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REGISTERED NUMBER: 03280947 (England and Wales)















CHRIS WAITE CAR SALES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2024






CHRIS WAITE CAR SALES LIMITED (REGISTERED NUMBER: 03280947)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2024




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 9


CHRIS WAITE CAR SALES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2024







DIRECTORS: Mr N J F Waite
Mrs L M Waite
Mr H Waite



REGISTERED OFFICE: 16 Lambourne Crescent
Cardiff Business Park
Llanishen
Cardiff
South Glamorgan
CF14 5GF



REGISTERED NUMBER: 03280947 (England and Wales)



ACCOUNTANTS: Johns Jones & Lo Limited
Chartered Accountants & Registered Auditors
16 Lambourne Crescent
Cardiff Business Park
Llanishen
Cardiff
CF14 5GF



BANKERS: Barclays Bank
Blackwood Business Centre
PO Box 31
85 High Street
Blackwood
Blaenau Gwent
NP12 1ZA

CHRIS WAITE CAR SALES LIMITED (REGISTERED NUMBER: 03280947)

BALANCE SHEET
31ST DECEMBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 410,743 417,307
410,743 417,307

CURRENT ASSETS
Stocks 461,778 511,493
Debtors 6 20,212 20,217
Cash at bank 112,413 -
594,403 531,710
CREDITORS
Amounts falling due within one year 7 466,897 386,307
NET CURRENT ASSETS 127,506 145,403
TOTAL ASSETS LESS CURRENT
LIABILITIES

538,249

562,710

CREDITORS
Amounts falling due after more than one
year

8

(5,000

)

(15,000

)

PROVISIONS FOR LIABILITIES 11 (388 ) -
NET ASSETS 532,861 547,710

CAPITAL AND RESERVES
Called up share capital 150 150
Retained earnings 532,711 547,560
SHAREHOLDERS' FUNDS 532,861 547,710

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

CHRIS WAITE CAR SALES LIMITED (REGISTERED NUMBER: 03280947)

BALANCE SHEET - continued
31ST DECEMBER 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8th April 2025 and were signed on its behalf by:





Mr N J F Waite - Director


CHRIS WAITE CAR SALES LIMITED (REGISTERED NUMBER: 03280947)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2024

1. STATUTORY INFORMATION

Chris Waite Car Sales Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The accounts have been prepared on a going concern basis.

Significant judgements and estimates
Preparation of the financial statements requires management to make significant judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the statement of financial position date and the amounts reported for revenues and expenses during the period. However, the nature of estimation means that actual outcomes could differ from those estimates.

Recoverability of debtors
Estimation is involved in the assessment of the recoverability of debtors and the calculation of the associated bad debt provision. Factors such as the age of the debt, prior experience and recoverability statistics are included in management's assessment.

Useful economic lives of tangible fixed assets
Tangible fixed assets are depreciated over their useful economic lives taking into account residual values, where appropriate. Management regularly reviews the assets' useful economic lives. Changes in assets' useful economic lives can have a significant impact on depreciation for the period. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Provision for impairments
Tangible fixed assets are reviewed for signs of impairment each year and written down accordingly. All tangible fixed assets are reviewed by management in conjunction with market data and other relevant information. Changes in any of the factors considered for impairments can affect the value reported in the financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 1997, is being amortised evenly over its estimated useful life of ten years.

This relates to an asset acquired in 1997. This has now been fully written off.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

CHRIS WAITE CAR SALES LIMITED (REGISTERED NUMBER: 03280947)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold Property - 1% or 2% straight line
Fixtures & Fittings - 15% reducing balance
Motor Vehicles - 25% on reducing balance
Equipment - 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from banks. Debt instruments (other than those wholly repayable or receivable within one year), including loans and account receivables and payables, are initially measured at the transaction price (adjusted for transaction cost) and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangement constitutes a financing transaction, such as a trade debtor or creditor on extended credit terms, initial measurement is at the present value of future cash flows discounted at a market rate of interest. Subsequent measurement is at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is identified, an impairment loss is recognised in the statement of comprehensive income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between carrying amount and the present value of estimated cash flows discounted at the original effective interest rate. If the financial instrument has a variable interest rate the currently effective rate under the contract is used.

