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COMPANY REGISTRATION NUMBER: 04522908
East Anglia Car Audio and Performance Centre Limited
Unaudited financial statements
31 March 2024
East Anglia Car Audio and Performance Centre Limited
Statement of financial position
31 March 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
6
8,959
8,259
Current assets
Stocks
109,349
100,988
Debtors
7
11,718
10,109
Cash at bank and in hand
95,458
88,380
---------
---------
216,525
199,477
Creditors: Amounts falling due within one year
8
( 171,696)
( 159,429)
---------
---------
Net current assets
44,829
40,048
-------
-------
Total assets less current liabilities
53,788
48,307
Provisions
Taxation including deferred tax
( 1,994)
( 1,888)
-------
-------
Net assets
51,794
46,419
-------
-------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
50,794
45,419
-------
-------
Shareholders funds
51,794
46,419
-------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 March 2024 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 30 July 2024 , and are signed on behalf of the board by:
Mr P D C Doidge
Mr S J Daniels
Director
Director
Company registration number: 04522908
East Anglia Car Audio and Performance Centre Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Sixty Six, North Quay, Great Yarmouth, Norfolk, NR30 1HE. The trading address is Unit 3, Southtown Road, Great Yarmouth, NR31 0LA
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
Provision is made, under the liability method, to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Computer equipment
-
33% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. Employee numbers
The average number of employees during the year was 7 (2023: 7 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
90,000
-------
Amortisation
At 1 April 2023 and 31 March 2024
90,000
-------
Carrying amount
At 31 March 2024
-------
At 31 March 2023
-------
6. Tangible assets
Fixtures and fittings
Motor vehicles
Computer equipment
Total
£
£
£
£
Cost
At 1 April 2023
26,130
4,000
5,835
35,965
Additions
1,583
800
1,533
3,916
Disposals
( 2,500)
( 2,500)
-------
------
------
-------
At 31 March 2024
27,713
2,300
7,368
37,381
-------
------
------
-------
Depreciation
At 1 April 2023
21,059
1,531
5,116
27,706
Charge for the year
892
313
527
1,732
Disposals
( 1,016)
( 1,016)
-------
------
------
-------
At 31 March 2024
21,951
828
5,643
28,422
-------
------
------
-------
Carrying amount
At 31 March 2024
5,762
1,472
1,725
8,959
-------
------
------
-------
At 31 March 2023
5,071
2,469
719
8,259
-------
------
------
-------
7. Debtors
2024
2023
£
£
Trade debtors
9,329
8,888
Other debtors
2,389
1,221
-------
-------
11,718
10,109
-------
-------
8. Creditors: Amounts falling due within one year
2024
2023
£
£
Trade creditors
31,228
29,228
Social security and other taxes
32,918
23,074
Other creditors
107,550
107,127
---------
---------
171,696
159,429
---------
---------