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REGISTERED NUMBER: 00842871 (England and Wales)
















Unaudited Financial Statements for the Year Ended 31 July 2023

for

L. Sykes (Abbotsley) Limited

L. Sykes (Abbotsley) Limited (Registered number: 00842871)






Contents of the Financial Statements
for the Year Ended 31 July 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


L. Sykes (Abbotsley) Limited

Company Information
for the Year Ended 31 July 2023







DIRECTORS: Mrs J Sykes
Mr E Sykes





REGISTERED OFFICE: North Farm
Potton Road
Abbotsley
St. Neots
Cambridgeshire
PE19 6TX





REGISTERED NUMBER: 00842871 (England and Wales)





ACCOUNTANTS: Hardcastle Burton LLP
Lake House
Market Hill
Royston
Hertfordshire
SG8 9JN

L. Sykes (Abbotsley) Limited (Registered number: 00842871)

Abridged Balance Sheet
31 July 2023

31.7.23 31.7.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 257 343

CURRENT ASSETS
Stocks 680,900 642,400
Debtors 310 296
Cash at bank 1,063 8,173
682,273 650,869
CREDITORS
Amounts falling due within one year 758 758
NET CURRENT ASSETS 681,515 650,111
TOTAL ASSETS LESS CURRENT
LIABILITIES

681,772

650,454

CREDITORS
Amounts falling due after more than one
year

580,963

543,963
NET ASSETS 100,809 106,491

CAPITAL AND RESERVES
Called up share capital 5 100 100
Share premium 49,900 49,900
Retained earnings 50,809 56,491
SHAREHOLDERS' FUNDS 100,809 106,491

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

L. Sykes (Abbotsley) Limited (Registered number: 00842871)

Abridged Balance Sheet - continued
31 July 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 July 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 November 2023 and were signed on its behalf by:




Mr E Sykes - Director



Mrs J Sykes - Director


L. Sykes (Abbotsley) Limited (Registered number: 00842871)

Notes to the Financial Statements
for the Year Ended 31 July 2023

1. STATUTORY INFORMATION

L. Sykes (Abbotsley) 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 net invoiced sales and restoration services of classic cars, excluding value added tax.

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

Motor vehicles- 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

L. Sykes (Abbotsley) Limited (Registered number: 00842871)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 August 2022
and 31 July 2023 15,995
DEPRECIATION
At 1 August 2022 15,652
Charge for year 86
At 31 July 2023 15,738
NET BOOK VALUE
At 31 July 2023 257
At 31 July 2022 343

5. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.7.23 31.7.22
value: £    £   
100 Ordinary £1 100 100

6. CONTINGENT LIABILITIES

At the balance sheet date the company had a potential liability of £1,972,254 (2021: £2,282,893 ) in respect of a guarantee given to its parent undertakings' bankers. The directors do not expect that any of this amount will become payable and therefore no provision has been made in these accounts for this potential liability.