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Registered number: 00535642









HENDON WAY MOTORS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2024

 
HENDON WAY MOTORS LIMITED
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Notes to the Financial Statements
 
3 - 8


 
HENDON WAY MOTORS LIMITED
REGISTERED NUMBER: 00535642

BALANCE SHEET
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,066,475
1,060,299

  
1,066,475
1,060,299

Current assets
  

Stocks
  
781,750
578,750

Debtors: amounts falling due within one year
 5 
552,420
951,530

Cash at bank and in hand
 6 
307
181,426

  
1,334,477
1,711,706

Creditors: amounts falling due within one year
  
(749,112)
(728,918)

Net current assets
  
 
 
585,365
 
 
982,788

Total assets less current liabilities
  
1,651,840
2,043,087

Creditors: amounts falling due after more than one year
 7 
(16,676)
(25,802)

  

Net assets
  
1,635,164
2,017,285


Capital and reserves
  

Called up share capital 
 9 
1,000
1,000

Profit and loss account
  
1,634,164
2,016,285

  
1,635,164
2,017,285


The director considers 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 director acknowledges his 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 statement of income and retained earnings 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 29 August 2025.
Page 1

 
HENDON WAY MOTORS LIMITED
REGISTERED NUMBER: 00535642
    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2024





A J Pozner
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
HENDON WAY MOTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


General information

Hendon Way Motors Limited is a private company limited by shares incorporated in England and Wales. The registered office is Regina House,124 Finchley Road, London, NW3 5JS. The principal place of business is 393-395 Hendon Way, London, NW4 3LP.

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 following principal accounting policies have been applied:

  
2.2

Revenue

Turnover is recognised at the fair value of the consideration received or receivable for provided in the normal course of business and is shown net of VAT and other sales related taxes.
Sale of cars 
The company operates a retail used car showroom selling classic and sports cars to the general public. Sale of cars are recognised at point of delivery.
Management Fees 
Management fees are recognised when the management service has been rendered. Management fees are measured at the fair value of consideration received. 

 
2.3

Foreign currency translation

Functional and presentation currency
The company's functional and presentational currency is GBP.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
HENDON WAY MOTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.7

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.

 
2.8

Taxation

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.


 
2.9

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 both a straight line and reducing balance basis..

Depreciation is provided on the following basis:

Freehold property
-
1%
straight line basis
Long-term leasehold property
-
Nil
Plant and machinery
-
20%
reducing balance basis
Fixtures and fittings
-
20%
reducing balance basis

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 4

 
HENDON WAY MOTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

  
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.
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.

  
2.11

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.13

Creditors

Short term creditors are measured at the transaction price.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 5

 
HENDON WAY MOTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

4.


Tangible fixed assets





Land and buildings
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 September 2023
1,160,955
8,166
1,169,121


Additions
16,251
-
16,251



At 31 August 2024

1,177,206
8,166
1,185,372



Depreciation


At 1 September 2023
104,001
4,821
108,822


Charge for the year on owned assets
9,406
669
10,075



At 31 August 2024

113,407
5,490
118,897



Net book value



At 31 August 2024
1,063,799
2,676
1,066,475



At 31 August 2023
1,056,954
3,345
1,060,299


5.


Debtors

2024
2023
£
£


Other debtors
433,979
786,557

Prepayments
-
3,133

Tax recoverable
118,441
161,840

552,420
951,530


Page 6

 
HENDON WAY MOTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
307
181,426

Less: bank overdrafts
(229,859)
-

(229,552)
181,426



7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loan
16,676
25,802



8.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year
  

Bank loan
  
10,013
10,013

Amounts falling due 1-2 years
  

Bank loan
  
15,833
20,000

Amounts falling due 2-5 years
  

Bank loan
  
843
5,802

  
26,689
35,815



9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



500 (2023 - 500) Ordinary A shares of £1.00 each
500
500
500 (2023 - 500) Ordinary B shares of £1.00 each
500
500

1,000

1,000


Page 7

 
HENDON WAY MOTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

10.


Related party transactions

During the year the company received interest of £8,052 (2023: £24,000) on a loan balance receivable  included within other debtors amounting to £76,043 (2023: £45,828) from Caslin Limited, a company owned by Mr A J Pozner and Mrs E Pozner. 
In addition, during the year the company also received a management fee of £5,546 (2023: £5,801) from Caslin Limited for the management of properties.
At the reporting date the director owed £350,936 (2023: £679,525) to the company. Interest of £11,464 (2023: £12,914) was paid on this loan during the year.


11.


Post balance sheet events

Subsequent to the year end, the company completed the sale of a parcel of land for £1,686,090. The land
was carried at £1,063,800 at 30 August 2024. The gain on sale will be recognised in the financial year
ending 30 August 2025

 
Page 8