Company Registration No. 01015228 (England and Wales)
Harwood Bros Motors (Wootton) Limited
Unaudited accounts
for the year ended 31 March 2024
Harwood Bros Motors (Wootton) Limited
Unaudited accounts
Contents
Harwood Bros Motors (Wootton) Limited
Company Information
for the year ended 31 March 2024
Directors
Josephine Patricia Harwood
Matthew Stephen Harwood
Lucy Mai Harwood
Company Number
01015228 (England and Wales)
Registered Office
Harwoods Garage
Lushington Garage
Wootton
Isle of Wight
PO33 4RD
Accountants
Vision Accounting
Fortis House
Cothey Way
Ryde
Isle of Wight
PO33 1QT
Harwood Bros Motors (Wootton) Limited
Statement of financial position
as at 31 March 2024
Tangible assets
601,252
651,085
Inventories
444,178
867,267
Cash at bank and in hand
237,169
192,664
Creditors: amounts falling due within one year
(347,269)
(435,167)
Net current assets
513,481
804,565
Total assets less current liabilities
1,114,733
1,455,650
Creditors: amounts falling due after more than one year
-
(69,171)
Net assets
1,114,733
1,386,479
Called up share capital
7,417
7,417
Profit and loss account
1,107,316
1,379,062
Shareholders' funds
1,114,733
1,386,479
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 22 November 2024 and were signed on its behalf by
Matthew Stephen Harwood
Director
Company Registration No. 01015228
Harwood Bros Motors (Wootton) Limited
Notes to the Accounts
for the year ended 31 March 2024
Harwood Bros Motors (Wootton) Limited is a private company, limited by shares, registered in England and Wales, registration number 01015228. The registered office is Harwoods Garage, Lushington Garage, Wootton, Isle of Wight, PO33 4RD.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
Straight Line - 2%
Plant & machinery
Straight Line - 20%
Motor vehicles
Straight Line - 20%
Fixtures & fittings
Straight Line - 20%
Computer equipment
Straight Line - 33%
Investments in shares are included at fair value.
Stocks and work in progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Work-inprogress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
Harwood Bros Motors (Wootton) Limited
Notes to the Accounts
for the year ended 31 March 2024
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At cost
At 1 April 2023
921,735
555,712
14,160
2,156
2,101
1,495,864
Disposals
-
-
(1,000)
(2,156)
(266)
(3,422)
At 31 March 2024
921,735
555,712
13,160
-
1,835
1,492,442
At 1 April 2023
392,566
438,360
10,968
2,145
740
844,779
Charge for the year
18,435
28,102
2,673
-
612
49,822
On disposals
-
-
(1,000)
(2,145)
(266)
(3,411)
At 31 March 2024
411,001
466,462
12,641
-
1,086
891,190
At 31 March 2024
510,734
89,250
519
-
749
601,252
At 31 March 2023
529,169
117,352
3,192
11
1,361
651,085
Amounts falling due within one year
Trade debtors
90,288
74,007
Other debtors
1,790
10,201
6
Investments held as current assets
2024
2023
Unlisted investments
87,325
87,325
7
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
69,061
25,936
Trade creditors
191,166
303,967
Amounts owed to group undertakings and other participating interests
102,279
-
Taxes and social security
(24,922)
80,979
Loans from directors
1,497
-
8
Creditors: amounts falling due after more than one year
2024
2023
Harwood Bros Motors (Wootton) Limited
Notes to the Accounts
for the year ended 31 March 2024
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Directors Loan
5,748
96
6,542
(698)
Directors Loan
(487)
-
312
(799)
10
Average number of employees
During the year the average number of employees was 8 (2023: 7).