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REGISTERED NUMBER: 07990812 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

CANTERBURY MOTORING WORLD LIMITED

CANTERBURY MOTORING WORLD LIMITED (REGISTERED NUMBER: 07990812)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CANTERBURY MOTORING WORLD LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: G McGinty





REGISTERED OFFICE: The Showroom
Lakeside Services
Sturry Road
Canterbury
Kent
CT11DS





REGISTERED NUMBER: 07990812 (England and Wales)






CANTERBURY MOTORING WORLD LIMITED (REGISTERED NUMBER: 07990812)

BALANCE SHEET
31 DECEMBER 2023

31/12/23 31/12/22
Notes £    £   
FIXED ASSETS
Tangible assets 4 26,183 27,502

CURRENT ASSETS
Stocks 5 872,858 804,323
Debtors 6 809,724 834,813
Cash at bank and in hand 115,547 181,311
1,798,129 1,820,447
CREDITORS
Amounts falling due within one year 7 (427,675 ) (361,477 )
NET CURRENT ASSETS 1,370,454 1,458,970
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,396,637

1,486,472

CREDITORS
Amounts falling due after more than one year 8 (850,000 ) (1,000,000 )

PROVISIONS FOR LIABILITIES (2,589 ) (1,343 )
NET ASSETS 544,048 485,129

CAPITAL AND RESERVES
Called up share capital 200 200
Retained earnings 543,848 484,929
SHAREHOLDERS' FUNDS 544,048 485,129

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

CANTERBURY MOTORING WORLD LIMITED (REGISTERED NUMBER: 07990812)

BALANCE SHEET - continued
31 DECEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 31 October 2024 and were signed by:





G McGinty - Director


CANTERBURY MOTORING WORLD LIMITED (REGISTERED NUMBER: 07990812)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Canterbury Motoring World Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Going Concern
These accounts have been prepared on a going concern basis. The company has sufficient assets and considers that in light of the current trading conditions it will have sufficient working capital to continue to meet its obligations as they fall due, for a period of at least 12 months from the date the financial statements are approved. The amount due to the parent company is due to be repaid after December 2023.

Accounting estimates and judgements
The preparation of the financial statements requires management to make estimates that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

The key areas of judgement and estimation uncertainty relate to stock valuation and warranty provisions. However, the directors do not believe that any reasonable change in assumptions would result in a material adjustment to the carrying values of assets and liabilities.

Turnover
Turnover is measured at the fair value of the consideration received and represents amounts receivable for the sale of vehicles and accessories, the provision of workshop services or finance arrangement commission, excluding value added tax.

Turnover is recognised upon delivery of the vehicle to the customer, which only occurs once full payment or evidence of full payment has been received or upon completion of the car services being provided and payment being received in full.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 50% on cost
Computer equipment - 33% on cost

Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Stocks
Vehicle stock and parts stock are valued at the lower of cost and selling price less cost to sell. Costs include all costs of purchase and costs incurred in bringing the goods to their required condition prior to sale.


CANTERBURY MOTORING WORLD LIMITED (REGISTERED NUMBER: 07990812)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 11 ) .

CANTERBURY MOTORING WORLD LIMITED (REGISTERED NUMBER: 07990812)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 43,507 30,294 22,775 28,847 125,423
Additions 6,155 - - - 6,155
At 31 December 2023 49,662 30,294 22,775 28,847 131,578
DEPRECIATION
At 1 January 2023 31,200 15,099 22,775 28,847 97,921
Charge for year 3,695 3,779 - - 7,474
At 31 December 2023 34,895 18,878 22,775 28,847 105,395
NET BOOK VALUE
At 31 December 2023 14,767 11,416 - - 26,183
At 31 December 2022 12,307 15,195 - - 27,502

5. STOCKS
31/12/23 31/12/22
£    £   
Vehicle stock 872,858 804,323

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Trade debtors 671,449 712,162
Other debtors 99,366 87,366
Accrued income 12,955 17,374
Prepayments 25,954 17,911
809,724 834,813

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Trade creditors 348,004 190,079
Tax 25,367 24,184
Social security and other taxes 9,238 10,009
VAT 9,586 21,963
Other creditors 798 37,860
Accrued expenses 34,682 77,382
427,675 361,477

CANTERBURY MOTORING WORLD LIMITED (REGISTERED NUMBER: 07990812)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/12/23 31/12/22
£    £   
Amounts owed to group undertakings 850,000 1,000,000

9. CONTINGENT LIABILITIES

A debenture has been given by Canterbury Motoring World Ltd to Natwest Bank. This provides fixed and floating charges over the undertaking, all property and assets present and future for all monies due or to become due from the company to Natwest Bank.

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is G McGinty.