Registered number
08086775
Dorset Wheels Ltd
Filleted Accounts
31 October 2024
Dorset Wheels Ltd
Registered number: 08086775
Balance Sheet
as at 31 October 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 13,997 15,747
Tangible assets 4 27,328 36,436
41,325 52,183
Current assets
Stocks 40,000 15,000
Debtors 5 27,721 35,301
Cash at bank and in hand 25,957 20,009
93,678 70,310
Creditors: amounts falling due within one year 6 (93,399) (91,484)
Net current assets/(liabilities) 279 (21,174)
Total assets less current liabilities 41,604 31,009
Creditors: amounts falling due after more than one year 7 (11,547) (30,999)
Net assets 30,057 10
Capital and reserves
Called up share capital 2 2
Profit and loss account 30,055 8
Shareholder's funds 30,057 10
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 member has 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.
Mr V Kerr
Director
Approved by the board on 17 April 2025
Dorset Wheels Ltd
Notes to the Accounts
for the year ended 31 October 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 (as applied to small entities by section 1A of the standard).
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Property Improvements Straight Line over 5 Years
Plant and machinery 25% Reducing balance
Equipment, fixtures & fittings 25% Reducing balance
Motor vehicles 25% Reducing balance
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.
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 5 5
3 Intangible fixed assets £
Franchise Fees:
Cost
At 1 November 2023 34,997
At 31 October 2024 34,997
Amortisation
At 1 November 2023 19,250
Provided during the year 1,750
At 31 October 2024 21,000
Net book value
At 31 October 2024 13,997
At 31 October 2023 15,747
Franchise fees are being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 November 2023 34,306 213,348 16,630 264,284
At 31 October 2024 34,306 213,348 16,630 264,284
Depreciation
At 1 November 2023 34,306 179,081 14,461 227,848
Charge for the year - 8,566 542 9,108
At 31 October 2024 34,306 187,647 15,003 236,956
Net book value
At 31 October 2024 - 25,701 1,627 27,328
At 31 October 2023 - 34,267 2,169 36,436
5 Debtors 2024 2023
£ £
Trade debtors 14,398 15,600
Other debtors 13,323 19,701
27,721 35,301
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 20,422 16,891
Obligations under finance lease and hire purchase contracts 995 11,396
Trade creditors 7,400 4,908
Taxation and social security costs 17,641 11,841
Other creditors 46,941 46,448
93,399 91,484
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 11,547 30,004
Obligations under finance lease and hire purchase contracts - 995
11,547 30,999
8 Deferred Tax
At the balance sheet date, the company had trading losses of approximately £283,828 (2023: £352,057) available to carry forward against future taxable profits.

A deferred tax asset has not been recognised in respect of these losses due to the uncertainty over the timing and extent of future taxable profits against which the losses may be utilised.

If recognised, the deferred tax asset would be approximately £70,957, calculated at the prevailing UK corporation tax rate of 25%.

The deferred tax asset will be recognised in future periods when it becomes probable that taxable profits will be available against which the losses can be utilised.
9 Related party transactions
During the period, Dorset Wheels Ltd received an interest-free, unsecured loan from VSK Enterprises Ltd, a related business, to support the trading activities. The amount outstanding at the year-end was £41,975 (2023: £41,643) and is included within Other Creditors. The loan is repayable on demand and no amounts were written off during the year.
10 Other information
Dorset Wheels Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Coach House
Durley Street
Southampton
Hampshire
SO32 2AB
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