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COMPANY REGISTRATION NUMBER: 08562028
Carmatched.Com Ltd
Filleted Unaudited Financial Statements
31 March 2023
Carmatched.Com Ltd
Financial Statements
Year ended 31 March 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Carmatched.Com Ltd
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
70,153
72,318
Current assets
Stocks
145,394
121,265
Debtors
7
17,153
16,644
Cash at bank and in hand
32,656
33,563
---------
---------
195,203
171,472
Creditors: amounts falling due within one year
8
162,518
134,406
---------
---------
Net current assets
32,685
37,066
---------
---------
Total assets less current liabilities
102,838
109,384
Creditors: amounts falling due after more than one year
9
72,818
74,563
---------
---------
Net assets
30,020
34,821
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
29,920
34,721
--------
--------
Shareholders funds
30,020
34,821
--------
--------
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 income and retained earnings has not been delivered.
For the 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 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 .
Carmatched.Com Ltd
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 30 October 2023 , and are signed on behalf of the board by:
Mr R Jarvis
Director
Company registration number: 08562028
Carmatched.Com Ltd
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Judgements and key sources of estimation uncertainty
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 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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Tangible assets
Tangible assets are initially recorded at cost, and 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.
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:
Freehold property
-
2% straight line
Fixtures and fittings
-
25% straight line
Equipment
-
25% straight line
Impairment of fixed assets
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
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 as a finance cost 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 5 (2022: 5 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
8,000
-------
Amortisation
At 1 April 2022 and 31 March 2023
8,000
-------
Carrying amount
At 31 March 2023
-------
At 31 March 2022
-------
6. Tangible assets
Freehold property
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 April 2022 and 31 March 2023
75,000
7,362
11,380
93,742
--------
-------
--------
--------
Depreciation
At 1 April 2022
4,500
6,679
10,245
21,424
Charge for the year
1,500
342
323
2,165
--------
-------
--------
--------
At 31 March 2023
6,000
7,021
10,568
23,589
--------
-------
--------
--------
Carrying amount
At 31 March 2023
69,000
341
812
70,153
--------
-------
--------
--------
At 31 March 2022
70,500
683
1,135
72,318
--------
-------
--------
--------
7. Debtors
2023
2022
£
£
Other debtors
17,153
16,644
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
6,448
14,301
Social security and other taxes
11,758
14,553
Net wages
3,161
2,598
Pension creditor
248
220
Other creditors
140,903
102,734
---------
---------
162,518
134,406
---------
---------
Lloyds Bank PLC holds a fixed and floating charge over the company's property and undertakings as security for the mortgage.
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
72,818
74,563
--------
--------
Lloyds Bank PLC holds a fixed and floating charge over the company's property and undertakings as security for the mortgage.
10. Related party transactions
At the year end the company owed the directors £111,653 (2022: £100,484). Also at the year end the company was owed £17,153 (2022: £11,571) from a company under common control.