Registered number
04761356
Carlton Cars (North Yorkshire) Limited
Filleted Accounts
31 May 2023
Carlton Cars (North Yorkshire) Limited
Registered number: 04761356
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 2,290 4,739
Current assets
Debtors 5 8,782 22,983
Cash at bank and in hand 40,579 44,424
49,361 67,407
Creditors: amounts falling due within one year 6 (6,678) (12,537)
Net current assets 42,683 54,870
Total assets less current liabilities 44,973 59,609
Creditors: amounts falling due after more than one year 7 (28,395) (32,372)
Net assets 16,578 27,237
Capital and reserves
Called up share capital 22 22
Profit and loss account 16,556 27,215
Shareholders' funds 16,578 27,237
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr T Wrightson
Director
Approved by the board on 9 November 2023
Carlton Cars (North Yorkshire) Limited
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Office Equipment 20% Reducing balance
Motor Vehicles 20% Reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 4
3 Intangible fixed assets £
Goodwill:
Cost
At 1 June 2022 10,667
At 31 May 2023 10,667
Amortisation
At 1 June 2022 10,667
At 31 May 2023 10,667
Net book value
At 31 May 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Office Equipment Motor vehicles Total
£ £ £
Cost
At 1 June 2022 7,174 9,900 17,074
Disposals - (5,000) (5,000)
At 31 May 2023 7,174 4,900 12,074
Depreciation
At 1 June 2022 6,018 6,317 12,335
Charge for the year 231 529 760
On disposals - (3,311) (3,311)
At 31 May 2023 6,249 3,535 9,784
Net book value
At 31 May 2023 925 1,365 2,290
At 31 May 2022 1,156 3,583 4,739
5 Debtors 2023 2022
£ £
Trade debtors 2,448 19,925
Other debtors 6,334 3,058
8,782 22,983
6 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 5,582 11,111
Other creditors 1,096 1,426
6,678 12,537
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 28,395 32,372
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr T Wrightson
[Loan 1] 5,775 4,141 (2,244) 7,672
Mrs J Wrightson
[Loan 1] (4,421) 8,664 (7,243) (3,000)
1,354 12,805 (9,487) 4,672
9 Other information
Carlton Cars (North Yorkshire) Limited is a private company limited by shares and incorporated in England. Its registered office is:
Longlands Goldgate Lane
Swainby
Northallerton
North Yorkshire
DL6 3HS
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