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Registration number: 05274898

David Ward Motor Services Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

David Ward Motor Services Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

David Ward Motor Services Limited

Company Information

Directors

D Ward

D J Ward

Company secretary

D Ward

Registered office

Seaton Service Station
Leas Lane
Seaton
East Yorkshire
HU11 5RE

 

David Ward Motor Services Limited

(Registration number: 05274898)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

2,500

5,000

Current assets

 

Debtors

5

48,141

67,631

Cash at bank and in hand

 

1,475

24,346

 

49,616

91,977

Creditors: Amounts falling due within one year

6

(1,120)

(3,537)

Net current assets

 

48,496

88,440

Net assets

 

50,996

93,440

Capital and reserves

 

Called up share capital

100

100

Retained earnings

50,896

93,340

Shareholders' funds

 

50,996

93,440

For the financial year ending 31 March 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 Profit and Loss Account.

Approved and authorised by the Board on 10 March 2025 and signed on its behalf by:
 

.........................................
D Ward
Company secretary and director

.........................................
D J Ward
Director

 
     
 

David Ward Motor Services Limited

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

1

General information

The company is a private company limited by share capital incorporated in England and Wales and the company registration number is 05274898.

The address of its registered office is:
Seaton Service Station
Leas Lane
Seaton
East Yorkshire
HU11 5RE

These financial statements were authorised for issue by the Board on 10 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

Tax

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

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measure using the rates and allowances that apply to the sale of the asset.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

David Ward Motor Services Limited

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

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20 years on cost

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.

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 (including Directors) during the year, was 2 (2023 - 2).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

50,000

50,000

At 31 March 2024

50,000

50,000

Amortisation

At 1 April 2023

45,000

45,000

Amortisation charge

2,500

2,500

At 31 March 2024

47,500

47,500

Carrying amount

At 31 March 2024

2,500

2,500

At 31 March 2023

5,000

5,000

 

David Ward Motor Services Limited

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

5

Debtors

Current

2024
£

2023
£

Other debtors

48,141

67,631

 

48,141

67,631

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

-

2,285

Accruals and deferred income

1,120

1,252

1,120

3,537

7

Related party transactions

At the year end the directors owed the company £21,268 (2023: £35,446). Loans made to the directors by the company are unsecured, interest free and repayable on demand.

Transactions with Directors

2024

At 1 April 2023
£

Advances to Director
£

Repayments by Director
£

At 31 March 2024
£

D Ward

Unsecured, interest free and repayable on demand

35,446

24,694

(38,872)

21,268

Summary of transactions with other related parties

David Ward Haulage Limited

A Company also controlled and owned by the Directors and shareholders of David Ward Motor Services Limited.

At the year end, the amount due from David Ward Haulage Limited was £25,557 (2023: £30,867). The amount is unsecured, interest-free and repayable on demand.