Chambers Car Sales Ltd 13186085 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is Sale of motor vehicles Digita Accounts Production Advanced 6.30.9574.0 true 13186085 2023-03-01 2024-02-29 13186085 2024-02-29 13186085 bus:Director1 1 2024-02-29 13186085 bus:OrdinaryShareClass1 2024-02-29 13186085 core:CurrentFinancialInstruments 2024-02-29 13186085 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 13186085 core:FurnitureFittingsToolsEquipment 2024-02-29 13186085 core:OtherPropertyPlantEquipment 2024-02-29 13186085 bus:SmallEntities 2023-03-01 2024-02-29 13186085 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 13186085 bus:FullAccounts 2023-03-01 2024-02-29 13186085 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 13186085 bus:RegisteredOffice 2023-03-01 2024-02-29 13186085 bus:Director1 2023-03-01 2024-02-29 13186085 bus:Director1 1 2023-03-01 2024-02-29 13186085 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 13186085 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 13186085 core:FurnitureFittingsToolsEquipment 2023-03-01 2024-02-29 13186085 core:OtherPropertyPlantEquipment 2023-03-01 2024-02-29 13186085 core:PlantMachinery 2023-03-01 2024-02-29 13186085 countries:AllCountries 2023-03-01 2024-02-29 13186085 bus:Director1 1 2023-02-28 13186085 2022-03-01 2023-02-28 13186085 2023-02-28 13186085 bus:OrdinaryShareClass1 2023-02-28 13186085 core:CurrentFinancialInstruments 2023-02-28 13186085 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 13186085

Chambers Car Sales Ltd

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Chambers Car Sales Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Chambers Car Sales Ltd

Company Information

Director

Mr A B Chambers

Registered office

Unit 7
Penny Hill Lane
Brampton-en-le-Morthen
S66 9BQ

Accountants

Cameron Alexander Accountants Limited
Chartered Certified Accountants
2 Western Street
Barnsley
S70 2BP

 

Chambers Car Sales Ltd

(Registration number: 13186085)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

2,297

-

Current assets

 

Stocks

4

63,941

53,661

Debtors

5

10,969

1,031

Cash at bank and in hand

 

84

13,437

 

74,994

68,129

Creditors: Amounts falling due within one year

6

(88,686)

(66,701)

Net current (liabilities)/assets

 

(13,692)

1,428

Total assets less current liabilities

 

(11,395)

1,428

Provisions for liabilities

-

(149)

Net (liabilities)/assets

 

(11,395)

1,279

Capital and reserves

 

Called up share capital

7

10

10

Retained earnings

(11,405)

1,269

Shareholders' (deficit)/funds

 

(11,395)

1,279

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 17 June 2024
 

.........................................
Mr A B Chambers
Director

 

Chambers Car Sales Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

Accounting policies

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.

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.

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 & Machinery

- 25% Reducing balance

 

Chambers Car Sales Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

2

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Chambers Car Sales Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

3

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

Additions

955

1,589

2,544

At 29 February 2024

955

1,589

2,544

Depreciation

Charge for the year

99

148

247

At 29 February 2024

99

148

247

Carrying amount

At 29 February 2024

856

1,441

2,297

4

Stocks

2024
£

2023
£

Other inventories

63,941

53,661

5

Debtors

Current

2024
£

2023
£

Prepayments

2,413

1,031

Other debtors

8,556

-

 

10,969

1,031

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

8

20,738

-

Taxation and social security

 

143

2,189

Accruals and deferred income

 

710

710

Other creditors

 

67,095

63,802

 

88,686

66,701

 

Chambers Car Sales Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

10

10

10

10

         

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank overdrafts

20,738

-

9

Related party transactions

Transactions with the director

2024

At 1 March 2023
£

Advances to director
£

At 29 February 2024
£

Mr A B Chambers

No interest is charged on the loan and there is no fixed date of repayment.

62,936

4,151

67,086