Registered number
00584176
Woodford Motor Co. Limited
Report and Unaudited Accounts
31 December 2024
Woodford Motor Co. Limited
Registered number: 00584176
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 23,500 238,356
Current assets
Stocks 7,157 82,468
Debtors 4 - 7,939
Cash at bank and in hand 1,213,341 268,958
1,220,498 359,365
Creditors: amounts falling due within one year 5 (163,382) (104,801)
Net current assets 1,057,116 254,564
Total assets less current liabilities 1,080,616 492,920
Creditors: amounts falling due after more than one year 6 - (24,951)
Provisions for liabilities - (3,195)
Net assets 1,080,616 464,774
Capital and reserves
Called up share capital 9,597 9,597
Revaluation reserve 7 - 182,160
Profit and loss account 1,071,019 273,017
Shareholders' funds 1,080,616 464,774
The directors are 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 directors acknowledge their 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.
S A Barnard
Director
Approved by the board on 31 January 2025
Woodford Motor Co. Limited
Notes to the Accounts
for the year ended 31 December 2024
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.
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 and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover 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.
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, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 4 years
Fixtures, fittings, tools and equipment over 3 years and over 10 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. 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. 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.
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.
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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 15
3 Tangible fixed assets
Land and buildings Plant and machinery etc Furniture and fittings Total
£ £ £ £
Cost or valuation
At 1 January 2024 364,000 75,210 61,236 500,446
Disposals (340,500) (75,210) (61,236) (476,946)
At 31 December 2024 23,500 - - 23,500
Depreciation
At 1 January 2024 126,332 75,210 60,548 262,090
On disposals (126,332) (75,210) (60,548) (262,090)
At 31 December 2024 - - - -
Net book value
At 31 December 2024 23,500 - - 23,500
At 31 December 2023 237,668 - 688 238,356
Freehold land and buildings: 2024 2023
£ £
Historical cost - 118,116
Cumulative depreciation based on historical cost - 38,873
- 79,243
The company will not be adopting a revaluation policy and will continue to carry revalued assets at the value ascertained at the last revaluation date, this being 27 September 1993, and depreciation will be charged based on this amount.
4 Debtors 2024 2023
£ £
Trade debtors - 590
Other debtors - 7,349
- 7,939
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 797 83,644
Corporation tax 100,351 -
Other taxes and social security costs 1,234 20,270
Other creditors 61,000 887
163,382 104,801
6 Creditors: amounts falling due after one year 2024 2023
£ £
Other creditors - 24,951
7 Revaluation reserve 2024 2023
£ £
At 1 January 2024 182,160 182,160
Write back on revaluation of land and buildings (182,160) -
At 31 December 2024 - 182,160
8 Other information
Woodford Motor Co. Limited is a private company limited by shares and incorporated in England. Its registered office is:
9 Mayfield Avenue
Woodford Green
Essex
IG8 9JR
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