Company Registration No. 5718116 (England and Wales)
LONGWOOD MOTOR COMPANY LIMITED
Unaudited accounts
for the year ended 31 March 2024
LONGWOOD MOTOR COMPANY LIMITED
Unaudited accounts
Contents
LONGWOOD MOTOR COMPANY LIMITED
Company Information
for the year ended 31 March 2024
Directors
E K Twigg
C C Twigg
Company Number
5718116 (England and Wales)
Registered Office
333 Manchester Road
Huddersfield
HD4 5AA
Accountants
JOHN TURNER, CHARTERED ACCOUNTANT
104 PENISTONE ROAD
KIRKBURTON
HUDDERSFIELD
WEST YORKSHIRE
HD8 0TA
LONGWOOD MOTOR COMPANY LIMITED
Statement of financial position
as at 31 March 2024
Tangible assets
14,342
19,122
Inventories
617,219
694,171
Cash at bank and in hand
292,931
360,610
Creditors: amounts falling due within one year
(232,491)
(294,995)
Net current assets
678,279
760,206
Total assets less current liabilities
692,621
779,328
Creditors: amounts falling due after more than one year
-
(56,010)
Provisions for liabilities
Deferred tax
(2,724)
(3,633)
Net assets
689,897
719,685
Called up share capital
2
2
Profit and loss account
689,895
719,683
Shareholders' funds
689,897
719,685
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 27 November 2024 and were signed on its behalf by
C C Twigg
Director
Company Registration No. 5718116
LONGWOOD MOTOR COMPANY LIMITED
Notes to the Accounts
for the year ended 31 March 2024
LONGWOOD MOTOR COMPANY LIMITED is a private company, limited by shares, registered in England and Wales, registration number 5718116. The registered office is 333 Manchester Road, Huddersfield, HD4 5AA.
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.
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.
The accounts have been prepared under the historical cost convention.
The accounts are presented in £ sterling.
Turnover represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
25% on reducing balance basis
Fixtures & fittings
25% on reducing balance basis
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
LONGWOOD MOTOR COMPANY LIMITED
Notes to the Accounts
for the year ended 31 March 2024
4
Tangible fixed assets
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 April 2023
44,618
18,248
62,866
At 31 March 2024
44,618
18,248
62,866
At 1 April 2023
31,445
12,299
43,744
Charge for the year
3,293
1,487
4,780
At 31 March 2024
34,738
13,786
48,524
At 31 March 2024
9,880
4,462
14,342
At 31 March 2023
13,173
5,949
19,122
Amounts falling due within one year
6
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
55,765
72,000
Trade creditors
37,306
50,244
Taxes and social security
305
16,793
Loans from directors
125,030
138,714
7
Creditors: amounts falling due after more than one year
2024
2023
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1
1
1 Class A Ordinary shares of £1 each
1
1
9
Average number of employees
During the year the average number of employees was 2 (2023: 2).