Owen G Motors Limited 06499246 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of vehicle service, repair and Ministry of Transport vehicle testing Digita Accounts Production Advanced 6.30.9574.0 true false 06499246 2023-04-01 2024-03-31 06499246 2024-03-31 06499246 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2024-03-31 06499246 core:CurrentFinancialInstruments 2024-03-31 06499246 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 06499246 core:Non-currentFinancialInstruments 2024-03-31 06499246 core:FurnitureFittingsToolsEquipment 2024-03-31 06499246 core:MotorVehicles 2024-03-31 06499246 core:OtherPropertyPlantEquipment 2024-03-31 06499246 bus:SmallEntities 2023-04-01 2024-03-31 06499246 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 06499246 bus:FilletedAccounts 2023-04-01 2024-03-31 06499246 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 06499246 bus:RegisteredOffice 2023-04-01 2024-03-31 06499246 bus:CompanySecretaryDirector1 2023-04-01 2024-03-31 06499246 bus:Director2 2023-04-01 2024-03-31 06499246 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2023-04-01 2024-03-31 06499246 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06499246 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 06499246 core:MotorCars 2023-04-01 2024-03-31 06499246 core:MotorVehicles 2023-04-01 2024-03-31 06499246 core:OfficeEquipment 2023-04-01 2024-03-31 06499246 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 06499246 countries:EnglandWales 2023-04-01 2024-03-31 06499246 2023-03-31 06499246 core:CostValuation core:Non-currentFinancialInstruments 2023-03-31 06499246 core:FurnitureFittingsToolsEquipment 2023-03-31 06499246 core:MotorVehicles 2023-03-31 06499246 core:OtherPropertyPlantEquipment 2023-03-31 06499246 2022-04-01 2023-03-31 06499246 2023-03-31 06499246 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2023-03-31 06499246 core:CurrentFinancialInstruments 2023-03-31 06499246 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 06499246 core:Non-currentFinancialInstruments 2023-03-31 06499246 core:FurnitureFittingsToolsEquipment 2023-03-31 06499246 core:MotorVehicles 2023-03-31 06499246 core:OtherPropertyPlantEquipment 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares






 

Registration number: 06499246

Owen G Motors Limited

Filleted Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 March 2024

 

Owen G Motors Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Abridged Financial Statements

4 to 8

 

Owen G Motors Limited

Company Information

Directors

Mr O Griffiths

Mrs F Griffiths

Company secretary

Mr O Griffiths

Registered office

Coychurch Road
Bridgend
Mid Glamorgan
CF31 3AP

Accountants

HSJ Accountants Ltd
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

 

Owen G Motors Limited

(Registration number: 06499246)
Abridged Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

-

26,330

Investments

5

15,000

15,000

 

15,000

41,330

Current assets

 

Debtors

3,157

146

Cash at bank and in hand

 

222,703

286,076

 

225,860

286,222

Prepayments and accrued income

 

-

733

Creditors: Amounts falling due within one year

(49,717)

(75,112)

Net current assets

 

176,143

211,843

Total assets less current liabilities

 

191,143

253,173

Provisions for liabilities

-

(6,163)

Accruals and deferred income

 

(12,282)

(2,609)

Net assets

 

178,861

244,401

Capital and reserves

 

Called up share capital

6

2

2

Retained earnings

178,859

244,399

Shareholders' funds

 

178,861

244,401

 

Owen G Motors Limited

(Registration number: 06499246)
Abridged Balance Sheet as at 31 March 2024

For the financial year ending 31 March 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

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 24 October 2024 and signed on its behalf by:
 

.........................................

Mr O Griffiths
Company secretary and director

 

Owen G Motors Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
Coychurch Road
Bridgend
Mid Glamorgan
CF31 3AP

These financial statements were authorised for issue by the Board on 24 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 abridged 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 abridged 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.

Key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period the revision and future periods where the revisions affects both current and future periods.

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 value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Owen G Motors Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2024

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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

Plant and machinery

20% Straight line

Motor vehicles

25% Straight line

Office equipment

20% Straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

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.

 

Owen G Motors Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2024

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.

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.

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.

 

Owen G Motors Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 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 2 (2023 - 4).

4

Tangible assets

Office equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

11,325

14,833

94,799

120,957

Disposals

(11,325)

(14,833)

(94,799)

(120,957)

At 31 March 2024

-

-

-

-

Depreciation

At 1 April 2023

8,778

14,208

71,641

94,627

Charge for the year

762

208

7,315

8,285

Eliminated on disposal

(9,540)

(14,416)

(78,956)

(102,912)

At 31 March 2024

-

-

-

-

Carrying amount

At 31 March 2024

-

-

-

-

At 31 March 2023

2,547

625

23,158

26,330

 

Owen G Motors Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2024

5

Investments

Total
£

Cost or valuation

At 1 April 2023

15,000

Provision

Carrying amount

At 31 March 2024

15,000

At 31 March 2023

15,000

6

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

       

7

Related party transactions

Other transactions with directors

During the year the directors made an unsecured, repayable on demand, interest free loan to the company. At the balance sheet date the directors were owed by the company £49,717 (2023: £47,175).