A financial asset is derecognised only when the contractual rights to the cash flows from the financial asset expire or are settled or, substantially all of the risks and rewards of ownership of the financial asset have been transferred to another party or when despite having retained some, but not substantially all, risks and rewards of ownership, control of the asset has been transferred to another party and the other party has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer. In this case, the company derecognises the asset and recognises separately any rights and obligations retained or created in the transfer. A financial liability is derecognised when the contract that gives rise to it is settled, sold, cancelled, or expires. Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such as an exchange or modification, this is treated as a derecognition of the original liability, such that the difference in the respective carrying amounts together with any costs or fees incurred are recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


CHRIS WAITE CAR SALES LIMITED (REGISTERED NUMBER: 03280947)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Cash and cash equivalents
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents include cash in hand, and deposits held at call with banks.

Going concern
These financial statements have been prepared on a going concern basis on the grounds that the Directors consider that the Company has sufficient cash resources to enable the Company to continue to meet its liabilities as they fall due.

Debtors
Debtors include trade debtors, certain other financial instruments and prepayments.. Prepayments are payments made for goods or services that will be received in the future.

Creditors
Creditors include trade creditors and certain other short and long-term financial instruments.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 11 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st January 2024
and 31st December 2024 350,000
AMORTISATION
At 1st January 2024
and 31st December 2024 350,000
NET BOOK VALUE
At 31st December 2024 -
At 31st December 2023 -

CHRIS WAITE CAR SALES LIMITED (REGISTERED NUMBER: 03280947)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor
property fittings vehicles Equipment Totals
£    £    £    £    £   
COST
At 1st January 2024
and 31st December 2024 523,062 8,071 33,826 11,986 576,945
DEPRECIATION
At 1st January 2024 109,045 7,611 32,732 10,250 159,638
Charge for year 5,961 69 274 260 6,564
At 31st December 2024 115,006 7,680 33,006 10,510 166,202
NET BOOK VALUE
At 31st December 2024 408,056 391 820 1,476 410,743
At 31st December 2023 414,017 460 1,094 1,736 417,307

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,763 1,572
Other debtors 11,322 11,322
Deferred tax asset - 163
Prepayments and accrued income 7,127 7,160
20,212 20,217

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 224,493
Trade creditors 127,728 48,382
Tax 9,276 7,406
Social security and other taxes 8,245 6,018
VAT 21,967 6,873
Other creditors 1,401 895
Net Pay Control 16,491 17,677
Directors' current accounts 262,971 60,392
Accruals and deferred income 8,818 14,171
466,897 386,307

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 5,000 10,000
Bank loans - 2-5 years - 5,000
5,000 15,000

CHRIS WAITE CAR SALES LIMITED (REGISTERED NUMBER: 03280947)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 14,355 477
Between one and five years 16,138 -
30,493 477

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdraft - 20,007
Bank loans 15,000 219,486
15,000 239,493

As of November 2022, Barclays Security Trustee Limited has a fixed charge over the property of the company used as security for the loan taken out in the year.

Barclays Bank PLC have a fixed and floating charge over the undertakings and all property of the company, registered in 1997.

11. PROVISIONS FOR LIABILITIES
2024
£   
Deferred tax 388

Deferred
tax
£   
Balance at 1st January 2024 (163 )
Charge to Income Statement during year 551
Balance at 31st December 2024 388

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31st December 2024 and 31st December 2023:

2024 2023
£    £   
Mr C B Waite (Dec'd)
Balance outstanding at start of year - 36,114
Amounts advanced - 12,752
Amounts repaid - -
Amounts written off - (48,866 )
Amounts waived - -
Balance outstanding at end of year - -

CHRIS WAITE CAR SALES LIMITED (REGISTERED NUMBER: 03280947)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

Mr N J F Waite
Balance outstanding at start of year (60,392 ) (76,681 )
Amounts advanced 59,908 16,289
Amounts repaid (155,243 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (155,727 ) (60,392 )

Mrs C V Waite (Dec'd)
Balance outstanding at start of year - -
Amounts repaid (107,243 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (107,243 ) -

The loans from directors are interest free and are repayable upon demand.

13. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr N J F Waite.