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Registered number: 06006740
2 Wheels Only Limited
Financial Statements
For The Year Ended 30 April 2026
Hames Partnership Limited
Stables End Court
Main Street
Market Bosworth
Warwickshire
CV13 0JN
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 06006740
2026 2025
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 89,587 74,125
89,587 74,125
CURRENT ASSETS
Stocks 5 782,082 596,630
Debtors 6 20,450 20,334
Cash at bank and in hand 62,800 47,755
865,332 664,719
Creditors: Amounts Falling Due Within One Year 7 (611,980 ) (422,534 )
NET CURRENT ASSETS (LIABILITIES) 253,352 242,185
TOTAL ASSETS LESS CURRENT LIABILITIES 342,939 316,310
Creditors: Amounts Falling Due After More Than One Year 8 (22,586 ) (24,498 )
NET ASSETS 320,353 291,812
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 320,253 291,712
SHAREHOLDERS' FUNDS 320,353 291,812
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For the year ending 30 April 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 Nicky Wood
Director
26/06/2026
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
2 Wheels Only Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06006740 . The registered office is Stables End Court , Main Street, Market Bosworth, Warwickshire, CV13 0JN.
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:
Leasehold 10% on cost
Motor Vehicles 25% straight line
Fixtures & Fittings 20% Reducing balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
2.5. 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.
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2.6. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 10 (2025: 9)
10 9
4. Tangible Assets
Land & Property
Leasehold Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 May 2025 2,317 51,939 84,813 139,069
Additions - 41,845 12,324 54,169
Disposals - (19,333 ) - (19,333 )
As at 30 April 2026 2,317 74,451 97,137 173,905
Depreciation
As at 1 May 2025 1,160 18,286 45,498 64,944
Provided during the period 232 18,479 10,330 29,041
Disposals - (9,667 ) - (9,667 )
As at 30 April 2026 1,392 27,098 55,828 84,318
Net Book Value
As at 30 April 2026 925 47,353 41,309 89,587
As at 1 May 2025 1,157 33,653 39,315 74,125
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5. Stocks
2026 2025
£ £
Stock 782,082 596,630
6. Debtors
2026 2025
£ £
Due within one year
Prepayments and accrued income 8,898 8,782
Rent Deposit 11,552 11,552
20,450 20,334
7. Creditors: Amounts Falling Due Within One Year
2026 2025
£ £
Net obligations under finance lease and hire purchase contracts 18,379 16,668
Trade creditors 415,620 259,963
Bank loans and overdrafts 5,834 9,996
Corporation tax 18,628 13,728
Other taxes and social security 3,682 3,143
VAT 13,103 15,164
Payments received on account 55,586 42,649
Barclaycard 2,808 1,938
Pension Contributions 1,221 939
Accruals and deferred income 2,100 4,630
Director's loan account 75,019 53,716
611,980 422,534
8. Creditors: Amounts Falling Due After More Than One Year
2026 2025
£ £
Net obligations under finance lease and hire purchase contracts 22,586 18,661
Bank loans - 5,837
22,586 24,498
9. Obligations Under Finance Leases and Hire Purchase
2026 2025
£ £
The future minimum finance lease payments are as follows:
Not later than one year 18,379 16,668
Later than one year and not later than five years 22,586 18,661
40,965 35,329
40,965 35,329
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10. Share Capital
2026 2025
£ £
Allotted, Called up and fully paid 100 100
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