Company Registration No. 04407779 (England and Wales)
ASQUITH MOTOR COMPANY LIMITED
Unaudited accounts
for the year ended 30 April 2023
ASQUITH MOTOR COMPANY LIMITED
Unaudited accounts
Contents
ASQUITH MOTOR COMPANY LIMITED
Company Information
for the year ended 30 April 2023
Directors
Mr Simon Rhodes
Mrs Begona Lorenzo
Company Number
04407779 (England and Wales)
Registered Office
60A KENILWORTH AVENUE
WIMBLEDON
LONDON
SW19 7LW
ASQUITH MOTOR COMPANY LIMITED
Statement of financial position
as at 30 April 2023
Intangible assets
100,000
100,000
Tangible assets
50,464
50,619
Inventories
154,297
154,297
Cash at bank and in hand
3,907
3,116
Creditors: amounts falling due within one year
(315,526)
(326,804)
Net current liabilities
(156,972)
(169,041)
Net liabilities
(6,508)
(18,422)
Called up share capital
2
2
Profit and loss account
(6,510)
(18,424)
Shareholders' funds
(6,508)
(18,422)
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 31 January 2024 and were signed on its behalf by
Mr Simon Rhodes
Director
Company Registration No. 04407779
ASQUITH MOTOR COMPANY LIMITED
Notes to the Accounts
for the year ended 30 April 2023
ASQUITH MOTOR COMPANY LIMITED is a private company, limited by shares, registered in England and Wales, registration number 04407779. The registered office is 60A KENILWORTH AVENUE, WIMBLEDON, LONDON, SW19 7LW.
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.
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.
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:
Plant & machinery
25% Reducing balance
Computer equipment
25% Reducing balance
It is amortised to the profit and loss account over its estimated economic life of .... years.
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.
ASQUITH MOTOR COMPANY LIMITED
Notes to the Accounts
for the year ended 30 April 2023
4
Intangible fixed assets
Other
5
Tangible fixed assets
Plant & machinery
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 May 2022
50,000
8,136
58,136
At 30 April 2023
50,000
8,136
58,136
At 1 May 2022
-
7,517
7,517
Charge for the year
-
155
155
At 30 April 2023
-
7,672
7,672
At 30 April 2023
50,000
464
50,464
At 30 April 2022
50,000
619
50,619
Amounts falling due within one year
7
Creditors: amounts falling due within one year
2023
2022
Taxes and social security
338
(1,437)
Loans from directors
291,153
304,565
8
Average number of employees
During the year the average number of employees was 1 (2022: 1).