Registered number
04987237
W & M Autos Limited
Filleted Accounts
31 December 2023
W & M Autos Limited
Registered number: 04987237
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1 1
Current assets
Stocks 24,353 16,171
Debtors 4 16,500 11,275
Cash at bank and in hand 9,189 24,559
50,042 52,005
Creditors: amounts falling due within one year 5 (23,789) (24,208)
Net current assets 26,253 27,797
Total assets less current liabilities 26,254 27,798
Creditors: amounts falling due after more than one year 6 (25,859) (33,395)
Net assets/(liabilities) 395 (5,597)
Capital and reserves
Called up share capital 100 100
Profit and loss account 295 (5,697)
Shareholders' funds 395 (5,597)
The director is 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 director acknowledges his 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.
M Mohammed
Director
Approved by the board on 28 February 2025
W & M Autos Limited
Notes to the Accounts
for the year ended 31 December 2023
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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
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 at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), 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 to director shareholders are measured at transaction price.
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. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 1,164
At 31 December 2023 1,164
Depreciation
At 1 January 2023 1,163
At 31 December 2023 1,163
Net book value
At 31 December 2023 1
At 31 December 2022 1
4 Debtors 2023 2022
£ £
Trade debtors - 4,775
Other debtors 16,500 6,500
16,500 11,275
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 11,797 11,797
Trade creditors 6,209 2,457
Corporation tax 574 -
Other taxes and social security costs 4,151 5,106
Other creditors 1,058 4,848
23,789 24,208
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 25,859 33,395
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
M Mohammed
Loans to directors - 10,000 - 10,000
- 10,000 - 10,000
The loan to the director was unsecured and interest free and was repaid after the year end.
8 Other information
W & M Autos Limited is a private company limited by shares and incorporated in England. Its registered office is:
Fides House
10 Chersey Road
Woking
Surrey
GU21 5AB
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