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Registered number: 01237672
Walmer (Adamson) Motors Limited
Unaudited Financial Statements
For The Year Ended 30 September 2024
Khan Thornton Limited
14-18 Heralds Way
South Woodham Ferrers
Chelmsford
Essex
CM3 5TQ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 01237672
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 98,612 96,432
98,612 96,432
CURRENT ASSETS
Stocks 5 487,232 468,569
Debtors 6 - 3,877
Cash at bank and in hand 340 333
487,572 472,779
Creditors: Amounts Falling Due Within One Year 7 (469,935 ) (422,335 )
NET CURRENT ASSETS (LIABILITIES) 17,637 50,444
TOTAL ASSETS LESS CURRENT LIABILITIES 116,249 146,876
Creditors: Amounts Falling Due After More Than One Year 8 (81,772 ) (96,131 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (671 ) (1,155 )
NET ASSETS 33,806 49,590
CAPITAL AND RESERVES
Called up share capital 9 140,200 140,200
Profit and Loss Account (106,394 ) (90,610 )
SHAREHOLDERS' FUNDS 33,806 49,590
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Page 2
For the year ending 30 September 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 directors acknowledge their 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Robert Adamson
Director
Mr David Prince
Director
11/07/2025
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Walmer (Adamson) Motors Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01237672 . The registered office is 14-18 Heralds Way, South Woodham Ferrers, Chelmsford, Essex, CM3 5TQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Deminishing Balance Method
Plant & Machinery 15% Reduced Balance Method
Motor Vehicles 25% Reduced Balance Method
Fixtures & Fittings 15% Reduced Balance Method
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2023: 7)
7 7
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 October 2023 159,138 54,274 39,738 253,150
Additions - 8,777 - 8,777
As at 30 September 2024 159,138 63,051 39,738 261,927
Depreciation
As at 1 October 2023 76,692 42,231 37,795 156,718
Provided during the period 3,182 3,123 292 6,597
As at 30 September 2024 79,874 45,354 38,087 163,315
Net Book Value
As at 30 September 2024 79,264 17,697 1,651 98,612
As at 1 October 2023 82,446 12,043 1,943 96,432
5. Stocks
2024 2023
£ £
Finished goods 487,232 468,569
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors - 3,877
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 30,313 12,869
Bank loans and overdrafts 111,281 88,848
Other taxes and social security 11,386 11,989
VAT 5,508 6,709
Other creditors (2) - Pensions Payable 535 473
Capital on tap 48,989 2,681
NextGear Funding - Other creditors (4) 107,327 139,197
Accruals and deferred income 7,750 3,850
Directors' loan accounts 146,846 155,719
469,935 422,335
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8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans - HSBC 514652 81,772 96,131
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 140,200 140,200
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