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REGISTERED NUMBER: 04330563 (England and Wales)















FORMHALLS VINTAGE & RACING LIMITED

Financial Statements for the Year Ended 31 December 2023






FORMHALLS VINTAGE & RACING LIMITED (REGISTERED NUMBER: 04330563)






Contents of the Financial Statements
for the year ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


FORMHALLS VINTAGE & RACING LIMITED

Company Information
for the year ended 31 December 2023







DIRECTORS: H S Nash
Mrs R C Laws





REGISTERED OFFICE: Nightingale House
46-48 East Street
Epsom
Surrey
KT17 1HQ





REGISTERED NUMBER: 04330563 (England and Wales)





AUDITORS: Xeinadin Audit Limited
Chartered Accountants and Statutory Auditors
Nightingale House
46-48 East Street
Epsom
Surrey
KT17 1HQ

FORMHALLS VINTAGE & RACING LIMITED (REGISTERED NUMBER: 04330563)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 7,436 12,047

CURRENT ASSETS
Stocks 1,037 1,219
Debtors 5 56,202 49,741
Cash at bank and in hand 1,571 6,623
58,810 57,583
CREDITORS
Amounts falling due within one year 6 201,519 178,167
NET CURRENT LIABILITIES (142,709 ) (120,584 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(135,273

)

(108,537

)

CREDITORS
Amounts falling due after more than one year 7 - 2,098
NET LIABILITIES (135,273 ) (110,635 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (135,373 ) (110,735 )
(135,273 ) (110,635 )

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 August 2024 and were signed on its behalf by:





H S Nash - Director


FORMHALLS VINTAGE & RACING LIMITED (REGISTERED NUMBER: 04330563)

Notes to the Financial Statements
for the year ended 31 December 2023

1. STATUTORY INFORMATION

Formhalls Vintage & Racing Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company had net liabilities and net current liabilities of £135,273 at the year-end. The directors consider that it is appropriate to prepare the accounts on a going concern basis as the parent company, Automotive Vision Limited, has undertaken to continue to provide financial support for the company as required for a period of at least twelve months from the date of approval of these accounts.

The financial statements are presented in Sterling which is the functional currency of the company.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost, 20% on cost and 10% on cost

STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

FORMHALLS VINTAGE & RACING LIMITED (REGISTERED NUMBER: 04330563)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 7 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 56,397 154,784 211,181
Additions - 2,186 2,186
Disposals - (6,995 ) (6,995 )
At 31 December 2023 56,397 149,975 206,372
DEPRECIATION
At 1 January 2023 55,599 143,535 199,134
Charge for year 798 4,367 5,165
Eliminated on disposal - (5,363 ) (5,363 )
At 31 December 2023 56,397 142,539 198,936
NET BOOK VALUE
At 31 December 2023 - 7,436 7,436
At 31 December 2022 798 11,249 12,047

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 42,819 17,183
Amounts owed by group undertakings 262 -
Other debtors 13,121 32,558
56,202 49,741

FORMHALLS VINTAGE & RACING LIMITED (REGISTERED NUMBER: 04330563)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts - 1,399
Trade creditors 20,818 34,027
Amounts owed to group undertakings 155,236 108,088
Taxation and social security 15,992 25,291
Other creditors 9,473 9,362
201,519 178,167

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts - 2,098

8. SECURED DEBTS

The bank loan is secured by fixed and floating charges over the whole assets of the company.

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Donald Nelson, FCA (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited

10. ULTIMATE CONTROLLING PARTY

At 31 December 2023 the parent company is Automotive Vision Ltd and the ultimate controlling party is Mr H S Nash.