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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
Page
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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
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Harwood Bros Motors (Wootton) Limited Statement of financial position as at 31 March 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
601,252 
651,085 
Current assets
Inventories
444,178 
867,267 
Debtors
92,078 
92,476 
Investments
87,325 
87,325 
Cash at bank and in hand
237,169 
192,664 
860,750 
1,239,732 
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 
Capital and reserves
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
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Harwood Bros Motors (Wootton) Limited Notes to the Accounts for the year ended 31 March 2024
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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.
Pension 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
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.
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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 
Depreciation
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 
Net book value
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 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
VAT
- 
8,268 
Trade debtors
90,288 
74,007 
Other debtors
1,790 
10,201 
92,078 
92,476 
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 
VAT
8,188 
- 
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 
Other creditors
- 
24,285 
Loans from directors
1,497 
- 
347,269 
435,167 
8
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
- 
69,171 
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Harwood Bros Motors (Wootton) Limited Notes to the Accounts for the year ended 31 March 2024
9
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
Matthew Stephen Harwood
Directors Loan
5,748 
96 
6,542 
(698)
Lucy Mai Harwood
Directors Loan
(487)
- 
312 
(799)
5,261 
96 
6,854 
(1,497)
10
Average number of employees
During the year the average number of employees was 8 (2023: 7).
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