REGISTERED NUMBER: |
Westbridge Motors (N'pton) Limited |
Unaudited Financial Statements |
for the Year Ended 29 February 2024 |
REGISTERED NUMBER: |
Westbridge Motors (N'pton) Limited |
Unaudited Financial Statements |
for the Year Ended 29 February 2024 |
Westbridge Motors (N'pton) Limited (Registered number: 00788851) |
Contents of the Financial Statements |
for the Year Ended 29 February 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Westbridge Motors (N'pton) Limited |
Company Information |
for the Year Ended 29 February 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
4 Pavilion Court |
600 Pavilion Drive |
Northampton Business Park |
Northampton |
Northamptonshire |
NN4 7SL |
Westbridge Motors (N'pton) Limited (Registered number: 00788851) |
Balance Sheet |
29 February 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Revaluation reserve | 11 |
Other reserves |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Westbridge Motors (N'pton) Limited (Registered number: 00788851) |
Balance Sheet - continued |
29 February 2024 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Westbridge Motors (N'pton) Limited (Registered number: 00788851) |
Notes to the Financial Statements |
for the Year Ended 29 February 2024 |
1. | STATUTORY INFORMATION |
Westbridge Motors (N'pton) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents net invoiced sales of goods and services, excluding value added tax, except in respect of service contracts where turnover is recognised when the company obtains the right to consideration. |
Tangible fixed assets |
Land and buildings | - |
Plant & machinery etc | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
The Investment Property was valued at £5,104,000 in October 2021 by Barber Wadlow and Hadland Surveyors. The valuation was prepared in accordance with the Royal Institute of Chartered Surveyors (RICS) Appraisal and Valuation Standards, the Insurance Companies (Valuation of Assets) Regulations 1981, the Financial Services Authority (FSA) "Listing Rules" ("Source Book") and "City Code on Takeovers and Mergers" ("Blue Book") and is on the basis of market value, the petrol forecourt element being valued on the basis of a fully equipped operational entity. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
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. |
Westbridge Motors (N'pton) Limited (Registered number: 00788851) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Freehold | Property | Plant and |
property | improvements | machinery |
£ | £ | £ |
COST OR VALUATION |
At 1 March 2023 |
Additions |
At 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
Westbridge Motors (N'pton) Limited (Registered number: 00788851) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
4. | TANGIBLE FIXED ASSETS - continued |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 March 2023 |
Additions |
At 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
Cost or valuation at 29 February 2024 is represented by: |
Freehold | Property | Plant and |
property | improvements | machinery |
£ | £ | £ |
Valuation in 2007 | 1,242,826 | - | - |
Valuation in 2008 | 2,545,041 | - | - |
Valuation in 2009 | (700,000 | ) | - | - |
Valuation in 2012 | (3,904,956 | ) | - | - |
Cost | 1,047,107 | 256,760 | 426,572 |
230,018 | 256,760 | 426,572 |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
Valuation in 2007 | - | - | 1,242,826 |
Valuation in 2008 | - | - | 2,545,041 |
Valuation in 2009 | - | - | (700,000 | ) |
Valuation in 2012 | - | - | (3,904,956 | ) |
Cost | 44,871 | 77,784 | 1,853,094 |
44,871 | 77,784 | 1,036,005 |
Westbridge Motors (N'pton) Limited (Registered number: 00788851) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST OR VALUATION |
At 1 March 2023 |
and 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
Cost or valuation at 29 February 2024 is represented by: |
Shares in |
group |
undertakings |
£ |
Cost | 1 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 March 2023 |
and 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
Fair value at 29 February 2024 is represented by: |
£ |
Valuation in 2022 | 5,104,000 |
Investment property was valued on an open market basis on 19 October 2021 by Barbar Wadlow and Hadland Surveyors . |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Directors' loan accounts | 124,841 | 86,143 |
Tax |
Prepayments and accrued income |
Westbridge Motors (N'pton) Limited (Registered number: 00788851) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Corporation tax |
Social security and other taxes |
VAT | 35,510 | 34,760 |
Other creditors |
Directors' loan accounts | 1,811 | - |
Accruals and deferred income |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Bank loans more 5 yr by instal |
Hire purchase contracts |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 24,600 | 70,164 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
The above bank overdrafts and loans are secured as follows: |
A debenture creating a fixed and floating charge over the assets of the company. |
Legal mortgage charges over the workshop area, development land, petrol filling station and "The Maltings" building at the Company's premises, St James Road, Northampton. |
11. | RESERVES |
Revaluation |
reserve |
£ |
At 1 March 2023 |
and 29 February 2024 |
Westbridge Motors (N'pton) Limited (Registered number: 00788851) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
12. | OTHER FINANCIAL COMMITMENTS |
Lease commitments contracted for but not provided for in the financial statements £1,044 (2023 : £1,740) |
13. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 29 February 2024 and 28 February 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) |
The directors received total dividends of £127,354 (2023 : £127,354) from the company during the year ended 29 February 2024. |
14. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is Mr N W Brocklehurst. |