224,179)

161,579

196,819

 

Summary of transactions with subsidiaries

An amount of £100,819 ( 2023 : £100,819 ) is owed to the company's subsidiary Wavegrade Limited and this amount is interest free and repayable on demand.

Summary of transactions with other related parties

At the balance sheet date an amount of £77,079 ( 2023 : £89,965 ) was owed to the company by Transfield Properties Limited and an amount of £413,863 ( 2023 : £409,759 ) was owed to the company by Transfield Developments Limited. Robert Lee is a director of both of these companies and the debt is interest free. Both of the above amounts are included in other debtors.