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Registration number: 01478846

Trowbridge Motor Supplies Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Trowbridge Motor Supplies Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Trowbridge Motor Supplies Limited

(Registration number: 01478846)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

256,500

250,822

Current assets

 

Stocks

5

192,374

170,000

Debtors

6

239,161

210,115

Cash at bank and in hand

 

498,436

334,025

 

929,971

714,140

Creditors: Amounts falling due within one year

7

(532,869)

(423,254)

Net current assets

 

397,102

290,886

Total assets less current liabilities

 

653,602

541,708

Creditors: Amounts falling due after more than one year

7

(171,170)

(46,156)

Provisions for liabilities

(7,621)

(7,651)

Net assets

 

474,811

487,901

Capital and reserves

 

Called up share capital

100

100

Retained earnings

474,711

487,801

Shareholders' funds

 

474,811

487,901

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.

Director's 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 director acknowledges his 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.

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 21 November 2024
 

 

Trowbridge Motor Supplies Limited

(Registration number: 01478846)
Balance Sheet as at 30 June 2024

Mr PJD Kent
Director

   
     
 

Trowbridge Motor Supplies Limited

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 United Kingdom.

The address of its registered office is:
1A Gloucester Road
Newtown
Trowbridge
Wilts
BA14 0AA

These financial statements were authorised for issue by the director on 21 November 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

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.

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.

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.

 

Trowbridge Motor Supplies Limited

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

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

Land and buildings

2% straight line

Furniture, fittings and equipment

15% - 25% reducing balance

Motor vehicles

25% reducing balance

Office equipment

25% reducing balance

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.

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. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Trowbridge Motor Supplies Limited

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

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Trowbridge Motor Supplies Limited

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 the director) during the year was 9 (2023 - 8).

 

Trowbridge Motor Supplies Limited

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

4

Tangible assets

Freehold land and buildings
£

Furniture, fittings and equipment
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

268,729

9,963

13,419

47,602

339,713

Additions

-

1,741

755

21,745

24,241

At 30 June 2024

268,729

11,704

14,174

69,347

363,954

Depreciation

At 1 July 2023

47,235

9,654

8,417

23,585

88,891

Charge for the year

5,375

308

1,439

11,441

18,563

At 30 June 2024

52,610

9,962

9,856

35,026

107,454

Carrying amount

At 30 June 2024

216,119

1,742

4,318

34,321

256,500

At 30 June 2023

221,494

309

5,002

24,017

250,822

Included within the net book value of land and buildings above is £216,119 (2023 - £221,494) in respect of freehold land and buildings.
 

 

Trowbridge Motor Supplies Limited

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

5

Stocks

2024
£

2023
£

Other inventories

192,374

170,000

6

Debtors

Note

2024
£

2023
£

Trade debtors

 

213,151

206,840

Amounts owed by related parties

9

19,507

-

Other debtors

 

5,741

2,893

Prepayments

 

762

382

 

239,161

210,115

7

Creditors

Due within one year

Note

2024
£

2023
£

 

Loans and borrowings

8

53,285

33,498

Trade creditors

 

450,851

305,408

Amounts due to related parties

9

-

19,046

Social security and other taxes

 

16,537

12,426

Other creditors

 

1,619

1,076

Accruals

 

3,816

3,727

Corporation tax liability

6,761

48,073

 

532,869

423,254

Due after one year

 

Loans and borrowings

8

171,170

46,156

 

Trowbridge Motor Supplies Limited

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

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Finance lease liabilities

18,262

8,267

Other borrowings

152,908

37,889

171,170

46,156

The finance lease liabilites are secured on the assets concerned.

The other borrowings are secured by way of a fixed and floating charge on the assets of the company

Current loans and borrowings

2024
£

2023
£

Finance lease liabilities

9,304

8,235

Other borrowings

43,981

25,263

53,285

33,498

The finance lease liabilites are secured on the assets concerned.

The other borrowings are secured by way of a fixed and floating charge on the assets of the company

 

Trowbridge Motor Supplies Limited

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

9

Related party transactions

Transactions with the director

2024

At 1 July 2023
£

Advances to director
£

Repayments by director
£

At 30 June 2024
£

Amounts due from/(to) the director

(19,046)

89,836

(51,283)

19,507

 

2023

At 1 July 2022
£

Advances to director
£

Repayments by director
£

At 30 June 2023
£

Amounts due from/(to) the director

18,130

53,490

(90,666)

(19,046)

 


Terms of loans to related parties
Interest is payable on the overdrawn directors loan at 2.25%, and the loan is repayable on demand. Any amounts due to the directors is interest free and repayable on demand.