Company Registration No. 04099175 (England and Wales)
Wheels VT Limited
Unaudited accounts
for the year ended 30 January 2024
Wheels VT Limited
Unaudited accounts
Contents
Wheels VT Limited
Company Information
for the year ended 30 January 2024
Director
Reece Elliott McNally
Secretary
Marion A Mcnally
Company Number
04099175 (England and Wales)
Registered Office
Southside Farm
London Road
Wooburn Green
High Wycombe
Buckinghamshire
HP10 0NN
England
Accountants
Blue Cube Accountants Limited
Britwell Grange
Britwell Road
Burnham
SL1 8DF
Wheels VT Limited
Statement of financial position
as at 30 January 2024
Tangible assets
17,107
26,311
Cash at bank and in hand
37
1,199
Creditors: amounts falling due within one year
(159,982)
(128,958)
Net current assets
1,458
47,124
Total assets less current liabilities
18,565
73,435
Creditors: amounts falling due after more than one year
(13,199)
(24,655)
Provisions for liabilities
Deferred tax
(4,276)
(6,577)
Called up share capital
1,000
1,000
Profit and loss account
90
41,203
Shareholders' funds
1,090
42,203
For the year ending 30 January 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 director acknowledges his 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 and authorised for issue on 28 November 2024 and were signed on its behalf by
Reece Elliott McNally
Director
Company Registration No. 04099175
Wheels VT Limited
Notes to the Accounts
for the year ended 30 January 2024
Wheels VT Limited is a private company, limited by shares, registered in England and Wales, registration number 04099175. The registered office is Southside Farm, London Road, Wooburn Green, High Wycombe, Buckinghamshire, HP10 0NN, England.
These financial statements have been prepared in compliance with FRS 102, ’The Financial Reporting Standard applicable to the UK and Republic of Ireland’ including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
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.
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
Period of lease
Plant & machinery
12.50% straight line
Motor vehicles
25.00% straight line
Fixtures & fittings
33.33% straight line
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Wheels VT Limited
Notes to the Accounts
for the year ended 30 January 2024
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
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.
3
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 31 January 2023
12,674
125,397
2,450
27,000
167,521
At 30 January 2024
12,674
125,722
2,450
27,000
167,846
At 31 January 2023
12,673
103,024
1,437
24,076
141,210
Charge for the year
1
6,229
501
2,798
9,529
At 30 January 2024
12,674
109,253
1,938
26,874
150,739
At 30 January 2024
-
16,469
512
126
17,107
At 30 January 2023
1
22,373
1,013
2,924
26,311
Amounts falling due within one year
Trade debtors
56,355
83,515
Accrued income and prepayments
-
6,385
Other debtors
95,317
65,252
5
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
36,403
18,578
Trade creditors
48,621
53,400
Taxes and social security
26,587
17,000
Other creditors
496
10,152
Loans from directors
-
10,242
Wheels VT Limited
Notes to the Accounts
for the year ended 30 January 2024
6
Creditors: amounts falling due after more than one year
2024
2023
Allotted, called up and fully paid:
1,000 Ordinary shares of £1 each
1,000
1,000
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Director Loan
(10,242)
126,561
83,244
33,075
(10,242)
126,561
83,244
33,075
The loan is fully repayable on demand. Interest has been charged at 2.25%.
9
Transactions with related parties
Included in other debtors is £62,242 (2023 - £45,252) owed from Moravia Wines Limited. Mr R McNally is a director and shareholder of this company.
10
Average number of employees
During the year the average number of employees was 8 (2023: 8).