Car Vogue Limited 00623882 false 2022-03-01 2023-02-28 2023-02-28 The principal activity of the company is that of retailing and wholesale of car accessories and parts Digita Accounts Production Advanced 6.30.9574.0 true 00623882 2022-03-01 2023-02-28 00623882 2023-02-28 00623882 bus:OrdinaryShareClass1 2023-02-28 00623882 core:RetainedEarningsAccumulatedLosses 2023-02-28 00623882 core:RevaluationReserve 2023-02-28 00623882 core:ShareCapital 2023-02-28 00623882 core:CurrentFinancialInstruments 2023-02-28 00623882 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 00623882 core:LandBuildings 2023-02-28 00623882 core:OtherPropertyPlantEquipment 2023-02-28 00623882 bus:SmallEntities 2022-03-01 2023-02-28 00623882 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 00623882 bus:FullAccounts 2022-03-01 2023-02-28 00623882 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 00623882 bus:RegisteredOffice 2022-03-01 2023-02-28 00623882 bus:CompanySecretary1 2022-03-01 2023-02-28 00623882 bus:Director2 2022-03-01 2023-02-28 00623882 bus:Director6 2022-03-01 2023-02-28 00623882 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 00623882 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 00623882 bus:Agent1 2022-03-01 2023-02-28 00623882 core:LandBuildings 2022-03-01 2023-02-28 00623882 core:OtherPropertyPlantEquipment 2022-03-01 2023-02-28 00623882 countries:AllCountries 2022-03-01 2023-02-28 00623882 2022-02-28 00623882 core:LandBuildings 2022-02-28 00623882 core:OtherPropertyPlantEquipment 2022-02-28 00623882 2021-03-01 2022-02-28 00623882 2022-02-28 00623882 bus:OrdinaryShareClass1 2022-02-28 00623882 core:RetainedEarningsAccumulatedLosses 2022-02-28 00623882 core:RevaluationReserve 2022-02-28 00623882 core:ShareCapital 2022-02-28 00623882 core:CurrentFinancialInstruments 2022-02-28 00623882 core:CurrentFinancialInstruments core:WithinOneYear 2022-02-28 00623882 core:LandBuildings 2022-02-28 00623882 core:OtherPropertyPlantEquipment 2022-02-28 iso4217:GBP xbrli:pure xbrli:shares

Car Vogue Limited

Annual Report and Unaudited Financial Statements
Year Ended 28 February 2023

Registration number: 00623882

 

Car Vogue Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 7

 

Car Vogue Limited

Company Information

Directors

W J M Salmon

Mrs G M Salmon

Company secretary

Mrs G M Salmon

Registered office

24 Cliff Road
Newquay
Cornwall
TR7 2ND

Bankers

Barclays Bank plc
20-21 Lemon Street
Truro
Cornwall
TR1 2NB

Accountants

Francis Clark LLP
Chartered Accountants
Lowin House
Tregolls Road
Truro
Cornwall
TR1 2NA

 

Car Vogue Limited

Balance Sheet

28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

535,019

533,673

Current assets

 

Stocks

5

114,925

131,150

Debtors

6

41,683

46,019

Cash at bank and in hand

 

149,995

120,619

 

306,603

297,788

Creditors: Amounts falling due within one year

7

(114,700)

(112,739)

Net current assets

 

191,903

185,049

Total assets less current liabilities

 

726,922

718,722

Provisions for liabilities

(33,203)

(31,153)

Net assets

 

693,719

687,569

Capital and reserves

 

Called up share capital

8

1,000

1,000

Non-distributable reserve

394,486

394,486

Profit and loss account

9

298,233

292,083

Shareholders' funds

 

693,719

687,569

 

Car Vogue Limited

Balance Sheet

28 February 2023

For the financial year ending 28 February 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 28 November 2023 and signed on its behalf by:
 

.........................................
W J M Salmon
Director

Company Registration Number: 00623882

 

Car Vogue Limited

Notes to the Financial Statements

Year Ended 28 February 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:
24 Cliff Road
Newquay
Cornwall
TR7 2ND

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the retailing and wholesale of car parts and accessories. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when a sales invoice is raised or at the point of sale in the shop.

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.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Deferred tax has been measured using a long term corporation rate of 25%, as this was the last rate substantively enacted before the year end. This factor may affect future tax charges.

 

Car Vogue Limited

Notes to the Financial Statements

Year Ended 28 February 2023

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

Land and buildings

No depreciation

Other tangible fixed assets

Between 12 and 30%, reducing balance basis

Stocks

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 stocks 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.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.




 

 

Car Vogue Limited

Notes to the Financial Statements

Year Ended 28 February 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2022 - 8).

4

Tangible assets

Freehold land and buildings
£

Vehicles and equipment
 £

Total
£

Cost or valuation

At 1 March 2022

522,450

89,996

612,446

Additions

-

4,800

4,800

At 28 February 2023

522,450

94,796

617,246

Depreciation

At 1 March 2022

-

78,773

78,773

Charge for the year

-

3,454

3,454

At 28 February 2023

-

82,227

82,227

Carrying amount

At 28 February 2023

522,450

12,569

535,019

At 28 February 2022

522,450

11,223

533,673

Freehold land and buildings were revalued on 4 August 2014 by a local firm of chartered surveyors who are external to the company.

Breakdown of vehicles and equipment
Fixtures and fittings £4,977
Computer equipment £2,558
Citreon Berlingo (MF65 YFA) £1,434
Volkswagen (KVC 900) £375
Peugeot (WL12 BJK) £3,225

5

Stocks

2023
£

2022
£

Other inventories

114,925

131,150

In 2023 there were exceptional stock write offs of £10,713 as a result of the Covid-19 pandemic. In 2022 this figure was £3,064.

 

Car Vogue Limited

Notes to the Financial Statements

Year Ended 28 February 2023

6

Debtors

2023
£

2022
£

Trade debtors

35,568

42,057

Prepayments

6,115

3,962

41,683

46,019

7

Creditors

Creditors: amounts falling due within one year

2023
 £

2022
 £

Due within one year

Trade creditors

39,490

36,904

Social security and other taxes

10,526

10,988

Outstanding defined contribution pension costs

665

580

Directors loan account

59,378

59,830

Accrued expenses

4,641

4,437

114,700

112,739

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1,000

1,000

1,000

1,000

         

9

Profit and loss

Included within the profit and loss account for the year were one-off roof repairs of £14,400.