Cabriolet Coupe Limited 07171260 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is the sale of used and new motor vehicles. Digita Accounts Production Advanced 6.30.9574.0 true false 07171260 2022-04-01 2023-03-31 07171260 2023-03-31 07171260 bus:Director1 1 2023-03-31 07171260 bus:Director2 1 2023-03-31 07171260 bus:OrdinaryShareClass1 2023-03-31 07171260 core:CurrentFinancialInstruments 2023-03-31 07171260 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 07171260 core:Non-currentFinancialInstruments 2023-03-31 07171260 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 07171260 core:FurnitureFittingsToolsEquipment 2023-03-31 07171260 bus:SmallEntities 2022-04-01 2023-03-31 07171260 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 07171260 bus:FullAccounts 2022-04-01 2023-03-31 07171260 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 07171260 bus:RegisteredOffice 2022-04-01 2023-03-31 07171260 bus:Director1 2022-04-01 2023-03-31 07171260 bus:Director1 1 2022-04-01 2023-03-31 07171260 bus:Director2 2022-04-01 2023-03-31 07171260 bus:Director2 1 2022-04-01 2023-03-31 07171260 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 07171260 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 07171260 core:ComputerEquipment 2022-04-01 2023-03-31 07171260 core:FurnitureFittings 2022-04-01 2023-03-31 07171260 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 07171260 1 2022-04-01 2023-03-31 07171260 countries:AllCountries 2022-04-01 2023-03-31 07171260 2022-03-31 07171260 bus:Director1 1 2022-03-31 07171260 bus:Director2 1 2022-03-31 07171260 core:FurnitureFittingsToolsEquipment 2022-03-31 07171260 2021-04-01 2022-03-31 07171260 2022-03-31 07171260 bus:Director1 1 2022-03-31 07171260 bus:Director2 1 2022-03-31 07171260 bus:OrdinaryShareClass1 2022-03-31 07171260 core:CurrentFinancialInstruments 2022-03-31 07171260 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 07171260 core:Non-currentFinancialInstruments 2022-03-31 07171260 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 07171260 core:FurnitureFittingsToolsEquipment 2022-03-31 07171260 bus:Director1 1 2021-04-01 2022-03-31 07171260 bus:Director2 1 2021-04-01 2022-03-31 07171260 bus:Director1 1 2021-03-31 07171260 bus:Director2 1 2021-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 07171260

Cabriolet Coupe Limited

Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Cabriolet Coupe Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Cabriolet Coupe Limited

(Registration number: 07171260)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,419

558

Current assets

 

Stocks

5

585,424

439,083

Debtors

6

47,181

97,221

 

632,605

536,304

Creditors: Amounts falling due within one year

7

(519,323)

(451,913)

Net current assets

 

113,282

84,391

Total assets less current liabilities

 

115,701

84,949

Creditors: Amounts falling due after more than one year

7

(20,990)

(31,667)

Provisions for liabilities

(459)

(106)

Net assets

 

94,252

53,176

Capital and reserves

 

Called up share capital

100

100

Retained earnings

94,152

53,076

Shareholders' funds

 

94,252

53,176

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 31 May 2023 and signed on its behalf by:
 

 

Cabriolet Coupe Limited

(Registration number: 07171260)
Balance Sheet as at 31 March 2023

.........................................
Mr Andrew K Sacre
Director

 

Cabriolet Coupe Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
18-20 High Street
Stevenage
Hertfordshire
SG1 3EJ

The principal place of business is:
Langley Garage
London Road
Langley
Hitchin
Hertfordshire
SG4 7PJ

These financial statements were authorised for issue by the Board on 31 May 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

 

Cabriolet Coupe Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

25% Reducing balance

Fixtures and Fittings

25% Reducing balance

 

Cabriolet Coupe Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price.

Trade debtors are reviewed on an annual basis for bad debts and any adjustment is made accordingly through the profit and loss account.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Cabriolet Coupe Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

 

Cabriolet Coupe Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

5,583

5,583

Additions

2,106

2,106

At 31 March 2023

7,689

7,689

Depreciation

At 1 April 2022

5,025

5,025

Charge for the year

245

245

At 31 March 2023

5,270

5,270

Carrying amount

At 31 March 2023

2,419

2,419

At 31 March 2022

558

558

5

Stocks

2023
£

2022
£

Goods for resale

585,424

439,083

6

Debtors

Current

2023
£

2022
£

Trade debtors

-

11,750

Prepayments

4,603

-

Other debtors

42,578

85,471

 

47,181

97,221

 

Cabriolet Coupe Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

70,207

70,261

Trade creditors

 

119,255

7,367

Taxation and social security

 

15,766

11,780

Accruals and deferred income

 

5,672

42,050

Other creditors

 

308,423

320,455

 

519,323

451,913

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

20,990

31,667

Included in bank loans and overdrafts due under one year is £10,677 and over one year is £20,990, relating to a loan acquired under the Bounce Back Loan Scheme (BBLS) which is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy and Industrial Strategy.

Included in bank loans and overdrafts due under one year is £59,530 which is secured by a fixed charge over the inventory owned by the company. The charge is in favour of Barclays Bank PLC.

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

20,990

31,667

 

Cabriolet Coupe Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,677

10,000

Bank overdrafts

59,530

60,261

70,207

70,261

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

10

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £255.00 (2022 - £350.00) per ordinary share

 

25,500

 

35,000

         

11

Related party transactions

Transactions with directors

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Mr Andrew K Sacre

Directors loan account

(254,800)

79,857

(80,100)

(255,043)

         
       

Mrs Val Ripley

Directors loan account

(52,000)

17,000

(15,000)

(50,000)

         
       

 

 

Cabriolet Coupe Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

2022

At 1 April 2021
£

Advances to director
£

Repayments by director
£

At 31 March 2022
£

Mr Andrew K Sacre

Directors loan account

(240,800)

26,800

(40,800)

(254,800)

         
       

Mrs Val Ripley

Directors loan account

(52,000)

2,000

(2,000)

(52,000)

         
       

 

Other transactions with directors


These loans are provided at a market rate of interest and are repayable on demand.

12

Ultimate controlling party

The ultimate controlling party is Mr A Sacre, the director.