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Registered number: 04456009
Whiston Motor Factors Limited
Unaudited Financial Statements
For The Year Ended 31 August 2024
D Wilson & Co
21 Charnwood Avenue
Denton
Manchester
M34 2WY
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 04456009
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 88,711 93,249
88,711 93,249
CURRENT ASSETS
Stocks 5 222,107 201,638
Debtors 6 263,001 196,634
Cash at bank and in hand 40,088 70,758
525,196 469,030
Creditors: Amounts Falling Due Within One Year 7 (314,657 ) (330,600 )
NET CURRENT ASSETS (LIABILITIES) 210,539 138,430
TOTAL ASSETS LESS CURRENT LIABILITIES 299,250 231,679
NET ASSETS 299,250 231,679
CAPITAL AND RESERVES
Called up share capital 8 6 6
Profit and Loss Account 299,244 231,673
SHAREHOLDERS' FUNDS 299,250 231,679
Page 1
Page 2
For the year ending 31 August 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Steven Sheehan
Director
6 November 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Whiston Motor Factors Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04456009 . The registered office is 38 Wolseley Road, Denton Green, St Helens, Merseyside, WA10 2AG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Nil
Plant & Machinery 15% Reducing Balance
Motor Vehicles 25% straight Line
Fixtures & Fittings 25% straight Line
Computer Equipment 25% Reducing Balance
2.4. 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-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Page 3
Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was as follows:21 16 (2023: 17)
16 17
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 September 2023 75,000 58,782 52,131 3,774
As at 31 August 2024 75,000 58,782 52,131 3,774
Depreciation
As at 1 September 2023 - 49,065 46,069 3,774
Provided during the period - 1,715 2,000 -
As at 31 August 2024 - 50,780 48,069 3,774
Net Book Value
As at 31 August 2024 75,000 8,002 4,062 -
As at 1 September 2023 75,000 9,717 6,062 -
Computer Equipment Total
£ £
Cost
As at 1 September 2023 31,762 221,449
As at 31 August 2024 31,762 221,449
Depreciation
As at 1 September 2023 29,292 128,200
Provided during the period 823 4,538
As at 31 August 2024 30,115 132,738
Net Book Value
As at 31 August 2024 1,647 88,711
As at 1 September 2023 2,470 93,249
5. Stocks
2024 2023
£ £
Stock 222,107 -
Materials - 201,638
222,107 201,638
Page 4
Page 5
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 263,001 196,634
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 151,081 169,393
Corporation tax 49,073 45,933
PAYE 17,719 9,103
VAT 25,312 31,392
Nest Pensions 1,207 797
Directors' loan accounts 70,265 73,982
314,657 330,600
8. Share Capital
2024 2023
Allotted, called up and fully paid £ £
6 Ordinary Shares of £ 1 each 6 6
Page 5