ICASHCARS LTD

Company Registration Number:
11063712 (England and Wales)

Unaudited abridged accounts for the year ended 30 November 2022

Period of accounts

Start date: 01 December 2021

End date: 30 November 2022

ICASHCARS LTD

Contents of the Financial Statements

for the Period Ended 30 November 2022

Company Information - 3
Report of the Directors - 4
Profit and Loss Account - 5
Balance sheet - 6
Additional notes - 8
Balance sheet notes - 11

ICASHCARS LTD

Company Information

for the Period Ended 30 November 2022




Director: Kieron Quinn
Registered office: Unit 1
Pinecopse
Nine Mile Ride
Wokingham
Berkshire
England
RG40 3ND
Company Registration Number: 11063712 (England and Wales)

ICASHCARS LTD

Directors' Report Period Ended 30 November 2022

The directors present their report with the financial statements of the company for the period ended 30 November 2022

Principal Activities

Sale of used cars and light motor vehicles

Directors

The directors shown below have held office during the whole of the period from 01 December 2021 to 30 November 2022
Kieron Quinn

This report was approved by the board of directors on 14 March 2024
And Signed On Behalf Of The Board By:

Name: Kieron Quinn
Status: Director

ICASHCARS LTD

Profit and Loss Account

for the Period Ended 30 November 2022


Notes

2022
£

2021
£
Gross Profit or (Loss) 597,777 622,715
Administrative Expenses ( 716,028 ) ( 619,904 )
Operating Profit or (Loss) ( 118,251 ) 2,811
Interest Payable and Similar Charges - ( 289 )
Profit or (Loss) Before Tax ( 118,251 ) 2,522
Tax on Profit - 8,714
Profit or (Loss) for Period ( 118,251 ) 11,236

The notes form part of these financial statements

ICASHCARS LTD

Balance sheet

As at 30 November 2022


Notes

2022
£

2021
£
Fixed assets
Intangible assets: 4 3,100 0
Tangible assets: 5 10,436 12,446
Total fixed assets: 13,536 12,446
Current assets
Stocks: 36,480 78,580
Debtors: 6 14,400 93,350
Cash at bank and in hand: 20,737 54,828
Total current assets: 71,617 226,758
Creditors: amounts falling due within one year: 7 ( 254,918 ) ( 290,718 )
Net current assets (liabilities): ( 183,301 ) ( 63,960 )
Total assets less current liabilities: ( 169,765 ) ( 51,514 )
Total net assets (liabilities): ( 169,765 ) ( 51,514 )

The notes form part of these financial statements

ICASHCARS LTD

Balance sheet continued

As at 30 November 2022


Notes

2022
£

2021
£
Capital and reserves
Called up share capital: 100 100
Profit and loss account: ( 169,865 ) ( 51,614 )
Shareholders funds: ( 169,765 ) ( 51,514 )

For the year ending 30 November 2022 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.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

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

This report was approved by the board of directors on 14 March 2024
And Signed On Behalf Of The Board By:

Name: Kieron Quinn
Status: Director

The notes form part of these financial statements

ICASHCARS LTD

Notes to the Financial Statements

for the Period Ended 30 November 2022

  • 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax.

    Leads Income:
    Apart from Normal Car buying and Selling trading activity, ICC also sells car Leads to General Car Traders at a Nominal price, VAT at 20 % is chargeable on sale of leads and reported to HMRC in the respected Quarterly returns.

    Tangible fixed assets depreciation policy

    Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

    Depreciation is provided at rates calculated to write off the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

    Motor Vehicle 25% on Straight Line Method
    Computer Equipment 20% on Straight Line Method
    Furniture and Fixtures 20% on Straight Line Method

ICASHCARS LTD

Notes to the Financial Statements

for the Period Ended 30 November 2022

  • 2. Employees


    2022

    2021
    Average number of employees during the period 4 5

ICASHCARS LTD

Notes to the Financial Statements

for the Period Ended 30 November 2022

  • 3. Off balance sheet disclosure

    No

ICASHCARS LTD

Notes to the Financial Statements

for the Period Ended 30 November 2022

  • 4. Intangible assets

    Total
    Cost £
    At 01 December 2021 0
    Additions 3,100
    Disposals (0)
    Revaluations 0
    Transfers 0
    At 30 November 2022 3,100
    Amortisation
    Charge for year -
    On disposals -
    Other adjustments -
    Amortisation at 30 November 2022 -
    Net book value
    Net book value at 30 November 2022 3,100
    Net book value at 30 November 2021 0

ICASHCARS LTD

Notes to the Financial Statements

for the Period Ended 30 November 2022

5. Tangible Assets

Total
Cost £
At 01 December 2021 20,999
Additions 3,281
Disposals -
Revaluations -
Transfers -
At 30 November 2022 24,280
Depreciation
At 01 December 2021 8,553
Charge for year 5,291
On disposals -
Other adjustments -
At 30 November 2022 13,844
Net book value
At 30 November 2022 10,436
At 30 November 2021 12,446

ICASHCARS LTD

Notes to the Financial Statements

for the Period Ended 30 November 2022

  • 6. Debtors

    Stocks:

    Stocks of vehicles which are the property of the company are valued at lower of cost or net realisable value, after making due allowance for obsolete and slow-moving items.
    Stock as of 30th November, 2022 Valued at: £36,480 (£78,580 as of 30th November, 2021).

    Debtors:

    Due within one year - Trade Debtors: £14,400 (£93,350 as of 30th November, 2021)

ICASHCARS LTD

Notes to the Financial Statements

for the Period Ended 30 November 2022

7. Creditors: amounts falling due within one year note

Creditors as of 30th November, 2022
Due within one year:
1) Trade Creditors: £2,421 (£26,850 as of 30th November, 2021)
2) Accrued Expenses: £7,036 (£2,089 as of 30th November, 2021))
3) VAT £68,692 (£109,888 as of 30th November, 2021)
4) PAYE & NIC Payable: £3,730 (£5,672 as of 30th November, 2021)
5) Director's Loan Account: £181,754 (£129,933 as of 30th November, 2021)
6) Short Term Borrowings: £0 (£25,000 as of 30th November, 2021)
7) Corporation tax Payable/(Receivable): £-8,714 (-£8,714 as of 30th November, 2021)
Due after more than one year: N/A