Company registration number 12351750 (England and Wales)
CARPOINT UK MOTOR COMPANY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
CARPOINT UK MOTOR COMPANY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
CARPOINT UK MOTOR COMPANY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
9,038
7,158
Current assets
Stocks
537,990
534,214
Debtors
4
278,953
268,184
Cash at bank and in hand
98,015
74,056
914,958
876,454
Creditors: amounts falling due within one year
5
(86,118)
(187,983)
Net current assets
828,840
688,471
Total assets less current liabilities
837,878
695,629
Provisions for liabilities
(1,197)
(1,593)
Net assets
836,681
694,036
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
836,581
693,936
Total equity
836,681
694,036

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 30 April 2024 and are signed on its behalf by:
Mr R J Chard
Director
Company Registration No. 12351750
CARPOINT UK MOTOR COMPANY LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
1
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
2
2
Accounting policies
Company information

Carpoint UK Motor Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Yard, Mill Parade, Newport, NP20 2JR.

2.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

2.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% reducing balance
Computers
25% reducing balance
2.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

CARPOINT UK MOTOR COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Accounting policies
(Continued)
- 3 -
2.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

2.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

2.8
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.

CARPOINT UK MOTOR COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
3
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 January 2023
12,428
1,112
13,540
Additions
3,730
465
4,195
At 31 December 2023
16,158
1,577
17,735
Depreciation and impairment
At 1 January 2023
5,739
643
6,382
Depreciation charged in the year
2,198
117
2,315
At 31 December 2023
7,937
760
8,697
Carrying amount
At 31 December 2023
8,221
817
9,038
At 31 December 2022
6,689
469
7,158
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
278,953
268,184
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,716
8,235
Corporation tax
8,159
42,493
Other taxation and social security
9,137
18,367
Other creditors
66,106
118,888
86,118
187,983
CARPOINT UK MOTOR COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
6
Directors' transactions

Dividends totalling £12,904 (2022 - £19,638) were paid in the year in respect of shares held by the company's directors.

Advances or credits have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mr R J Chard -
-
194,795
18,904
(23,040)
190,659
194,795
18,904
(23,040)
190,659
2023-12-312023-01-01false30 April 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityMr R J ChardMrs K Chardfalsefalse123517502023-01-012023-12-31123517502023-12-31123517502022-12-3112351750core:FurnitureFittings2023-12-3112351750core:ComputerEquipment2023-12-3112351750core:FurnitureFittings2022-12-3112351750core:ComputerEquipment2022-12-3112351750core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3112351750core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3112351750core:CurrentFinancialInstruments2023-12-3112351750core:CurrentFinancialInstruments2022-12-3112351750core:ShareCapital2023-12-3112351750core:ShareCapital2022-12-3112351750core:RetainedEarningsAccumulatedLosses2023-12-3112351750core:RetainedEarningsAccumulatedLosses2022-12-3112351750bus:Director12023-01-012023-12-31123517502022-01-012022-12-3112351750core:FurnitureFittings2023-01-012023-12-3112351750core:ComputerEquipment2023-01-012023-12-3112351750core:FurnitureFittings2022-12-3112351750core:ComputerEquipment2022-12-31123517502022-12-3112351750core:WithinOneYear2023-12-3112351750core:WithinOneYear2022-12-3112351750bus:PrivateLimitedCompanyLtd2023-01-012023-12-3112351750bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3112351750bus:FRS1022023-01-012023-12-3112351750bus:AuditExemptWithAccountantsReport2023-01-012023-12-3112351750bus:Director22023-01-012023-12-3112351750bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP