Registered number
04218510
Arena Cars Limited
Unaudited Filleted Accounts
31 March 2024
Arena Cars Limited
Company Information
Directors
Mrs A P O'Donnell
Mr T J Anderson
Accountants
Keith Graham
Chartered Accountants
Suite 2 Wesley Chambers
Queens Road
Aldershot
Hampshire
GU11 3JD
Bankers
HSBC Bank plc
30 Princes Mead Shopping Centre
Farnborough
Hampshire
GU14 6YB
Registered office
Suite 2 Wesley Chambers
Queens Road
Aldershot
Hampshire
GU11 3JD
Registered number
04218510
Arena Cars Limited
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Arena Cars Limited for the year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Arena Cars Limited for the year ended 31 March 2024 which comprise of the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/ en/members/regulations-standards-and-guidance.
This report is made solely to the Board of Directors of Arena Cars Limited, as a body, in accordance with the terms of our engagement letter dated 6 April 2023. Our work has been undertaken solely to prepare for your approval the accounts of Arena Cars Limited and state those matters that we have agreed to state to the Board of Directors of Arena Cars Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Arena Cars Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Arena Cars Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Arena Cars Limited. You consider that Arena Cars Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Arena Cars Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Keith Graham
Chartered Accountants
Suite 2 Wesley Chambers
Queens Road
Aldershot
Hampshire
GU11 3JD
7 August 2024
Arena Cars Limited
Registered number: 04218510
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 10,833 13,722
Current assets
Stocks 362,660 275,981
Debtors 4 14,480 10,343
Cash at bank and in hand 15,922 130,839
393,062 417,163
Creditors: amounts falling due within one year 5 (63,410) (134,161)
Net current assets 329,652 283,002
Total assets less current liabilities 340,485 296,724
Creditors: amounts falling due after more than one year 6 (43,000) (50,000)
Net assets 297,485 246,724
Capital and reserves
Called up share capital 2 2
Profit and loss account 297,483 246,722
Shareholder's funds 297,485 246,724
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs A P O'Donnell
Director
Approved by the board on 29 July 2024
Arena Cars Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of vehicles. Turnover from the sale of vehicles is recognised when the significant risks and rewards of ownership of the vehicle has transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% Straight Line
Motor vehicles 25% Straight Line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 24,781 14,000 38,781
Additions 4,258 - 4,258
Disposals (477) - (477)
At 31 March 2024 28,562 14,000 42,562
Depreciation
At 1 April 2023 18,059 7,000 25,059
Charge for the year 3,585 3,500 7,085
On disposals (415) - (415)
At 31 March 2024 21,229 10,500 31,729
Net book value
At 31 March 2024 7,333 3,500 10,833
At 31 March 2023 6,722 7,000 13,722
4 Debtors 2024 2023
£ £
Trade debtors 2,650 135
Other debtors 11,830 10,208
14,480 10,343
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 20,000
Trade creditors - 556
Taxation and social security costs 41,501 33,834
Other creditors 11,909 79,771
63,410 134,161
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 8,000 10,000
Other creditors 35,000 40,000
43,000 50,000
7 Other information
Arena Cars Limited is a private company limited by shares and incorporated in England. Its registered office is:
Suite 2 Wesley Chambers
Queens Road
Aldershot
Hampshire
GU11 3JD
The functional currency for these accounts is Sterling.
Arena Cars Limited 04218510 false 2023-04-01 2024-03-31 2024-03-31 VT Final Accounts April 2024 No description of principal activity 04218510 2022-04-01 2023-03-31 04218510 core:WithinOneYear 2023-03-31 04218510 core:AfterOneYear 2023-03-31 04218510 core:ShareCapital 2023-03-31 04218510 core:RetainedEarningsAccumulatedLosses 2023-03-31 04218510 2023-04-01 2024-03-31 04218510 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04218510 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 04218510 bus:Director1 2023-04-01 2024-03-31 04218510 bus:Director2 2023-04-01 2024-03-31 04218510 1 2023-04-01 2024-03-31 04218510 2 2023-04-01 2024-03-31 04218510 core:PlantMachinery 2023-04-01 2024-03-31 04218510 core:Vehicles 2023-04-01 2024-03-31 04218510 countries:England 2023-04-01 2024-03-31 04218510 bus:FRS102 2023-04-01 2024-03-31 04218510 bus:FilletedAccounts 2023-04-01 2024-03-31 04218510 2024-03-31 04218510 core:WithinOneYear 2024-03-31 04218510 core:AfterOneYear 2024-03-31 04218510 core:ShareCapital 2024-03-31 04218510 core:RetainedEarningsAccumulatedLosses 2024-03-31 04218510 core:PlantMachinery 2024-03-31 04218510 core:Vehicles 2024-03-31 04218510 2023-03-31 04218510 core:PlantMachinery 2023-03-31 04218510 core:Vehicles 2023-03-31 iso4217:GBP xbrli:pure