Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312025-05-16false2023-04-01Sale of motor vehicles1818truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 00867096 2023-04-01 2024-03-31 00867096 2022-04-01 2023-03-31 00867096 2024-03-31 00867096 2023-03-31 00867096 2022-04-01 00867096 c:PriorPeriodIncreaseDecrease 2022-04-01 2023-03-31 00867096 d:Director2 2023-04-01 2024-03-31 00867096 c:Buildings c:ShortLeaseholdAssets 2023-04-01 2024-03-31 00867096 c:Buildings c:ShortLeaseholdAssets 2024-03-31 00867096 c:Buildings c:ShortLeaseholdAssets 2023-03-31 00867096 c:PlantMachinery 2023-04-01 2024-03-31 00867096 c:PlantMachinery 2024-03-31 00867096 c:PlantMachinery 2023-03-31 00867096 c:PlantMachinery c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00867096 c:FurnitureFittings 2023-04-01 2024-03-31 00867096 c:FurnitureFittings 2024-03-31 00867096 c:FurnitureFittings 2023-03-31 00867096 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00867096 c:OfficeEquipment 2023-04-01 2024-03-31 00867096 c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00867096 c:CurrentFinancialInstruments 2024-03-31 00867096 c:CurrentFinancialInstruments 2023-03-31 00867096 c:Non-currentFinancialInstruments 2024-03-31 00867096 c:Non-currentFinancialInstruments 2023-03-31 00867096 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 00867096 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 00867096 c:ShareCapital 2024-03-31 00867096 c:ShareCapital 2023-03-31 00867096 c:ShareCapital 2022-04-01 00867096 c:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 00867096 c:RetainedEarningsAccumulatedLosses 2024-03-31 00867096 c:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 00867096 c:RetainedEarningsAccumulatedLosses 2023-03-31 00867096 c:RetainedEarningsAccumulatedLosses c:PriorPeriodIncreaseDecrease 2022-04-01 2023-03-31 00867096 c:RetainedEarningsAccumulatedLosses 2022-04-01 00867096 c:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-03-31 00867096 c:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-03-31 00867096 c:AcceleratedTaxDepreciationDeferredTax 2024-03-31 00867096 c:AcceleratedTaxDepreciationDeferredTax 2023-03-31 00867096 d:FRS102 2023-04-01 2024-03-31 00867096 d:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 00867096 d:FullAccounts 2023-04-01 2024-03-31 00867096 d:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 00867096 e:PoundSterling 2023-04-01 2024-03-31 00867096 c:ShareCapital c:PriorPeriodErrorIncreaseDecrease 2022-04-01 2023-03-31 00867096 c:RetainedEarningsAccumulatedLosses c:PreviouslyStatedAmount 2022-04-01 00867096 c:PreviouslyStatedAmount 2022-04-01 iso4217:GBP xbrli:pure
Registered number: 00867096












WOKINGHAM ROAD MOTOR COMPANY (READING) LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
 31 MARCH 2024





















 


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01483 755 399
hamlyns.com

 
WOKINGHAM ROAD MOTOR COMPANY  (READING) LIMITED
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OFWOKINGHAM ROAD MOTOR COMPANY  (READING) LIMITED
FOR THE YEAR ENDED 31 MARCH 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Wokingham Road Motor Company  (Reading) Limited for the year ended 31 March 2024 which comprise the balance sheet, the statement of changes in equity and the related notes from the Company's accounting records and from information and explanations you have given to us.
 

As a member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/membership/
regulations-standards-and-guidance.


This report is made solely to the board of directors of Wokingham Road Motor Company  (Reading) Limited, as a body, in accordance with the terms of our engagement at hamlyns.com/tac. Our work has been undertaken solely to prepare for your approval the financial statements of Wokingham Road Motor Company  (Reading) Limited and state those matters that we have agreed to state to the board of directors of Wokingham Road Motor Company  (Reading) Limited, as a body, in this report in accordance with ICAEW Technical release TECH07/16AAF . To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wokingham Road Motor Company  (Reading) Limited and its board of directors, as a body, for our work or for this report.
 
 
It is your duty to ensure that Wokingham Road Motor Company  (Reading) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Wokingham Road Motor Company  (Reading) Limited. You consider that Wokingham Road Motor Company  (Reading) Limited is exempt from the statutory audit requirement for the year.
 
 
We have not been instructed to carry out an audit or review of the financial statements of Wokingham Road Motor Company  (Reading) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.





