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COMPANY REGISTRATION NUMBER: 05585636
Martin Wheeler Limited
Filleted Unaudited Financial Statements
31 October 2024
Martin Wheeler Limited
Statement of Financial Position
31 October 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
1,629
657
Current assets
Debtors
6
13,043
10,360
Cash at bank and in hand
14,226
4,928
--------
--------
27,269
15,288
Creditors: amounts falling due within one year
7
13,639
14,251
--------
--------
Net current assets
13,630
1,037
--------
-------
Total assets less current liabilities
15,259
1,694
--------
-------
Net assets
15,259
1,694
--------
-------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
14,259
694
--------
-------
Shareholders funds
15,259
1,694
--------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 28 January 2025 , and are signed on behalf of the board by:
Mr M Wheeler
Director
Company registration number: 05585636
Martin Wheeler Limited
Notes to the Financial Statements
Year ended 31 October 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 5 Minton Place, Victoria Road, Bicester, Oxon, OX26 6QB, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents current tax recognised in the reporting period.Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & Fittings
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Computer Equipment
-
25% reducing balance
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 November 2023
11,553
1,227
12,780
Additions
986
416
1,402
----
--------
-------
--------
At 31 October 2024
986
11,553
1,643
14,182
----
--------
-------
--------
Depreciation
At 1 November 2023
11,407
716
12,123
Charge for the year
205
37
188
430
----
--------
-------
--------
At 31 October 2024
205
11,444
904
12,553
----
--------
-------
--------
Carrying amount
At 31 October 2024
781
109
739
1,629
----
--------
-------
--------
At 31 October 2023
146
511
657
----
--------
-------
--------
6. Debtors
2024
2023
£
£
Trade debtors
13,043
6,101
Other debtors
4,259
--------
--------
13,043
10,360
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
5,652
Social security and other taxes
4,316
12,431
Other creditors
3,671
1,820
--------
--------
13,639
14,251
--------
--------
8. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr M Wheeler
3,785
25,394
( 29,390)
( 211)
-------
--------
--------
----
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr M Wheeler
( 1,416)
39,501
( 34,300)
3,785
-------
--------
--------
-------