EXCLUSIVE AUTOMOTIVE LTD

Company Registration Number:
11143873 (England and Wales)

Unaudited statutory accounts for the year ended 30 April 2023

Period of accounts

Start date: 1 May 2022

End date: 30 April 2023

EXCLUSIVE AUTOMOTIVE LTD

Contents of the Financial Statements

for the Period Ended 30 April 2023

Balance sheet
Additional notes
Balance sheet notes

EXCLUSIVE AUTOMOTIVE LTD

Balance sheet

As at 30 April 2023

Notes 2023 2022


£

£
Fixed assets
Tangible assets: 3 26,908 28,274
Total fixed assets: 26,908 28,274
Current assets
Stocks: 4 1,764,620 1,003,218
Debtors: 5 255,391 82,284
Cash at bank and in hand: 218,737 60,595
Total current assets: 2,238,748 1,146,097
Creditors: amounts falling due within one year: 6 ( 1,370,110 ) ( 1,070,229 )
Net current assets (liabilities): 868,638 75,868
Total assets less current liabilities: 895,546 104,142
Creditors: amounts falling due after more than one year: 7 ( 23,343 ) ( 40,412 )
Provision for liabilities: ( 167,796 ) ( 12,106 )
Total net assets (liabilities): 704,407 51,624
Capital and reserves
Called up share capital: 20 20
Profit and loss account: 704,387 51,604
Total Shareholders' funds: 704,407 51,624

The notes form part of these financial statements

EXCLUSIVE AUTOMOTIVE LTD

Balance sheet statements

For the year ending 30 April 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen not to file a copy of the company's profit and loss account.

This report was approved by the board of directors on 4 March 2024
and signed on behalf of the board by:

Name: Mr Robert Kelly
Status: Director

The notes form part of these financial statements

EXCLUSIVE AUTOMOTIVE LTD

Notes to the Financial Statements

for the Period Ended 30 April 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    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.

    Tangible fixed assets depreciation policy

    Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment lossesThe cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installationDepreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as followsFixtures fittings and equipment - 25 per cent straight lineLeasehold improvements - 10 per cent straight line

    Other accounting policies

    Basis of preparationThese financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair valueGoing concernBased upon post balance sheet trading, further monies being introduced and the continued support of the Directors the financial statements have been prepared on a going concern basisTaxThe tax expense for the period comprises deferred 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 incomeThe 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 incomeDeferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statementsUnrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profitsDeferred 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 differenceTrade debtorsTrade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of businessTrade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivablesStocksStocks are stated at the lower of cost and estimated selling price less costs to complete and sellTrade creditorsTrade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilitiesTrade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest methodBorrowingsInterest-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 profit and loss account over the period of the relevant borrowingInterest expense is recognised on the basis of the effective interest method and is included in interest payable and similar chargesBorrowings 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 dateShare capitalOrdinary 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 basisDividendsDividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declaredDefined contribution pension obligationA defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periodsContributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment

EXCLUSIVE AUTOMOTIVE LTD

Notes to the Financial Statements

for the Period Ended 30 April 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 5 4

EXCLUSIVE AUTOMOTIVE LTD

Notes to the Financial Statements

for the Period Ended 30 April 2023

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 May 2022 24,444 22,660 10,553 57,657
Additions 9,582 9,582
Disposals
Revaluations
Transfers
At 30 April 2023 24,444 32,242 10,553 67,239
Depreciation
At 1 May 2022 5,742 16,939 6,702 29,383
Charge for year 2,445 5,915 2,588 10,948
On disposals
Other adjustments
At 30 April 2023 8,187 22,854 9,290 40,331
Net book value
At 30 April 2023 16,257 9,388 1,263 26,908
At 30 April 2022 18,702 5,721 3,851 28,274

Included within the net book value of land and buildings above is £16,257 (2022 - £18,702) in respect of short leasehold land and buildings.

EXCLUSIVE AUTOMOTIVE LTD

Notes to the Financial Statements

for the Period Ended 30 April 2023

4. Stocks

2023 2022
£ £
Stocks 1,764,620 1,003,218
Total 1,764,620 1,003,218

EXCLUSIVE AUTOMOTIVE LTD

Notes to the Financial Statements

for the Period Ended 30 April 2023

5. Debtors

2023 2022
£ £
Trade debtors 154,495 67,545
Prepayments and accrued income 639 638
Other debtors 100,257 14,101
Total 255,391 82,284

EXCLUSIVE AUTOMOTIVE LTD

Notes to the Financial Statements

for the Period Ended 30 April 2023

6. Creditors: amounts falling due within one year note

2023 2022
£ £
Bank loans and overdrafts 15,000 15,000
Amounts due under finance leases and hire purchase contracts 760,690 487,855
Trade creditors 351,942 307,063
Taxation and social security 56,964 52,985
Accruals and deferred income 15,770 15,770
Other creditors 169,744 191,556
Total 1,370,110 1,070,229

EXCLUSIVE AUTOMOTIVE LTD

Notes to the Financial Statements

for the Period Ended 30 April 2023

7. Creditors: amounts falling due after more than one year note

2023 2022
£ £
Bank loans and overdrafts 23,343 40,412
Total 23,343 40,412

EXCLUSIVE AUTOMOTIVE LTD

Notes to the Financial Statements

for the Period Ended 30 April 2023

8. Financial Commitments

BorrowingsInterest-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 profit and loss account over the period of the relevant borrowingInterest expense is recognised on the basis of the effective interest method and is included in interest payable and similar chargesBorrowings 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

EXCLUSIVE AUTOMOTIVE LTD

Notes to the Financial Statements

for the Period Ended 30 April 2023

9. Loans to directors

Name of director receiving advance or credit: Mr Robert Kelly
Description of the transaction:
Monies owing to Mr Kelly by the Company
£
Balance at 30 April 2022 2,908
Advances or credits made: 109,363
Advances or credits repaid:
Balance at 30 April 2023 112,271

Name of director receiving advance or credit: Mr Gareth Robinson
Description of the transaction:
Monies owing to Mr Robinson by the Company
£
Balance at 30 April 2022
Advances or credits made: 57,473
Advances or credits repaid:
Balance at 30 April 2023 57,473