Elmwood Vehicles Limited 05191000 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is that of the maintenance and repair of motor vehicles. Digita Accounts Production Advanced 6.30.9574.0 true true 05191000 2023-06-01 2024-05-31 05191000 2024-05-31 05191000 core:CurrentFinancialInstruments 2024-05-31 05191000 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 05191000 core:Non-currentFinancialInstruments 2024-05-31 05191000 core:Non-currentFinancialInstruments core:AfterOneYear 2024-05-31 05191000 core:FurnitureFittingsToolsEquipment 2024-05-31 05191000 core:LandBuildings 2024-05-31 05191000 core:MotorVehicles 2024-05-31 05191000 core:OtherPropertyPlantEquipment 2024-05-31 05191000 bus:SmallEntities 2023-06-01 2024-05-31 05191000 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 05191000 bus:FilletedAccounts 2023-06-01 2024-05-31 05191000 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 05191000 bus:RegisteredOffice 2023-06-01 2024-05-31 05191000 bus:Director3 2023-06-01 2024-05-31 05191000 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 05191000 core:FurnitureFittings 2023-06-01 2024-05-31 05191000 core:FurnitureFittingsToolsEquipment 2023-06-01 2024-05-31 05191000 core:LandBuildings 2023-06-01 2024-05-31 05191000 core:LeaseholdImprovements 2023-06-01 2024-05-31 05191000 core:MotorVehicles 2023-06-01 2024-05-31 05191000 core:OtherPropertyPlantEquipment 2023-06-01 2024-05-31 05191000 core:PlantMachinery 2023-06-01 2024-05-31 05191000 countries:EnglandWales 2023-06-01 2024-05-31 05191000 2023-05-31 05191000 core:FurnitureFittingsToolsEquipment 2023-05-31 05191000 core:LandBuildings 2023-05-31 05191000 core:MotorVehicles 2023-05-31 05191000 core:OtherPropertyPlantEquipment 2023-05-31 05191000 2022-06-01 2023-05-31 05191000 2023-05-31 05191000 core:CurrentFinancialInstruments 2023-05-31 05191000 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 05191000 core:Non-currentFinancialInstruments 2023-05-31 05191000 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 05191000 core:FurnitureFittingsToolsEquipment 2023-05-31 05191000 core:LandBuildings 2023-05-31 05191000 core:MotorVehicles 2023-05-31 05191000 core:OtherPropertyPlantEquipment 2023-05-31 iso4217:GBP xbrli:pure

Registration number: 05191000

Elmwood Vehicles Limited

Unaudited Financial Statements

for the Year Ended 31 May 2024

Brebners
Chartered Accountants
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

 

Elmwood Vehicles Limited

Statement of Financial Position as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

28,349

20,508

Current assets

 

Stocks

5

4,350

4,610

Debtors

6

160,823

195,923

Cash at bank and in hand

 

90,873

94,587

 

256,046

295,120

Creditors: Amounts falling due within one year

7

(143,951)

(150,247)

Net current assets

 

112,095

144,873

Total assets less current liabilities

 

140,444

165,381

Creditors: Amounts falling due after more than one year

7

(32,500)

(62,500)

Provisions for liabilities

(7,512)

(5,435)

Net assets

 

100,432

97,446

Capital and reserves

 

Called up share capital

125

125

Retained earnings

100,307

97,321

Shareholders' funds

 

100,432

97,446

For the financial year ending 31 May 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 25 February 2025 and signed on its behalf by:
 

.........................................

Mr T J Spencer

Director

Company registration number: 05191000

 

Elmwood Vehicles Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.
 

The address of its registered office is:
c/o Brebners
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

The principal activity of the company is that of the maintenance and repair of motor vehicles.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.

Going concern

The company made a profit for the period ended 31 May 2024 and had net assets of £100,432 including cash at bank of £90,873 at this date.

The company continues to trade profitably and the directors do not believe the current economic conditions will have a material effect on the company.

On the basis of the above, and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue from vehicle maintenance and repair upon contractual completion of the specified works.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Elmwood Vehicles Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024


The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.


Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

5% straight line

Furniture, fittings and office equipment

20% straight line

Motor vehicles

25% straight line

Plant and machinery

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Elmwood Vehicles Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company during the year, was 10 (2023 - 9).

 

Elmwood Vehicles Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Tangible assets

Leasehold improvements
£

Furniture, fittings and office equipment
£

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 June 2023

13,776

16,175

58,137

62,933

151,021

Additions

-

765

-

25,819

26,584

At 31 May 2024

13,776

16,940

58,137

88,752

177,605

Depreciation

At 1 June 2023

8,491

15,173

44,870

61,979

130,513

Charge for the year

689

712

13,267

4,075

18,743

At 31 May 2024

9,180

15,885

58,137

66,054

149,256

Carrying amount

At 31 May 2024

4,596

1,055

-

22,698

28,349

At 31 May 2023

5,285

1,002

13,267

954

20,508

5

Stocks

2024
£

2023
£

Stock

4,350

4,610

6

Debtors

2024
£

2023
£

Trade debtors

15,969

17,488

Other debtors

144,854

178,435

160,823

195,923

 

Elmwood Vehicles Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Bank loans and overdrafts

8

30,000

30,000

Trade creditors

 

42,173

49,968

Taxation and social security

 

67,837

66,648

Other creditors

 

3,941

3,631

 

143,951

150,247

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Loans and borrowings

8

32,500

62,500

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank loan

30,000

30,000

2024
£

2023
£

Non-current loans and borrowings

Bank loan

32,500

62,500

The bank loan is secured by a fixed and floating charge over the assets and undertakings of the company.

9

Transactions with Directors

At 31 May 2024 an amount of £126,142 (2023: £124,118) was due from the directors. During the year, there were advances of £128,791 and repayments of £130,000. Interest of £3,233 (2023: £3,594) has been charged at 2.25% p.a.. There are no set terms in place.