Little Wheels Models Ltd - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 10692189 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2022

for

Little Wheels Models Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr Andrew Wood

REGISTERED OFFICE:

G2 Kingston Business Park

Kingston Bagpuize

Abingdon

Oxfordshire

OX13 5FE

REGISTERED NUMBER:

10692189 (England and Wales)

ACCOUNTANTS:

Inca Accountants Ltd

Chartered Certified Accountants

Central Office

Cobweb Buildings

The Lane, Lyford

Nr Wantage

Oxfordshire

OX12 0EE

FIXED ASSETS

Tangible assets

4

17,299

4,343

CURRENT ASSETS

Stocks

5

64,376

30,000

Debtors

6

-

1,455

Cash at bank

1,101

18,293

65,477

49,748

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

7

(59,538

)

(18,484

)

NET CURRENT ASSETS

5,939

31,264

TOTAL ASSETS LESS CURRENT LIABILITIES

23,238

35,607

PROVISIONS FOR LIABILITIES

9

(3,287

)

(825

)

NET ASSETS

19,951

34,782

CAPITAL AND RESERVES

Called up share capital

10

10

10

Retained earnings

19,941

34,772

SHAREHOLDERS' FUNDS

19,951

34,782

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

Approved and authorised by the director and authorised for issue on 19 October 2022 and were signed by:

Mr Andrew Wood - Director

1.	STATUTORY INFORMATION

Little Wheels Models Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2021 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 April 2021

12,729

Additions

18,722

At 31 March 2022

31,451

DEPRECIATION

At 1 April 2021

8,386

Charge for year

5,766

At 31 March 2022

14,152

NET BOOK VALUE

At 31 March 2022

17,299

At 31 March 2021

4,343

5.

STOCKS

2022

2021

£

£

Stocks

64,376

30,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Other debtors

-

1,455

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts (see note 8)

50,543

11,991

Amounts owed to group undertakings

1,280

680

Corporation tax payable

2,269

2,318

Taxes and NI due

2,229

-

VAT

572

1,752

Other creditors

165

289

Directors' current accounts

217

4

Accrued expenses

2,263

1,450

59,538

18,484

8.

LOANS

An analysis of the maturity of loans is given below:

2022

2021

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

50,543

11,991

9.	PROVISIONS FOR LIABILITIES

2022

2021

£

£

Deferred tax

3,287

825

Deferred

tax

£

Balance at 1 April 2021

825

Charge to Statement of Income and Retained Earnings during year

2,462

Balance at 31 March 2022

3,287

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

10

Ordinary

£1

10

10