Arun Classics Ltd 08389102 false 2022-06-01 2023-05-31 2023-05-31 The principal activity of the company is Car sales Digita Accounts Production Advanced 6.30.9574.0 true true 08389102 2022-06-01 2023-05-31 08389102 2023-05-31 08389102 bus:OrdinaryShareClass1 2023-05-31 08389102 bus:OrdinaryShareClass2 2023-05-31 08389102 bus:OrdinaryShareClass3 2023-05-31 08389102 core:CurrentFinancialInstruments 2023-05-31 08389102 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 08389102 core:Non-currentFinancialInstruments 2023-05-31 08389102 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 08389102 core:LandBuildings 2023-05-31 08389102 bus:SmallEntities 2022-06-01 2023-05-31 08389102 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 08389102 bus:FullAccounts 2022-06-01 2023-05-31 08389102 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 08389102 bus:RegisteredOffice 2022-06-01 2023-05-31 08389102 bus:Director1 2022-06-01 2023-05-31 08389102 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 08389102 bus:OrdinaryShareClass2 2022-06-01 2023-05-31 08389102 bus:OrdinaryShareClass3 2022-06-01 2023-05-31 08389102 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 08389102 core:Buildings 2022-06-01 2023-05-31 08389102 core:LandBuildings 2022-06-01 2023-05-31 08389102 countries:England 2022-06-01 2023-05-31 08389102 2022-05-31 08389102 core:LandBuildings 2022-05-31 08389102 2021-06-01 2022-05-31 08389102 2022-05-31 08389102 bus:OrdinaryShareClass1 2022-05-31 08389102 bus:OrdinaryShareClass2 2022-05-31 08389102 bus:OrdinaryShareClass3 2022-05-31 08389102 core:CurrentFinancialInstruments 2022-05-31 08389102 core:CurrentFinancialInstruments core:WithinOneYear 2022-05-31 08389102 core:Non-currentFinancialInstruments 2022-05-31 08389102 core:Non-currentFinancialInstruments core:AfterOneYear 2022-05-31 08389102 core:LandBuildings 2022-05-31 iso4217:GBP xbrli:pure xbrli:shares

Arun Classics Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2023

Registration number: 08389102

 

Arun Classics Ltd

Contents

Statement of financial position

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Arun Classics Ltd

(Registration number: 08389102)
Statement of financial position as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

7,340

9,060

Current assets

 

Stocks

5

103,421

114,468

Debtors

6

218,741

185,491

Cash at bank and in hand

 

11,252

500

 

333,414

300,459

Creditors: Amounts falling due within one year

7

(316,259)

(268,603)

Net current assets

 

17,155

31,856

Total assets less current liabilities

 

24,495

40,916

Creditors: Amounts falling due after more than one year

7

(20,000)

(30,000)

Net assets

 

4,495

10,916

Capital and reserves

 

Called up share capital

8

300

300

Retained earnings

4,195

10,616

Shareholders' funds

 

4,495

10,916

For the financial year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Arun Classics Ltd

(Registration number: 08389102)
Statement of financial position as at 31 May 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Income statement.

Approved and authorised by the director on 30 August 2023
 

.........................................
Mr D de Grouchy
Director

 

Arun Classics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Garden House
Coates
Fittleworth
Pulborough
West Sussex
RH20 1ES

These financial statements were authorised for issue by the director on 30 August 2023.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Arun Classics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Tangible assets

Tangible assets are stated in the statement of financial position 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

Freehold property

10% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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 inventories 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2022 - 1).

 

Arun Classics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 June 2022

17,200

17,200

At 31 May 2023

17,200

17,200

Depreciation

At 1 June 2022

8,140

8,140

Charge for the year

1,720

1,720

At 31 May 2023

9,860

9,860

Carrying amount

At 31 May 2023

7,340

7,340

At 31 May 2022

9,060

9,060

5

Stocks

2023
£

2022
£

Finished goods and goods for resale

103,421

114,468

 

Arun Classics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

185,740

153,240

Prepayments

750

-

Other debtors

32,251

32,251

 

218,741

185,491

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

10,000

79,529

trade creditors

 

206,143

91,116

Amounts owed to associated company

59,418

59,418

Taxation and social security

 

22,698

20,540

Other creditors

 

18,000

18,000

 

316,259

268,603

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

20,000

30,000

 

Arun Classics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A Shares of £1 each

100

100

100

100

Ordinary B Shares of £1 each

100

100

100

100

Ordinary C Shares of £1 each

100

100

100

100

 

300

300

300

300

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

20,000

30,000

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Bank overdrafts

-

69,529

10,000

79,529