Hamlyns Limited
Chartered Accountants
Sundial House
High Street
Horsell
Woking
GU21 4SU

16 May 2025
Page 1

 
WOKINGHAM ROAD MOTOR COMPANY  (READING) LIMITED
REGISTERED NUMBER: 00867096

BALANCE SHEET
AS AT 31 MARCH 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
156,290
180,806

  
156,290
180,806

Current assets
  

Stocks
 5 
333,587
370,546

Debtors: amounts falling due after more than one year
 6 
15,240
18,240

Debtors: amounts falling due within one year
 6 
79,590
93,693

Cash at bank and in hand
  
244,713
209,058

  
673,130
691,537

Creditors: amounts falling due within one year
 7 
(145,181)
(149,367)

Net current assets
  
 
 
527,949
 
 
542,170

Total assets less current liabilities
  
684,239
722,976

Provisions for liabilities
  

Deferred tax
 9 
(29,858)
(34,552)

  
 
 
(29,858)
 
 
(34,552)

Net assets
  
654,381
688,424


Capital and reserves
  

Called up share capital 
  
10,000
10,000

Profit and loss account
  
644,381
678,424

  
654,381
688,424


Page 2

 
WOKINGHAM ROAD MOTOR COMPANY  (READING) LIMITED
REGISTERED NUMBER: 00867096

BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 May 2025.




................................................
J P Richards
Director

The notes on pages 5 to 9 form part of these financial statements.

Page 3
 

 
WOKINGHAM ROAD MOTOR COMPANY  (READING) LIMITED


 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024



Called up share capital
Profit and loss account
Total equity


£
£
£



At 1 April 2022 (as previously stated)
10,000
768,145
778,145


Prior year adjustment - correction of error (see note)
-
(61,189)
(61,189)



At 1 April 2022 (as restated)
10,000
706,956
716,956




Loss for the year
-
(28,532)
(28,532)





At 1 April 2023
10,000
678,424
688,424




Loss for the year
-
(34,043)
(34,043)



At 31 March 2024
10,000
644,381
654,381



The notes on pages 5 to 9 form part of these financial statements.

Page 4
 
WOKINGHAM ROAD MOTOR COMPANY  (READING) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Wokingham Road Motor Company (Reading) Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 00867096 and registered office address is Normany Garage, Guildford Road, Normandy, Surrey, GU3 2DA.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

  
2.2

Turnover

Turnover comprises the sale of new and used cars, servicing of cars and supply of parts for the brands under franchise agreement with the company. Turnover is recognised when the risks and rewards of ownership have passed to the customer. This is determined as at the point at which goods are dispatched from the company's premises to the customer. 

 
2.3

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

 
WOKINGHAM ROAD MOTOR COMPANY  (READING) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Short-term leasehold property
-
10%
on reducing balance
Plant and machinery
-
25%
on reducing balance
Fixtures and fittings
-
25%
on reducing balance
Office equipment
-

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 6

 
WOKINGHAM ROAD MOTOR COMPANY  (READING) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 18 (2023 - 18).


4.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 April 2023
563,340
110,351
127,622
801,313



At 31 March 2024

563,340
110,351
127,622
801,313



Depreciation


At 1 April 2023
415,816
82,954
121,738
620,508


Charge for the year on owned assets
15,120
5,582
3,813
24,515



At 31 March 2024

430,936
88,536
125,551
645,023



Net book value



At 31 March 2024
132,404
21,815
2,071
156,290



At 31 March 2023
147,525
27,397
5,884
180,806

Page 7

 
WOKINGHAM ROAD MOTOR COMPANY  (READING) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Stocks

2024
2023
£
£

Work in progress
-
8,442

Stocks
333,587
362,104

333,587
370,546



6.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
15,240
18,240

15,240
18,240


2024
2023
£
£

Due within one year

Trade debtors
36,185
44,639

Other debtors
22,841
24,538

Prepayments and accrued income
20,564
24,516

79,590
93,693



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
20,825
35,341

Other taxation and social security
48,185
39,115

Other creditors
41,100
70,872

Accruals and deferred income
35,071
4,039

145,181
149,367


Page 8

 
WOKINGHAM ROAD MOTOR COMPANY  (READING) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
244,713
209,058




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


9.


Deferred taxation




2024


£






At beginning of year
(34,552)


Utilised in year
4,694



At end of year
(29,858)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(29,858)
(34,552)

(29,858)
(34,552)


10.


Prior year adjustment

An error was identified in the opening balances due to a system error in the transition to the MTD VAT scheme in 2019. The VAT creditor was historically understated by way of a bookkeeping issue and has now been increased by £61,189, with a corresponding reduction in reserves brought forward. There is no impact on the profit or loss for the current or comparative year.


11.


Pension commitments

The company operates a defined contribution pension scheme for its employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
The pension cost charge for the year was £13,272 (2022 - £13,671).
There were no amounts outstanding or prepaid at the year end (2022 - £nil).


Page 9