Registered number
07682920
Neils Wheels Limited
Filleted Accounts
31 March 2025
Neils Wheels Limited
Registered number: 07682920
Balance Sheet
as at 31 March 2025
Notes 2025 2024
£ £
Fixed assets
Tangible assets 3 1 1
Current assets
Stocks 20,000 15,000
Creditors: amounts falling due within one year 4 (51,699) (58,649)
Net current liabilities (31,699) (43,649)
Total assets less current liabilities (31,698) (43,648)
Creditors: amounts falling due after more than one year 5 (36,906) (28,703)
Net liabilities (68,604) (72,351)
Capital and reserves
Called up share capital 10 10
Profit and loss account (68,614) (72,361)
Shareholder's funds (68,604) (72,351)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Neil Brand
Director
Approved by the board on 26 August 2025
Neils Wheels Limited
Notes to the Accounts
for the year ended 31 March 2025
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2025 2024
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2024 4,832
At 31 March 2025 4,832
Depreciation
At 1 April 2024 4,831
At 31 March 2025 4,831
Net book value
At 31 March 2025 1
At 31 March 2024 1
4 Creditors: amounts falling due within one year 2025 2024
£ £
Bank loans and overdrafts 15,074 15,223
Trade creditors and accruals 1,000 5,365
Director Loan account 29,929 36,919
Taxation and social security costs 2,461 1,142
Other creditors 3,235 -
51,699 58,649
5 Creditors: amounts falling due after one year 2025 2024
£ £
Bank loans 26,906 28,703
Other loans 10,000 -
36,906 28,703
6 Other information
Neils Wheels Limited is a private company limited by shares and incorporated in England. Its registered office is:
119b Walton Road
East Molesey
England
KT8 0DT
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