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COMPANY REGISTRATION NUMBER: 4815173
North Wales ATV Centre Ltd
Filleted Unaudited Financial Statements
30 November 2024
North Wales ATV Centre Ltd
Statement of Financial Position
30 November 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
101,060
97,870
Current assets
Stocks
88,181
105,667
Debtors
7
23,510
27,348
Cash at bank and in hand
15,472
---------
---------
111,691
148,487
Creditors: amounts falling due within one year
8
122,332
131,445
---------
---------
Net current (liabilities)/assets
( 10,641)
17,042
---------
---------
Total assets less current liabilities
90,419
114,912
Creditors: amounts falling due after more than one year
9
37,970
61,265
Provisions
Other provisions
5,069
9,492
--------
---------
Net assets
47,380
44,155
--------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
47,280
44,055
--------
--------
Shareholders funds
47,380
44,155
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
North Wales ATV Centre Ltd
Statement of Financial Position (continued)
30 November 2024
These financial statements were approved by the board of directors and authorised for issue on 19 July 2025 , and are signed on behalf of the board by:
Mr P. Owen
Director
Company registration number: 4815173
North Wales ATV Centre Ltd
Notes to the Financial Statements
Year ended 30 November 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Foel, Peniel, Denbigh, Denbighshire, LL16 4TE.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
Fully amortised
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & Fittings
-
15% reducing balance
Plant & Machinery
-
15% reducing balance
Tools & Equipment
-
15% reducing balance
Motor Vehicles
-
25% reducing balance
Equipment
-
15% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. Intangible assets
Goodwill
£
Cost
At 1 December 2023 and 30 November 2024
30,000
--------
Amortisation
At 1 December 2023 and 30 November 2024
30,000
--------
Carrying amount
At 30 November 2024
--------
At 30 November 2023
--------
6. Tangible assets
Fixtures & fittings
Plant and machinery
Tools & equipment
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Dec 2023
64,315
156,730
40,656
128,469
14,595
404,765
Additions
1,625
1,844
26,400
559
30,428
--------
---------
--------
---------
--------
---------
At 30 Nov 2024
64,315
158,355
42,500
154,869
15,154
435,193
--------
---------
--------
---------
--------
---------
Depreciation
At 1 Dec 2023
50,167
140,756
31,102
75,259
9,611
306,895
Charge for the year
2,122
2,640
1,742
19,903
831
27,238
--------
---------
--------
---------
--------
---------
At 30 Nov 2024
52,289
143,396
32,844
95,162
10,442
334,133
--------
---------
--------
---------
--------
---------
Carrying amount
At 30 Nov 2024
12,026
14,959
9,656
59,707
4,712
101,060
--------
---------
--------
---------
--------
---------
At 30 Nov 2023
14,148
15,974
9,554
53,210
4,984
97,870
--------
---------
--------
---------
--------
---------
7. Debtors
2024
2023
£
£
Trade debtors
23,510
25,260
Other debtors
2,088
--------
--------
23,510
27,348
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
57,397
1,185
Trade creditors
45,058
98,865
Corporation tax
1,887
13,937
Social security and other taxes
1,873
348
Other creditors
16,117
17,110
---------
---------
122,332
131,445
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
15,668
25,007
Other creditors
22,302
36,258
--------
--------
37,970
61,265
--------
--------