Company registration number 05244810 (England and Wales)
DIVERS MOTOR COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
DIVERS MOTOR COMPANY LIMITED
COMPANY INFORMATION
Directors
Mr C V Divers
Mrs Y Fu
Secretary
Mr C V Divers
Company number
05244810
Registered office
2 Barnfield Crescent
Exeter
Devon
England
EX1 1QT
Accountants
Streets Bush Limited
2 Barnfield Crescent
Exeter
EX1 1QT
DIVERS MOTOR COMPANY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
DIVERS MOTOR COMPANY LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
3,297
4,589
Current assets
Stocks
376,712
384,075
Debtors
5
7,185
28,409
Cash at bank and in hand
25,922
49,184
409,819
461,668
Creditors: amounts falling due within one year
6
(92,483)
(134,884)
Net current assets
317,336
326,784
Total assets less current liabilities
320,633
331,373
Creditors: amounts falling due after more than one year
7
(6,250)
(21,250)
Provisions for liabilities
(755)
(1,147)
Net assets
313,628
308,976
Capital and reserves
Called up share capital
100
100
Retained earnings
313,528
308,876
Total equity
313,628
308,976
DIVERS MOTOR COMPANY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2024
30 September 2024
- 2 -

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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.

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

The financial statements were approved by the board of directors and authorised for issue on 28 February 2025 and are signed on its behalf by:
Mr C V Divers
Director
Company Registration No. 05244810
DIVERS MOTOR COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information

Divers Motor Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2 Barnfield Crescent, Exeter, Devon, England, EX1 1QT.

1.1
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.

1.2
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 and settlement discounts.

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.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, not exceeding 10 years.

 

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.

DIVERS MOTOR COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -

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:

Fixtures and fittings
10% on cost
Computers
25% on cost

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.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
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.

1.7
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 income statement 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.

DIVERS MOTOR COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
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 income statement, 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.

2
Employees

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

2024
2023
Number
Number
Total
2
2
3
Intangible fixed assets
Goodwill
£
Cost
At 1 October 2023 and 30 September 2024
43,000
Amortisation and impairment
At 1 October 2023 and 30 September 2024
43,000
Carrying amount
At 30 September 2024
-
0
At 30 September 2023
-
0
DIVERS MOTOR COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2023
11,853
Additions
498
At 30 September 2024
12,351
Depreciation and impairment
At 1 October 2023
7,264
Depreciation charged in the year
1,790
At 30 September 2024
9,054
Carrying amount
At 30 September 2024
3,297
At 30 September 2023
4,589
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
0
22,430
Other debtors
7,185
5,979
7,185
28,409
DIVERS MOTOR COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
15,000
15,000
Trade creditors
8,525
31,463
Taxation and social security
38,850
59,979
Other creditors
30,108
28,442
92,483
134,884
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
6,250
21,250
8
Operating lease commitments

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

2024
2023
£
£
69,000
92,000
9
Related party transactions

Included in other creditors are amounts loaned to the company by the directors of £14,339. Interest was charged at the official rate per HMRC and there were no fixed terms of repayment.

2024-09-302023-10-01false28 February 2025CCH SoftwareCCH Accounts Production 2024.210The principal activity in the year was that of a car dealership.
Mrs Y FuMrs Y FuMr C V Diversfalsefalse
052448102023-10-012024-09-3005244810bus:CompanySecretaryDirector12023-10-012024-09-3005244810bus:Director12023-10-012024-09-3005244810bus:CompanySecretary12023-10-012024-09-3005244810bus:Director22023-10-012024-09-3005244810bus:RegisteredOffice2023-10-012024-09-30052448102024-09-30052448102023-09-3005244810core:OtherPropertyPlantEquipment2024-09-3005244810core:OtherPropertyPlantEquipment2023-09-3005244810core:CurrentFinancialInstrumentscore:WithinOneYear2024-09-3005244810core:CurrentFinancialInstrumentscore:WithinOneYear2023-09-3005244810core:Non-currentFinancialInstrumentscore:AfterOneYear2024-09-3005244810core:Non-currentFinancialInstrumentscore:AfterOneYear2023-09-3005244810core:CurrentFinancialInstruments2024-09-3005244810core:CurrentFinancialInstruments2023-09-3005244810core:ShareCapital2024-09-3005244810core:ShareCapital2023-09-3005244810core:RetainedEarningsAccumulatedLosses2024-09-3005244810core:RetainedEarningsAccumulatedLosses2023-09-3005244810core:Goodwill2023-10-012024-09-3005244810core:FurnitureFittings2023-10-012024-09-3005244810core:ComputerEquipment2023-10-012024-09-30052448102022-10-012023-09-3005244810core:NetGoodwill2023-09-3005244810core:NetGoodwill2024-09-3005244810core:NetGoodwill2023-09-3005244810core:OtherPropertyPlantEquipment2023-09-3005244810core:OtherPropertyPlantEquipment2023-10-012024-09-3005244810core:WithinOneYear2024-09-3005244810core:WithinOneYear2023-09-3005244810core:Non-currentFinancialInstruments2024-09-3005244810core:Non-currentFinancialInstruments2023-09-3005244810bus:PrivateLimitedCompanyLtd2023-10-012024-09-3005244810bus:SmallCompaniesRegimeForAccounts2023-10-012024-09-3005244810bus:FRS1022023-10-012024-09-3005244810bus:AuditExemptWithAccountantsReport2023-10-012024-09-3005244810bus:FullAccounts2023-10-012024-09-30xbrli:purexbrli:sharesiso4217:GBP