Registered number
07402460
Nottingham car.com (Meadow Lane) Limited
Filleted Accounts
31 October 2023
Nottingham car.com (Meadow Lane) Limited
Registered number: 07402460
Balance Sheet
as at 31 October 2023
Notes 31/10/2023 31/10/2022
£ £
Fixed assets
Tangible assets 3 1,146,931 675,683
Current assets
Stocks 1,462,754 1,198,043
Debtors 4 19,627 166,991
Cash at bank and in hand 293,230 532,241
1,775,611 1,897,275
Creditors: amounts falling due within one year 5 (215,155) (165,067)
Net current assets 1,560,456 1,732,208
Total assets less current liabilities 2,707,387 2,407,891
Creditors: amounts falling due after more than one year 6 (1,078,368) (767,396)
Provisions for liabilities (5,199) (3,742)
Net assets 1,623,820 1,636,753
Capital and reserves
Called up share capital 3 3
Profit and loss account 1,623,817 1,636,750
Shareholders' funds 1,623,820 1,636,753
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 C Sumner
Director
Approved by the board on 23 January 2024
Nottingham car.com (Meadow Lane) Limited
Notes to the Accounts
for the year ended 31 October 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.
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:
Computer Equipment 33.33% straight line
Fixtures, fittings, tools and equipment 25% reducing balance
Land and Buildings 2% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
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 6 7
3 Tangible fixed assets
Fixture & Fittings Computer Equipment Land & Buildings Total
£ £ £ £
Cost
At 1 November 2022 33,951 6,470 659,817 700,238
Additions 5,606 1,011 474,534 481,151
At 31 October 2023 39,557 7,481 1,134,351 1,181,389
Depreciation
At 1 November 2022 15,318 5,405 3,832 24,555
Charge for the year 4,860 658 4,385 9,903
At 31 October 2023 20,178 6,063 8,217 34,458
Net book value
At 31 October 2023 19,379 1,418 1,126,134 1,146,931
At 31 October 2022 18,633 1,065 655,985 675,683
4 Debtors 2023 2022
£ £
Trade debtors 5,995 161,756
Other debtors 13,632 5,235
19,627 166,991
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 88,320 53,764
Obligations under finance lease and hire purchase contracts 230 -
Amounts owed to group undertakings and undertakings in which the company has a participating interest 107 647
Taxation and social security costs 97,712 96,864
Other creditors 28,786 13,792
215,155 165,067
6 Creditors: amounts falling due after one year 2023 2022
£ £
Loans 993,991 767,396
Obligations under finance lease and hire purchase contracts 84,377 -
1,078,368 767,396
7 Loans from / (to) directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr C Sumner
Loans from / (to) directors 47 189,000 (188,343) 704
47 189,000 (188,343) 704
8 Controlling party
The parent company of Nottingham car.com (meadow Lane) Limited is Nottinghamcar.com (Meadow Lane Holdings Limited, a company incorporated in england whose registered office is 22a Main road, Gedling, Nottingham, NG4 3HP.
9 Other information
Nottingham car.com (Meadow Lane) Limited is a private company limited by shares and incorporated in England. Its registered office is:
22A Main Road
Gedling
Nottingham
NG4 3HP
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