Company registration number 14673636 (England and Wales)
EAST DEVON MOTOR COMPANY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
EAST DEVON MOTOR COMPANY LTD
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
EAST DEVON MOTOR COMPANY LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
Notes
£
£
Fixed assets
Tangible assets
3
81,343
Current assets
Stocks
628,323
Debtors
4
97,991
Cash at bank and in hand
99,438
825,752
Creditors: amounts falling due within one year
5
(455,272)
Net current assets
370,480
Total assets less current liabilities
451,823
Creditors: amounts falling due after more than one year
6
(206,720)
Provisions for liabilities
7,409
Net assets
252,512
Capital and reserves
Called up share capital
2
Profit and loss reserves
252,510
Total equity
252,512
EAST DEVON MOTOR COMPANY LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -

For the financial Period ended 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 of its financial statements for the Period in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 27 November 2024 and are signed on its behalf by:
Mr RF White
Mrs RS White
Director
Director
Company registration number 14673636 (England and Wales)
EAST DEVON MOTOR COMPANY LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2024
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 18 February 2023
-
0
-
0
-
Period ended 31 March 2024:
Profit and total comprehensive income
-
255,010
255,010
Issue of share capital
2
-
2
Dividends
-
(2,500)
(2,500)
Balance at 31 March 2024
2
252,510
252,512
EAST DEVON MOTOR COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information

East Devon Motor Company Ltd is a private company limited by shares incorporated in England and Wales. The registered office is London Road, Rockbeare, Exeter, Devon, EX5 2DZ.

1.1
Reporting period

The financial statements are presented for a period longer than one year as this is the opening period of the company.

The amounts presented in the financial statements (including the related notes) are not entirely comparable.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
4 year straight line
Fixtures and fittings
3 year straight line
Motor vehicles
5 year straight line
Boats
4 year straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

EAST DEVON MOTOR COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

EAST DEVON MOTOR COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
1.9
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the Period was:

2024
Number
Total
2
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Boats
Total
£
£
£
£
£
Cost
At 18 February 2023
-
0
-
0
-
0
-
0
-
0
Additions
-
0
-
0
25,500
18,000
43,500
Transfers
11,138
1,617
71,230
-
0
83,985
At 31 March 2024
11,138
1,617
96,730
18,000
127,485
Depreciation and impairment
At 18 February 2023
-
0
-
0
-
0
-
0
-
0
Depreciation charged in the Period
2,785
481
16,584
3,750
23,600
Transfers
536
782
21,224
-
0
22,542
At 31 March 2024
3,321
1,263
37,808
3,750
46,142
Carrying amount
At 31 March 2024
7,817
354
58,922
14,250
81,343
EAST DEVON MOTOR COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 7 -
4
Debtors
2024
Amounts falling due within one year:
£
Trade debtors
73,333
Other debtors
24,658
97,991
5
Creditors: amounts falling due within one year
2024
£
Bank loans
205,601
Corporation tax
73,230
Other creditors
176,441
455,272
6
Creditors: amounts falling due after more than one year
2024
£
Bank loans and overdrafts
72,133
Other creditors
134,587
206,720
7
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
£
50,822
8
Related party transactions
2024
Amounts due to related parties
£
Key management personnel
164,711
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