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REGISTERED NUMBER: 12243343 (England and Wales)















Unaudited Financial Statements For The Year Ended 31 October 2023

for

Car Things Ltd

Car Things Ltd (Registered number: 12243343)

Contents of the Financial Statements
For The Year Ended 31 October 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Car Things Ltd

Company Information
For The Year Ended 31 October 2023







DIRECTORS: Mr M S S Mundy
Mr A Sydorenko





REGISTERED OFFICE: 26 Vision Business Park
Preston Place
Upper Caldecote
Bedfordshire
SG18 9GH





REGISTERED NUMBER: 12243343 (England and Wales)





ACCOUNTANTS: Ashwells Associates Limited
Chartered Certified Accountants
54a Church Road
Ashford
Middlesex
TW15 2TS

Car Things Ltd (Registered number: 12243343)

Statement of Financial Position
31 October 2023

31/10/23 31/10/22
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 405,745 362,989

CURRENT ASSETS
Inventories 956,816 733,147
Debtors 5 180,522 55,258
Cash at bank 171,263 37,110
1,308,601 825,515
CREDITORS
Amounts falling due within one year 6 734,231 528,041
NET CURRENT ASSETS 574,370 297,474
TOTAL ASSETS LESS CURRENT
LIABILITIES

980,115

660,463

CREDITORS
Amounts falling due after more than one
year

7

(406,075

)

(361,490

)

PROVISIONS FOR LIABILITIES 8 (52,532 ) (11,463 )
NET ASSETS 521,508 287,510

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 521,506 287,508
521,508 287,510

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Car Things Ltd (Registered number: 12243343)

Statement of Financial Position - continued
31 October 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 April 2024 and were signed on its behalf by:




Mr M S S Mundy - Director



Mr A Sydorenko - Director


Car Things Ltd (Registered number: 12243343)

Notes to the Financial Statements
For The Year Ended 31 October 2023


1. STATUTORY INFORMATION

Car Things Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 20% on cost
Fixtures and fittings - 33% on cost
Motor vehicles - 20% on cost
Computer equipment - 20% on cost

Stocks
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Car Things Ltd (Registered number: 12243343)

Notes to the Financial Statements - continued
For The Year Ended 31 October 2023


2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 6 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 November 2022 6,333 13,061 420,535 5,629 445,558
Additions 86,814 6,170 270,071 3,529 366,584
Disposals - (223 ) (258,634 ) - (258,857 )
At 31 October 2023 93,147 19,008 431,972 9,158 553,285
DEPRECIATION
At 1 November 2022 2,111 4,586 73,705 2,167 82,569
Charge for year 18,629 5,218 66,645 1,612 92,104
Eliminated on disposal - - (27,133 ) - (27,133 )
At 31 October 2023 20,740 9,804 113,217 3,779 147,540
NET BOOK VALUE
At 31 October 2023 72,407 9,204 318,755 5,379 405,745
At 31 October 2022 4,222 8,475 346,830 3,462 362,989

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/10/23 31/10/22
£    £   
Trade debtors 104,263 27,157
Amounts owed by group undertakings 20,800 -
Other debtors 55,459 28,101
180,522 55,258

Car Things Ltd (Registered number: 12243343)

Notes to the Financial Statements - continued
For The Year Ended 31 October 2023


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/10/23 31/10/22
£    £   
Bank loans and overdrafts 428,061 184,407
Hire purchase contracts 42,494 21,635
Trade creditors 78,296 54,452
Taxation and social security 155,113 130,904
Other creditors 30,267 136,643
734,231 528,041

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/10/23 31/10/22
£    £   
Bank loans 43,680 152,305
Hire purchase contracts 362,395 209,185
406,075 361,490

8. PROVISIONS FOR LIABILITIES
31/10/23 31/10/22
£    £   
Deferred tax
Accelerated capital allowances 52,532 11,463

Deferred
tax
£   
Balance at 1 November 2022 11,463
Provided during year 41,069
Balance at 31 October 2023 52,532

9. RELATED PARTY DISCLOSURES

Included in other creditors due within a year is an amount of £16,897 (2022 - £122,935) due to the directors of the company. The amount is interest free and repayable on demand.

The company was owed a sum of £20,800 from the entities that are in common control of the directors.