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WF MOTOR TRADE LIMITED

Registered Number
09201276
(England and Wales)

Unaudited Financial Statements for the Year ended
30 September 2024

WF MOTOR TRADE LIMITED
Company Information
for the year from 1 October 2023 to 30 September 2024

Directors

CRAVEN, Ian (Appointed on 25 Nov 2024)
KHAN, Ansar
WHISTON, Charles (Appointed on 25 Nov 2024)

Company Secretary

CRAVEN, Ian (Appointed on 25 Nov 2024)

Registered Address

1 Bramhall Place
Storeys Bar Road
Peterborough
PE1 5YS

Registered Number

09201276 (England and Wales)
WF MOTOR TRADE LIMITED
Balance Sheet as at
30 September 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Intangible assets4106,876248,774
Tangible assets6499,859697,559
606,735946,333
Current assets
Debtors7380,194454,968
Cash at bank and on hand2,141,9481,634,550
2,522,1422,089,518
Creditors amounts falling due within one year8(2,339,003)(437,375)
Net current assets (liabilities)183,1391,652,143
Total assets less current liabilities789,8742,598,476
Creditors amounts falling due after one year9(2,827,092)(374,351)
Accruals and deferred income(100,919)(20,878)
Net assets(2,138,137)2,203,247
Capital and reserves
Called up share capital1,000,0001,000,000
Profit and loss account(3,138,137)1,203,247
Shareholders' funds(2,138,137)2,203,247
The financial statements were approved and authorised for issue by the Board of Directors on 18 June 2025, and are signed on its behalf by:
KHAN, Ansar
Director
Registered Company No. 09201276
WF MOTOR TRADE LIMITED
Notes to the Financial Statements
for the year ended 30 September 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. These critical accounting judgements and estimations are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The critical judgements made by management that have a significant effect on the amounts recognised in the financial statements are described below.
Revenue from rendering of services
Turnover from repair plans is invoiced in full on inception of the plan. Income is deferred on the balance sheet and released to the Profit & Loss Account on a straight-line basis over the term of the plan. Any repair claims associated with the plan are recognised to the Profit & Loss account at the point that the claim is approved, and no accrual is made for any as yet unknown future claims.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Finance costs
Finance costs charged to the profit or loss include interest expense calculated using the effective interest method from FRS 102:11, finance charges on finance leases, and exchange differences on foreign currency borrowings where these are treated as an adjustment to interest costs.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)Straight line (years)
Land and buildings-50
Plant and machinery15-
Fixtures and fittings15-
Trade and other 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.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other 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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
Related parties
For the purposes of these financial statements, a related party could be a person or an entity. Careful consideration is given to the definition of a related party to ensure that all related party relationships, transactions and balances are identified.
Government grants or assistance
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2.Average number of employees

20242023
Average number of employees during the year6040
3.Prior period adjustment
The Company adopted Revenue from Contracts with Customers using the modified retrospective approach. Under this method, the cumulative effect of applying the new standard has been recognized as an adjustment to the opening retained earnings as of that date, with no restatement of comparative figures. Prior periods have not been restated, and revenue continues to be presented under previous standards for those periods. The impact of the change on the current reporting period has been disclosed in accordance with the requirements of guideline. This approach was deemed both practical and appropriate for the nature of the Company’s operations.
4.Intangible assets

Other

Total

££
Cost or valuation
At 01 October 23389,139389,139
Disposals(109,164)(109,164)
At 30 September 24279,975279,975
Amortisation and impairment
At 01 October 23140,365140,365
Charge for year122,398122,398
Other movements19,50019,500
On disposals(109,164)(109,164)
At 30 September 24173,099173,099
Net book value
At 30 September 24106,876106,876
At 30 September 23248,774248,774
5.Useful life of intangible assets
Software is amortised using the reducing balance method to allocate the cost over its estimated useful life. Until the current financial year, software was amortised at a rate of 15% per annum. From the current year onward, due to increased rates of technological obsolescence, the amortisation rate has been revised to 35% per annum on a reducing balance basis. This change in estimate has been applied prospectively, and reflects management’s reassessment of the pattern in which the software's future economic benefits are expected to be consumed.
6.Tangible fixed assets

Land & buildings

Plant & machinery

Fixtures & fittings

Total

££££
Cost or valuation
At 01 October 23518,574-371,036889,610
Additions--15,24115,241
Disposals(2,318)-(340,909)(343,227)
At 30 September 24516,256-45,368561,624
Depreciation and impairment
At 01 October 2341,487-150,564192,051
Charge for year-210,623-210,623
On disposals(2,318)-(340,909)(343,227)
Other adjustments2,318--2,318
At 30 September 2441,487210,623(190,345)61,765
Net book value
At 30 September 24474,769(210,623)235,713499,859
At 30 September 23477,087-220,472697,559
7.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables310,868447,221
Amounts owed by associates and joint ventures / participating interests40,000-
Prepayments and accrued income29,3267,747
Total380,194454,968
8.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables50,9125,132
Bank borrowings and overdrafts58,74463,820
Amounts owed to related parties-4,521
Taxation and social security363,032363,902
Other creditors1,673-
Accrued liabilities and deferred income1,864,642-
Total2,339,003437,375
9.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts313,924374,351
Other creditors2,513,168-
Total2,827,092374,351
10.Events after reporting date
Resignation of Directors and Share Transfer On 11 November 2024, two directors, Mr. Urfan Ahmed Azam and Dr. Sanawar Choudhury, resigned following the sale of shares by Privilege Property Developments Limited and Radiant Future Limited to WF PB Midco Ltd. This transaction occurred after the balance sheet date and does not relate to conditions existing at that date. As such, it is treated as a non-adjusting post balance sheet event. The financial statements have not been adjusted to reflect this transaction. Ultimate Controlling Party Following the aforementioned share transaction, the ultimate controlling party of the company is now Mr. Ansar Khan.
11.Related party transactions
The only key management personnel are the directors. Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the company. The total compensation paid to key management personnel for services provided to the company was £80,899 (2023: £100,928).