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REGISTERED NUMBER: 05060725 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2022

for

Charnwood Cars Limited

Charnwood Cars Limited (Registered number: 05060725)






Contents of the Financial Statements
for the Year Ended 31 March 2022




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Charnwood Cars Limited

Company Information
for the Year Ended 31 March 2022







DIRECTOR: Mr A J French





SECRETARY: Mrs D French





REGISTERED OFFICE: Pinnacle House
1 Pinnacle Way
Derby
Derbyshire
DE24 8ZS





REGISTERED NUMBER: 05060725 (England and Wales)





ACCOUNTANTS: Underwood Green
Pinnacle House
1 Pinnacle Way
Derby
Derbyshire
DE24 8ZS

Charnwood Cars Limited (Registered number: 05060725)

Statement of Financial Position
31 March 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 3,542 4,384
3,542 4,384

CURRENT ASSETS
Stocks 155,480 178,563
Debtors 6 2,772 5,292
Cash at bank 14,099 -
172,351 183,855
CREDITORS
Amounts falling due within one year 7 127,398 113,709
NET CURRENT ASSETS 44,953 70,146
TOTAL ASSETS LESS CURRENT
LIABILITIES

48,495

74,530

CREDITORS
Amounts falling due after more than one
year

8

(31,643

)

(42,022

)

PROVISIONS FOR LIABILITIES 9 (602 ) (745 )
NET ASSETS 16,250 31,763

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 16,150 31,663
SHAREHOLDERS' FUNDS 16,250 31,763

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.

Charnwood Cars Limited (Registered number: 05060725)

Statement of Financial Position - continued
31 March 2022


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.

The financial statements were approved by the director and authorised for issue on 14 September 2022 and were signed by:





Mr A J French - Director


Charnwood Cars Limited (Registered number: 05060725)

Notes to the Financial Statements
for the Year Ended 31 March 2022

1. STATUTORY INFORMATION

Charnwood Cars Limited 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 represents the total invoice value, excluding value added tax, of sales made during the year and derives from the provision of goods falling within the company's ordinary activities.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of three years.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less residual value of each asset over its estimated useful life.

Plant and machinery - 15% reducing balance basis
Fixtures and fittings - 15% reducing balance basis
Computer equipment - 25% reducing balance basis

Stock
Stock consists of used cars and is valued at the lower of cost and net realisable value.

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 statement of financial position date.

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.

Charnwood Cars Limited (Registered number: 05060725)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2022

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2021
and 31 March 2022 82,500
AMORTISATION
At 1 April 2021
and 31 March 2022 82,500
NET BOOK VALUE
At 31 March 2022 -
At 31 March 2021 -

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 April 2021
and 31 March 2022 1,979 5,814 10,142 17,935
DEPRECIATION
At 1 April 2021 1,376 3,878 8,297 13,551
Charge for year 90 290 462 842
At 31 March 2022 1,466 4,168 8,759 14,393
NET BOOK VALUE
At 31 March 2022 513 1,646 1,383 3,542
At 31 March 2021 603 1,936 1,845 4,384

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Other debtors - 2,520
Tax 2,772 2,772
2,772 5,292

Charnwood Cars Limited (Registered number: 05060725)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2022

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 10,451 18,815
Trade creditors 2,073 5,658
Tax 3,562 -
Social security and other taxes 685 1,098
VAT 7,402 3,406
Other loan 16,310 12,761
Other creditors 29,035 20,544
Directors' loan accounts 50,890 47,297
Accruals and deferred income 6,990 4,130
127,398 113,709

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022 2021
£    £   
Bank loans - 1-2 years 10,453 10,451
Bank loans - 2-5 years 21,190 31,571
31,643 42,022

9. PROVISIONS FOR LIABILITIES
2022 2021
£    £   
Deferred tax
Accelerated capital allowances 602 745

Deferred
tax
£   
Balance at 1 April 2021 745
Provided during year (143 )
Balance at 31 March 2022 602

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
100 Ordinary £1 100 100