Company Registration No. 01221600 (England and Wales)
Tunbridge Wells Motors Limited
Unaudited accounts
for the year ended 31 December 2024
Tunbridge Wells Motors Limited
Unaudited accounts
Contents
Tunbridge Wells Motors Limited
Company Information
for the year ended 31 December 2024
Company Number
01221600 (England and Wales)
Registered Office
Tunbridge Wells Hyundai
Dowling Way
Tunbridge Wells
Kent
TN2 3UY
Accountants
ASTON STEELE
Aston House
Cotchford Hill,
Hartfield
Sussex
TN7 4HA
Tunbridge Wells Motors Limited
Statement of financial position
as at 31 December 2024
Tangible assets
51,993
61,475
Inventories
2,625,183
1,296,827
Debtors
1,624,560
1,282,340
Cash at bank and in hand
200,262
720,246
Creditors: amounts falling due within one year
(3,588,363)
(2,423,772)
Net current assets
861,642
875,641
Total assets less current liabilities
913,635
937,116
Provisions for liabilities
Deferred tax
(9,025)
(15,500)
Net assets
904,610
921,616
Called up share capital
12,500
12,500
Profit and loss account
892,110
909,116
Shareholders' funds
904,610
921,616
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 30 April 2025 and were signed on its behalf by
Dean Stoner
Director
Company Registration No. 01221600
Tunbridge Wells Motors Limited
Notes to the Accounts
for the year ended 31 December 2024
Tunbridge Wells Motors Limited is a private company, limited by shares, registered in England and Wales, registration number 01221600. The registered office is Tunbridge Wells Hyundai, Dowling Way, Tunbridge Wells, Kent, TN2 3UY.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
Short Hold Lease written off over period of lease
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Tunbridge Wells Motors Limited
Notes to the Accounts
for the year ended 31 December 2024
4
Tangible fixed assets
Land & buildings
Plant & machinery
Total
Cost or valuation
At cost
At cost
At 1 January 2024
20,257
127,155
147,412
Disposals
-
(7,355)
(7,355)
At 31 December 2024
20,257
133,124
153,381
At 1 January 2024
14,294
71,643
85,937
Charge for the year
957
21,849
22,806
On disposals
-
(7,355)
(7,355)
At 31 December 2024
15,251
86,137
101,388
At 31 December 2024
5,006
46,987
51,993
At 31 December 2023
5,963
55,512
61,475
Finished goods
2,625,183
1,296,827
At 31st December 2024 Vehicles held on consignment, where title had not passed and are not included in the stock valuation, nor amounts due to trade creditors £3,196,193 (2023 £3,072,506)
Amounts falling due within one year
Trade debtors
687,414
418,939
Accrued income and prepayments
39,934
11,136
Other debtors
855,952
611,236
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Creditors: amounts falling due within one year
2024
2023
Trade creditors
3,263,585
2,388,194
Taxes and social security
23,308
27,278
Vehicles supplied on consignment, where title has not pasted, have not been included in the stock valuation nor in creditors falling due within one year 2023 £3,072,506 (2022 £1,649,347)
Tunbridge Wells Motors Limited
Notes to the Accounts
for the year ended 31 December 2024
8
Deferred taxation
2024
2023
Accelerated capital allowances
13,000
15,500
Tax losses carried forward
(3,975)
-
Provision at start of year
15,500
7,000
(Credited)/charged to the profit and loss account
(6,475)
8,500
Provision at end of year
9,025
15,500
Allotted, called up and fully paid:
12,500 Ordinary A shares of £1 each
12,500
12,500
On 18th February 2021 the company agreed an all assets debenture with Santander Consumer UK Limited in respect of any monies due
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Average number of employees
During the year the average number of employees was 28 (2023: 28).