Ticehurst Motors Limited - Accounts to registrar (filleted) - small 23.1.2
Ticehurst Motors Limited - Accounts to registrar (filleted) - small 23.1.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 May 2023 |
| for |
| Ticehurst Motors Limited |
| Ticehurst Motors Limited (Registered number: 04371613) |
| Contents of the Financial Statements |
| for the Year Ended 31 May 2023 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 4 |
| Ticehurst Motors Limited |
| Company Information |
| for the Year Ended 31 May 2023 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Shadwell House |
| 65 Lower Green Road |
| Tunbridge Wells |
| Kent |
| TN4 8TW |
| Ticehurst Motors Limited (Registered number: 04371613) |
| Statement of Financial Position |
| 31 May 2023 |
| 2023 | 2022 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Property, plant and equipment | 5 |
| CURRENT ASSETS |
| Inventories | 6 |
| Debtors | 7 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 10 | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 11 |
| Retained earnings | 12 |
| SHAREHOLDERS' FUNDS |
| 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. |
| Ticehurst Motors Limited (Registered number: 04371613) |
| Statement of Financial Position - continued |
| 31 May 2023 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Ticehurst Motors Limited (Registered number: 04371613) |
| Notes to the Financial Statements |
| for the Year Ended 31 May 2023 |
| 1. | STATUTORY INFORMATION |
| Ticehurst Motors Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Significant judgements and estimates |
| There are no significant judgements or estimates pertaining to the preparation of these accounts. |
| Turnover |
| Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Goodwill on incorporation of the company was amortised over its estimated useful life of 10 years. |
| Tangible fixed assets |
| Plant and machinery | - |
| Motor vehicles | - |
| Computer equipment | - |
| The company owns a small number of vehicles which it uses for hire and as a courtesy car fleet. As these vehicles are kept for a period of time and not actively traded they are accounted for as fixed assets and depreciated under the company's vehicle depreciation policy. |
| Stocks |
| Inventories 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 Income Statement, 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 statement of financial position date. |
| Ticehurst Motors Limited (Registered number: 04371613) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Functional currency |
| The functional currency of the company is £ Sterling. |
| Financial instruments |
| Basic financial instruments comprising debtors, bank and cash balances are stated at fair value less provision for impairments. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 June 2022 |
| and 31 May 2023 |
| AMORTISATION |
| At 1 June 2022 |
| and 31 May 2023 |
| NET BOOK VALUE |
| At 31 May 2023 |
| At 31 May 2022 |
| Ticehurst Motors Limited (Registered number: 04371613) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2023 |
| 5. | PROPERTY, PLANT AND EQUIPMENT |
| Plant and | Motor | Computer |
| machinery | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 June 2022 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 May 2023 |
| DEPRECIATION |
| At 1 June 2022 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 May 2023 |
| NET BOOK VALUE |
| At 31 May 2023 |
| At 31 May 2022 |
| 6. | INVENTORIES |
| 2023 | 2022 |
| £ | £ |
| Stocks |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Trade debtors |
| Deferred tax asset |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Trade creditors |
| Corporation tax |
| Social security and other taxes |
| Other creditors |
| Value added tax | 42,616 | 35,397 |
| Proposed dividends | 30,000 | 30,000 |
| Accruals & other creditors |
| Ticehurst Motors Limited (Registered number: 04371613) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2023 |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Director's loan - A Tucker | 811 | 953 |
| Director's loan - D Tucker | 408 | 985 |
| Director's loan - M Tucker | 320 | 2,320 |
| 10. | PROVISIONS FOR LIABILITIES |
| 2023 |
| £ |
| Deferred tax | 989 |
| Deferred |
| tax |
| £ |
| Balance at 1 June 2022 | ( |
) |
| Provided during year |
| Balance at 31 May 2023 |
| 11. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2023 | 2022 |
| value: | £ | £ |
| Ordinary | £1 | 100 | 100 |
| 12. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 June 2022 |
| Profit for the year |
| Dividends | ( |
) |
| At 31 May 2023 |
| 13. | ULTIMATE CONTROLLING PARTY |
| No individual shareholder has overall control of the company. |