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COMPANY REGISTRATION NUMBER: 04950273
Westwood Car and Commercial Limited
Filleted Unaudited Financial Statements
29 February 2024
Westwood Car and Commercial Limited
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
480
390
Current assets
Stocks
492,371
550,270
Cash at bank and in hand
77,535
84,467
---------
---------
569,906
634,737
Creditors: amounts falling due within one year
7
231,614
240,717
---------
---------
Net current assets
338,292
394,020
---------
---------
Total assets less current liabilities
338,772
394,410
Creditors: amounts falling due after more than one year
8
333,412
355,079
---------
---------
Net assets
5,360
39,331
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
5,260
39,231
-------
--------
Shareholders funds
5,360
39,331
-------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 29 February 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Westwood Car and Commercial Limited
Statement of Financial Position (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 22 December 2024 , and are signed on behalf of the board by:
Mr S Nokes
Director
Company registration number: 04950273
Westwood Car and Commercial Limited
Notes to the Financial Statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hartley Garage, Ash Road, Hartley, Longfield, DA3 8EL, Kent.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
20% straight line method
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
20% straight line method
-
20% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2023: 2 ).
5. Intangible assets
Goodwill
£
Cost
At 1 March 2023 and 29 February 2024
25,000
--------
Amortisation
At 1 March 2023 and 29 February 2024
25,000
--------
Carrying amount
At 29 February 2024
--------
At 28 February 2023
--------
6. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 March 2023
1,517
11,834
13,351
Additions
600
600
-------
--------
--------
At 29 February 2024
1,517
12,434
13,951
-------
--------
--------
Depreciation
At 1 March 2023
1,517
11,444
12,961
Charge for the year
510
510
-------
--------
--------
At 29 February 2024
1,517
11,954
13,471
-------
--------
--------
Carrying amount
At 29 February 2024
480
480
-------
--------
--------
At 28 February 2023
390
390
-------
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
227,036
232,373
Corporation tax
1,836
1,970
Social security and other taxes
2,742
6,374
---------
---------
231,614
240,717
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
269,394
264,657
Other creditors
64,018
90,422
---------
---------
333,412
355,079
---------
---------