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Registered number: 00775201









CLARKINS CAR ACCESSORIES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2023

 
CLARKINS CAR ACCESSORIES LIMITED
REGISTERED NUMBER: 00775201

BALANCE SHEET
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
8,793
13,284

  
8,793
13,284

Current assets
  

Stocks
 5 
338,000
319,015

Debtors: amounts falling due within one year
 6 
247,403
245,147

Cash at bank and in hand
 7 
358,436
289,982

  
943,839
854,144

Creditors: amounts falling due within one year
 8 
(219,368)
(183,000)

Net current assets
  
 
 
724,471
 
 
671,144

Total assets less current liabilities
  
733,264
684,428

  

Net assets
  
733,264
684,428


Capital and reserves
  

Called up share capital 
  
1,100
1,100

Profit and loss account
  
732,164
683,328

  
733,264
684,428

Page 1

 
CLARKINS CAR ACCESSORIES LIMITED
REGISTERED NUMBER: 00775201
    
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 July 2024.




A T Clarkin
Director

The notes on pages 3 to 7 form part of these financial statements.
Page 2

 
CLARKINS CAR ACCESSORIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

Clarkins Car Accessories Limited is a private company, limited by shares, domiciled in England and
Wales, registration number 00775201. The registered office is 345 - 351 Forest Road, Walthamstow,
London, England, E17 5JR. The principal activity of the company continued to be that of retailing car
accessories and spares. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 3

 
CLARKINS CAR ACCESSORIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor Vehicles
-
25%
reducing balance
Fixtures & Fittings
-
25%
reducing balance
Computer Equipment
-
33%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
CLARKINS CAR ACCESSORIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 16 (2022 - 16).

Page 5

 
CLARKINS CAR ACCESSORIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

4.


Tangible fixed assets





Motor Vehicles
Fixtures & Fittings
Total

£
£
£



Cost or valuation


At 1 November 2022
12,574
72,752
85,326



At 31 October 2023

12,574
72,752
85,326



Depreciation


At 1 November 2022
6,011
66,031
72,042


Charge for the year on owned assets
2,810
1,681
4,491



At 31 October 2023

8,821
67,712
76,533



Net book value



At 31 October 2023
3,753
5,040
8,793



At 31 October 2022
6,563
6,721
13,284


5.


Stocks

2023
2022
£
£

Finished goods and goods for resale
338,000
319,015

338,000
319,015


Page 6

 
CLARKINS CAR ACCESSORIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

6.


Debtors

2023
2022
£
£


Trade debtors
29,495
25,476

Other debtors
213,470
215,640

Prepayments and accrued income
4,438
4,031

247,403
245,147



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
358,436
289,982

358,436
289,982



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
148,479
125,152

Corporation tax
11,942
262

Other taxation and social security
52,597
34,702

Other creditors
-
16,821

Accruals and deferred income
6,350
6,063

219,368
183,000



9.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held
separately from those of the company in an independently administered fund. The pension cost charge
represents contributions payable by the company to the fund and amounted to £9,642 (2022: £7,662).
The amount due to the pension at the year end was £Nil (2022: £Nil).


10.


Related party transactions

During the year remuneration of £36,235 (2022: £35,208) was paid to key management personnel.
At the year end an amount of £89 (2022: £8,410.71) was due to key management personnel.
At the year end an amount of £199,800 (2022: £199,800) was due from entities under common control.

Page 7

 
CLARKINS CAR ACCESSORIES LIMITED
 
 
 Page 8