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Company registration number: 07249895
Navcar Limited
Unaudited filleted financial statements
30 June 2022
Navcar Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Navcar Limited
Directors and other information
Directors Mr L Leitner
Mr S Bass
Company number 07249895
Registered office Riverside
Agecroft Road
Swinton
Manchester
M27 8SJ
Business address Riverside
Agecroft Road
Swinton
Manchester
M27 8SJ
Accountants Alexander Bursk Limited
Parkgates
Bury New Road
Prestwich
M25 0JW
Navcar Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Navcar Limited
Year ended 30 June 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Navcar Limited for the year ended 30 June 2022 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
This report is made solely to the board of directors of Navcar Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Navcar Limited and state those matters that we have agreed to state to the board of directors of Navcar Limited as a body, in this report To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Navcar Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Navcar Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Navcar Limited. You consider that Navcar Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Navcar Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Alexander Bursk Limited
Parkgates
Bury New Road
Prestwich
M25 0JW
26 October 2023
Navcar Limited
Statement of financial position
30 June 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 5 1,212,730 972,732
_______ _______
1,212,730 972,732
Current assets
Debtors 6 593,978 156,390
Cash at bank and in hand 1,481 14,681
_______ _______
595,459 171,071
Creditors: amounts falling due
within one year 7 ( 974,874) ( 536,999)
_______ _______
Net current liabilities ( 379,415) ( 365,928)
_______ _______
Total assets less current liabilities 833,315 606,804
Creditors: amounts falling due
after more than one year 8 ( 394,388) ( 225,134)
_______ _______
Net assets 438,927 381,670
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 438,827 381,570
_______ _______
Shareholders funds 438,927 381,670
_______ _______
For the year ending 30 June 2022 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 26 October 2023 , and are signed on behalf of the board by:
Mr L Leitner
Director
Company registration number: 07249895
Navcar Limited
Notes to the financial statements
Year ended 30 June 2022
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Riverside, Agecroft Road, Swinton, Manchester, M27 8SJ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2021: Nil).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 July 2021 101,564 46,177 1,775,849 1,923,590
Additions 8,753 21,101 818,427 848,281
Disposals - - ( 342,686) ( 342,686)
_______ _______ _______ _______
At 30 June 2022 110,317 67,278 2,251,590 2,429,185
_______ _______ _______ _______
Depreciation
At 1 July 2021 89,876 21,446 839,537 950,859
Charge for the year 4,088 9,166 350,948 364,202
Disposals - - ( 98,606) ( 98,606)
_______ _______ _______ _______
At 30 June 2022 93,964 30,612 1,091,879 1,216,455
_______ _______ _______ _______
Carrying amount
At 30 June 2022 16,353 36,666 1,159,711 1,212,730
_______ _______ _______ _______
At 30 June 2021 11,688 24,731 936,312 972,731
_______ _______ _______ _______
6. Debtors
2022 2021
£ £
Trade debtors 3,081 18,477
Other debtors 590,897 137,913
_______ _______
593,978 156,390
_______ _______
7. Creditors: amounts falling due within one year
2022 2021
£ £
Bank loans and overdrafts 50,000 50,000
Social security and other taxes 426,141 288,259
Other creditors 498,733 198,740
_______ _______
974,874 536,999
_______ _______
8. Creditors: amounts falling due after more than one year
2022 2021
£ £
Other creditors 394,388 225,134
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr L Leitner - - -
Mr S Bass - - -
_______ _______ _______
2021
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr L Leitner 52,288 ( 53,627) ( 1,339)
Mr S Bass ( 35,661) ( 880) ( 36,541)
_______ _______ _______
16,627 ( 54,507) ( 37,880)
_______ _______ _______
10. Controlling party
No one person has overall control.
11. Going Concern
The company meets its day-today working capital requirements through reliance on its directors. The financial statements have therefore been prepared on a going concern basis and do not contain any adjustments that might be necessary if that support was not continued.