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Registration number: 3639585

Worcester Road Motors Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Worcester Road Motors Limited

(Registration number: 3639585)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

377,229

394,130

Investment property

5

114,000

114,000

 

491,229

508,130

Current assets

 

Stocks

6

261,444

446,894

Debtors

7

179,747

176,551

Cash at bank and in hand

 

73,532

-

 

514,723

623,445

Creditors: Amounts falling due within one year

8

(144,036)

(237,046)

Net current assets

 

370,687

386,399

Total assets less current liabilities

 

861,916

894,529

Creditors: Amounts falling due after more than one year

8

(45,841)

(84,601)

Provisions for liabilities

(5,000)

(6,250)

Net assets

 

811,075

803,678

Capital and reserves

 

Called up share capital

1,000

1,000

Revaluation reserve

2,985

2,985

Retained earnings

807,090

799,693

Shareholders' funds

 

811,075

803,678

 

Worcester Road Motors Limited

(Registration number: 3639585)
Balance Sheet as at 31 October 2024 (continued)

For the financial year ending 31 October 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 24 February 2025 and signed on its behalf by:
 

.........................................
P R Jones
Director

 

Worcester Road Motors Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Worcester Road
Stourport on Severn
Worcestershire
DY13 9AS

These financial statements were authorised for issue by the Board on 24 February 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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when: the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred 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.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Worcester Road Motors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

2

Accounting policies (continued)

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold buildings

4% pa on a straight line basis.

Freehold land

1% pa on a straight line basis.

Leasehold property improvements

33% pa on a straight line basis.

Furniture, fittings and equipment

25% pa on a reducing balance basis.

Motor vehicles

25% pa on a reducing balance basis.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at cost less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Worcester Road Motors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

2

Accounting policies (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

 

Worcester Road Motors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 7).

 

Worcester Road Motors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Cost or valuation

At 1 November 2023

450,543

21,619

22,627

22,000

Disposals

-

(4,173)

(1,118)

-

At 31 October 2024

450,543

17,446

21,509

22,000

Depreciation

At 1 November 2023

83,097

13,454

15,756

10,352

Charge for the year

9,680

1,962

1,708

2,912

Eliminated on disposal

-

(3,616)

(1,036)

-

At 31 October 2024

92,777

11,800

16,428

13,264

Carrying amount

At 31 October 2024

357,766

5,646

5,081

8,736

At 31 October 2023

367,446

8,165

6,871

11,648

Total
£

Cost or valuation

At 1 November 2023

516,789

Disposals

(5,291)

At 31 October 2024

511,498

Depreciation

At 1 November 2023

122,659

Charge for the year

16,262

Eliminated on disposal

(4,652)

At 31 October 2024

134,269

Carrying amount

At 31 October 2024

377,229

At 31 October 2023

394,130

Included within the net book value of land and buildings above is £357,766 (2023 - £367,446) in respect of freehold land and buildings.
 

 

Worcester Road Motors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

5

Investment properties

2024
£

At 1 November

114,000

At 31 October

114,000

The directors have assessed the current market value of the investment property and consider that it represents fair value.

There has been no valuation of investment property by an independent valuer.

6

Stocks

2024
£

2023
£

Finished goods and goods for resale

261,444

446,894

7

Debtors

Current

2024
£

2023
£

Trade debtors

170,761

167,240

Prepayments

8,986

9,311

 

179,747

176,551

 

Worcester Road Motors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

38,679

124,904

Trade creditors

 

5,384

10,000

Taxation and social security

 

80,198

77,041

Accruals and deferred income

 

7,818

11,083

Other creditors

 

11,957

14,018

 

144,036

237,046

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

45,841

84,601

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

45,841

84,601

Current loans and borrowings

2024
£

2023
£

Bank borrowings

38,679

36,633

Bank overdrafts

-

88,271

38,679

124,904

 

Worcester Road Motors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

9

Loans and borrowings (continued)

Bank borrowings

Bank loan is denominated in £ with a nominal interest rate of 1.4% over base rate%, and the final instalment is due on 25 December 2026. The carrying amount at year end is £67,151 (2023 - £93,790).

The bank loan is secured by a first legal charge over the company's freehold property.

Bounce Back Loan is denominated in £ with a nominal interest rate of 2.5%%, and the final instalment is due on 10 June 2026. The carrying amount at year end is £17,369 (2023 - £27,444).