REGISTERED NUMBER:
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WIMBLEDON CARRIAGE COMPANY LIMITED |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 JANUARY 2022 |
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REGISTERED NUMBER:
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WIMBLEDON CARRIAGE COMPANY LIMITED |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 JANUARY 2022 |
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WIMBLEDON CARRIAGE COMPANY LIMITED (REGISTERED NUMBER: 01763202) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2022 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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WIMBLEDON CARRIAGE COMPANY LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JANUARY 2022 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Oystermouth House |
Charter Court, Phoenix Way |
Swansea Enterprise Park |
Swansea |
SA7 9FS |
WIMBLEDON CARRIAGE COMPANY LIMITED (REGISTERED NUMBER: 01763202) |
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BALANCE SHEET |
31 JANUARY 2022 |
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2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Stocks | 7 |
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Debtors | 8 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 9 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | 10 |
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SHAREHOLDERS' FUNDS |
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WIMBLEDON CARRIAGE COMPANY LIMITED (REGISTERED NUMBER: 01763202) |
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BALANCE SHEET - continued |
31 JANUARY 2022 |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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WIMBLEDON CARRIAGE COMPANY LIMITED (REGISTERED NUMBER: 01763202) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2022 |
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1. | STATUTORY INFORMATION |
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Wimbledon Carriage Company Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Revenue recognition |
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. |
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The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met for each of the company’s activities described below. |
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Sales of goods |
The company sells used cars in the prestige market. Sales of vehicles are recognised when the customer has collected the vehicle from the company or the vehicle has been delivered to the customer and no other significant obligation remains unfulfilled that may affect the customer’s acceptance of the vehicle. |
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Rendering of services |
The company also provides routine vehicle servicing, maintenance and repairs. The company recognises revenue once the service or repair has been completed and the vehicle has been delivered back to the customer. |
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Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
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Freehold land | - no depreciation |
Freehold property | - 2% on cost |
Fixtures and fittings | - 25% on reducing balance |
Computer equipment | - 25% on reducing balance |
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Stock |
Motor vehicles and part stocks are valued at the lower of cost and net realisable value, after making allowance for obsolete and slow moving items. |
WIMBLEDON CARRIAGE COMPANY LIMITED (REGISTERED NUMBER: 01763202) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2022 |
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3. | ACCOUNTING POLICIES - continued |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company. Annual contributions payable to the company's pension scheme are charged to the Income Statement in the period to which they relate. |
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Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
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Debt instruments like loans and other accounts receivable and payable are initially measured at present value other future payments and subsequently at amortised cost using the effective interest method; Debt instruments that are payable or receivable in one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
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Investments in non-convertible preference shares and in non-puttable ordinary and preference shares are measured: |
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- At fair value with changes recognised in profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably; |
- At cost less impairment for all other investments. |
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Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. |
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For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. |
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For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset’s carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date. |
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Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
WIMBLEDON CARRIAGE COMPANY LIMITED (REGISTERED NUMBER: 01763202) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2022 |
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3. | ACCOUNTING POLICIES - continued |
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Taxation and deferred taxation |
The tax expense represents the sum of the tax currently payable and deferred tax. |
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Current tax |
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year |
and is calculated using the tax rates and laws that have been enacted or substantially enacted at the |
Statement of Financial Position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
Statement of Financial Position date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are |
temporary differences between the company's taxable profits and its results as stated in the financial |
statements. |
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Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been |
enacted or substantively enacted by the Statement of Financial Position date. |
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Fixed asset investments are measured at fair value with changes recognised in profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and | Computer |
property | fittings | equipment | Totals |
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COST |
At 1 February 2021 |
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Additions |
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Disposals |
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At 31 January 2022 |
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DEPRECIATION |
At 1 February 2021 |
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Charge for year |
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Eliminated on disposal |
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At 31 January 2022 |
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NET BOOK VALUE |
At 31 January 2022 |
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At 31 January 2021 |
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WIMBLEDON CARRIAGE COMPANY LIMITED (REGISTERED NUMBER: 01763202) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2022 |
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6. | FIXED ASSET INVESTMENTS |
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Other |
investments |
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COST OR VALUATION |
At 31 January 2022 | 2,147,788 |
Revaluation to fair value | 121,604 |
At 31 January 2022 | 2,269,392 |
NET BOOK VALUE |
At 31 January 2022 | 2,269,392 |
At 31 January 2021 | 2,147,788 |
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7. | STOCKS |
2022 | 2021 |
£ | £ |
Vehicles for resale |
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A provision of £183,555 (2021; £173,635) was made against impairment of stock due to slow moving stock. |
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8. | DEBTORS |
2022 | 2021 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Other debtors |
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Directors' current accounts |
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VAT |
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Prepayments |
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Amounts falling due after more than one year: |
Trade debtors |
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Aggregate amounts |
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WIMBLEDON CARRIAGE COMPANY LIMITED (REGISTERED NUMBER: 01763202) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2022 |
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9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade creditors |
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Tax |
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Social security and other taxes |
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VAT |
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Pension |
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Accrued expenses |
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10. | RESERVES |
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Total
reserves |
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Distributable
reserves |
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Fair value
reserves |
£ | £ | £ |
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At 1 February 2021 | 6,796,834 | 6,677,126 | 119,708 |
Profit for the year | 562,921 | 441,317 | 121,604 |
Taxation | (109,565 | ) | (86,460 | ) | (23,105 | ) |
Dividends | (180,000 | ) | (180,000 | ) | - |
At 31 January 2022 | 7,070,190 | 6,851,983 | 218,207 |
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11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended 31 January 2022 and 31 January 2021: |
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2022 | 2021 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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The loan balances are included within debtors. The company has charged interest of 2.25% of the actual amounts due to the company during the year. The total interest charge this year was £2,220 (2021; £2,337). |
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The directors' loans will be repaid within 9 months of the year end. |