Registered number
12137675
CAED & Co Wheels Ltd
Filleted Accounts
for the year ended 31 August 2024
CAED & Co Wheels Ltd
Registered number: 12137675
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 - 9,000
Tangible assets 4 164,110 100,191
164,110 109,191
Current assets
Debtors 5 86,052 75,985
Cash at bank and in hand (1,379) 17,885
84,673 93,870
Creditors: amounts falling due within one year 6 (262,866) (172,745)
Net current assets/(liabilities) (178,193) (78,875)
Total assets less current liabilities (14,083) 30,316
Creditors: amounts falling due after more than one year (128,500) (102,459)
Net assets (142,583) (72,143)
Capital and reserves
Called up share capital 2 2
Profit and loss account (142,585) (72,145)
Shareholders' funds (142,583) (72,143)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr E McVey
Director
Approved by the board on 12 December 2024
CAED & Co Wheels Ltd
Notes to the Accounts
for the year ended 31 August 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant & machinery 25% straight line
Fixtures & Fittings 25% straight line
Motor vehicles 25% reducing balance
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 6 5
3 Intangible fixed assets £
Goodwill:
Cost
At 1 September 2023 45,000
At 31 August 2024 45,000
Amortisation
At 1 September 2023 36,000
Provided during the year 9,000
At 31 August 2024 45,000
Net book value
At 31 August 2024 -
At 31 August 2023 9,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery Motor Vehicles Total
£ £ £
Cost
At 1 September 2023 178,636 - 178,636
Additions 77,725 45,690 123,415
At 31 August 2024 256,361 45,690 302,051
Depreciation
At 1 September 2023 78,445 - 78,445
Charge for the year 51,272 8,224 59,496
At 31 August 2024 129,717 8,224 137,941
Net book value
At 31 August 2024 126,644 37,466 164,110
At 31 August 2023 100,191 - 100,191
5 Debtors 2024 2023
£ £
Trade debtors 49,115 39,048
Prepayments and accrued income 36,937 36,937
86,052 75,985
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 15,201 23,641
Other loan 22,059 -
Finance lease and HP contracts 54,008 11,873
Trade creditors 36,980 29,075
Taxation and social security 13,228 8,193
Accrual 2,866 2,866
Director's account 118,524 97,097
262,866 172,745
7 Creditors: amounts falling due after more than one year 2024 2023
£ £
Bank loans and overdrafts 92,009 74,329
Obligations under finance leases 36,491 28,130
128,500 102,459
8 Profit and loss account 2024
£
At 1 September 2023 (72,145)
Profit for the year (70,440)
Dividends -
At 31 August 2024 (142,585)
9 Related party transactions
Included within the creditors at the year end is £118,524 (2023: £97,097) due to the company directors. During the period the company paid £102,030 of expenses on behalf of the director and the directors introduced £123,457.
10 Controlling party
The ultimate controlling parties are the directors' and shareholders' Mr Edward McVey and Mrs Caroline McVey.
11 Other information
CAED & Co Wheels Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Accounts Office
Suite 404, Daisyfield Business Centre
Appleby Street
Blackburn
BB1 3BL
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