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Registration number: 08791093

Ashgood Classic And Sportscars Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Ashgood Classic And Sportscars Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

Ashgood Classic And Sportscars Limited

Company Information

Directors

Mrs L Curtler

Mr P O'Reilly

Registered office

Leavesden Park
Suite 1
5 Hercules Way
Watford
Hertfordshire
WD25 7GS

Accountants

Landmark Accountants Limited
Chartered Accountants
Leavesden Park
5 Hercules Way
Watford
Hertfordshire
WD25 7GS

 

Ashgood Classic And Sportscars Limited

(Registration number: 08791093)
Balance Sheet as at 30 November 2023

Note

2023

2022

   

£

£

£

£

Fixed assets

   

 

Tangible assets

4

 

105,772

 

139,964

Current assets

   

 

Stocks

5

2,712,801

 

1,966,516

 

Debtors

6

85,790

 

125,795

 

Cash at bank and in hand

 

104,581

 

621,136

 

 

2,903,172

 

2,713,447

 

Creditors: Amounts falling due within one year

7

(747,649)

 

(691,110)

 

Net current assets

   

2,155,523

 

2,022,337

Total assets less current liabilities

   

2,261,295

 

2,162,301

Creditors: Amounts falling due after more than one year

7

 

(750,000)

 

(750,000)

Provisions for liabilities

 

(24,174)

 

(31,015)

Net assets

   

1,487,121

 

1,381,286

Capital and reserves

   

 

Called up share capital

220

 

220

 

Profit and loss account

1,486,901

 

1,381,066

 

Total equity

   

1,487,121

 

1,381,286

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

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

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Ashgood Classic And Sportscars Limited

(Registration number: 08791093)
Balance Sheet as at 30 November 2023

Approved and authorised by the Board on 19 April 2024 and signed on its behalf by:
 

.........................................
Mrs L Curtler
Director

 

Ashgood Classic And Sportscars Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

1

General information

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

The address of its registered office is:
Leavesden Park
Suite 1
5 Hercules Way
Watford
Hertfordshire
WD25 7GS
United Kingdom

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.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and 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 income.

 

Ashgood Classic And Sportscars Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved 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 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.

Tangible assets

Tangible assets are stated in the balance sheet 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

Plant and machinery

25% reducing balance

Motor vehicles

25% reducing balance

Fixture and fittings

25% reducing balance

Office equipment

25% reducing balance

Leasehold improvements

20% 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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade 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 receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

 

Ashgood Classic And Sportscars Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

Trade creditors

Trade 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 liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity.

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.

Defined contribution pension obligation

A 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 periods.

Contributions 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.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments.
 Recognition and measurement
Basic financial instruments are recognised at amortised cost.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2022 - 7).

 

Ashgood Classic And Sportscars Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

36,249

35,313

22,368

25,892

138,344

258,166

Additions

-

10,306

-

2,541

44,929

57,776

Disposals

-

(34,230)

(7,518)

(20,503)

(51,411)

(113,662)

At 30 November 2023

36,249

11,389

14,850

7,930

131,862

202,280

Depreciation

At 1 December 2022

25,968

21,187

12,337

18,506

40,204

118,202

Charge for the year

5,425

2,418

2,320

1,538

25,381

37,082

Eliminated on disposal

-

(22,451)

(5,980)

(16,912)

(13,433)

(58,776)

At 30 November 2023

31,393

1,154

8,677

3,132

52,152

96,508

Carrying amount

At 30 November 2023

4,856

10,235

6,173

4,798

79,710

105,772

At 30 November 2022

10,281

14,126

10,031

7,386

98,140

139,964

 

Ashgood Classic And Sportscars Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

5

Stocks

2023
£

2022
£

Other inventories

2,712,801

1,966,516

6

Debtors

2023
£

2022
£

Trade debtors

350

121,565

Other debtors

79,974

1,287

Prepayments

5,466

2,943

85,790

125,795

7

Creditors

2023
£

2022
£

Due within one year

Trade creditors

16,701

94,179

Taxation and social security

43,609

135,312

Other creditors

687,339

461,619

747,649

691,110

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Other non-current financial liabilities

750,000

750,000

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £23,263 (2022 - £23,989).

 

Ashgood Classic And Sportscars Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

9

Related party transactions

Expenditure with and payables to related parties

2023

Key management
£

Amounts payable to related party

254,900

2022

Key management
£

Amounts payable to related party

202,900