Company Registration No. 04294545 (England and Wales)
Pinewood Motors Gateshead Ltd
Unaudited accounts
for the year ended 30 April 2023
Pinewood Motors Gateshead Ltd
Unaudited accounts
Contents
Pinewood Motors Gateshead Ltd
Company Information
for the year ended 30 April 2023
Directors
Mr E R Robinson
Mrs J Robinson
Company Number
04294545 (England and Wales)
Registered Office
Wrekenton Row
Wrekenton
Gateshead
NE9 7JE
Accountants
Accountants For The Trade (Durham) Ltd
Whitfield House
St Johns Road
Meadowfield Industrial Estate
Durham
DH7 8XL
Pinewood Motors Gateshead Ltd
Statement of financial position
as at 30 April 2023
Tangible assets
344,791
353,340
Cash at bank and in hand
23,207
49,722
Creditors: amounts falling due within one year
(106,577)
(127,899)
Net current assets
93,392
87,581
Total assets less current liabilities
438,183
440,921
Creditors: amounts falling due after more than one year
(135,583)
(139,176)
Provisions for liabilities
Deferred tax
(59,589)
(58,236)
Net assets
243,011
243,509
Called up share capital
3
3
Profit and loss account
243,008
243,506
Shareholders' funds
243,011
243,509
For the year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 5 December 2023 and were signed on its behalf by
Mr E R Robinson
Director
Company Registration No. 04294545
Pinewood Motors Gateshead Ltd
Notes to the Accounts
for the year ended 30 April 2023
Pinewood Motors Gateshead Ltd is a private company, limited by shares, registered in England and Wales, registration number 04294545. The registered office is Wrekenton Row , Wrekenton , Gateshead, NE9 7JE.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
25% Reducing Balance
Fixtures & fittings
15% Reducing Balance
Computer equipment
20% Reducing Balance
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Pinewood Motors Gateshead Ltd
Notes to the Accounts
for the year ended 30 April 2023
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Land & buildings
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 May 2022
31,557
428,677
7,951
-
468,185
Additions
-
70,830
1,853
898
73,581
At 30 April 2023
31,557
499,507
9,804
898
541,766
At 1 May 2022
-
107,841
7,004
-
114,845
Charge for the year
-
81,685
310
135
82,130
At 30 April 2023
-
189,526
7,314
135
196,975
At 30 April 2023
31,557
309,981
2,490
763
344,791
At 30 April 2022
31,557
320,836
947
-
353,340
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Motor vehicles
260,895
320,836
Amounts falling due within one year
Trade debtors
168,699
162,758
Accrued income and prepayments
4,717
-
Pinewood Motors Gateshead Ltd
Notes to the Accounts
for the year ended 30 April 2023
6
Creditors: amounts falling due within one year
2023
2022
Obligations under finance leases and hire purchase contracts
63,593
68,605
Trade creditors
991
29,665
Taxes and social security
37,860
27,369
Loans from directors
2,002
(2,012)
7
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
135,583
139,176
8
Average number of employees
During the year the average number of employees was 12 (2022: 11).