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BEDFORD WHEELS LIMITED

Registered Number
02844111
(England and Wales)

Unaudited Financial Statements for the Year ended
29 November 2024

BEDFORD WHEELS LIMITED
Company Information
for the year from 30 November 2023 to 29 November 2024

Director

Philip Hudson Collins

Registered Address

56 College Street
Kempston
Bedford
MK42 8LU

Registered Number

02844111 (England and Wales)
BEDFORD WHEELS LIMITED
Balance Sheet as at
29 November 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets316,69821,873
16,69821,873
Current assets
Stocks413,40014,000
Debtors578,36181,790
Cash at bank and on hand28,68823,611
120,449119,401
Creditors amounts falling due within one year6(125,627)(118,531)
Net current assets (liabilities)(5,178)870
Total assets less current liabilities11,52022,743
Creditors amounts falling due after one year7(6,375)(17,284)
Net assets5,1455,459
Capital and reserves
Called up share capital22
Profit and loss account5,1435,457
Shareholders' funds5,1455,459
The financial statements were approved and authorised for issue by the Director on 20 February 2025, and are signed on its behalf by:
Philip Hudson Collins
Director
Registered Company No. 02844111
BEDFORD WHEELS LIMITED
Notes to the Financial Statements
for the year ended 29 November 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Revenue from rendering of services
Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Employee benefits
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
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2.Average number of employees

20242023
Average number of employees during the year65
3.Tangible fixed assets

Plant & machinery

Vehicles

Fixtures & fittings

Office Equipment

Total

£££££
Cost or valuation
At 30 November 2331,98527,51518,6118,32486,435
Additions-2,500-3912,891
Disposals-(2,500)--(2,500)
At 29 November 2431,98527,51518,6118,71586,826
Depreciation and impairment
At 30 November 2325,13222,02010,4326,97864,562
Charge for year1,7131,3742,0454345,566
At 29 November 2426,84523,39412,4777,41270,128
Net book value
At 29 November 245,1404,1216,1341,30316,698
At 29 November 236,8535,4958,1791,34621,873
4.Stocks

2024

2023

££
Raw materials and consumables13,40014,000
Total13,40014,000
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables28,53120,421
Other debtors48,09258,729
Prepayments and accrued income1,7382,640
Total78,36181,790
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables32,77638,003
Bank borrowings and overdrafts29,71227,925
Taxation and social security59,77150,415
Other creditors474533
Accrued liabilities and deferred income2,8941,655
Total125,627118,531
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts6,37517,284
Total6,37517,284
8.Directors advances, credits and guarantees

Brought forward

Amount advanced

Amount repaid

Carried forward

££££
Philip Hudson Collins41,747010,52531,222
41,747010,52531,222