Registered number
11712201
Retro Collectables Ltd
Filleted Accounts
31 December 2023
Retro Collectables Ltd
Registered number: 11712201
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 2,439 3,590
Current assets
Stocks 32,000 6,000
Debtors 4 480 513
Cash at bank and in hand 5,550 13,567
38,030 20,080
Creditors: amounts falling due within one year 5 (17,466) (15,983)
Net current assets 20,564 4,097
Total assets less current liabilities 23,003 7,687
Creditors: amounts falling due after more than one year 6 (9,637) (11,407)
Provisions for liabilities (464) (682)
Net assets/(liabilities) 12,902 (4,402)
Capital and reserves
Called up share capital 100 100
Profit and loss account 12,802 (4,502)
Shareholders' funds 12,902 (4,402)
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 members have 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.
Mr Abid Khan
Director
Approved by the board on 14 August 2024
Retro Collectables Ltd
Notes to the Accounts
for the year ended 31 December 2023
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 goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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% reducing balance
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.
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.
2 Employees 2023 2022
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 January 2023 2,065 5,999 8,064
Additions 359 - 359
Disposals (1,220) - (1,220)
At 31 December 2023 1,204 5,999 7,203
Depreciation
At 1 January 2023 1,005 3,469 4,474
Charge for the year 181 633 814
On disposals (524) - (524)
At 31 December 2023 662 4,102 4,764
Net book value
At 31 December 2023 542 1,897 2,439
At 31 December 2022 1,060 2,530 3,590
4 Debtors 2023 2022
£ £
Other debtors 480 513
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 1,778 1,778
Credit Card - 2,239
Trade creditors 1,574 -
Directors loan account 5,602 11,271
Taxation and social security costs 8,512 -
Other creditors - 695
17,466 15,983
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 9,637 11,407
7 Other information
Retro Collectables Ltd is a private company limited by shares and incorporated in England. Its registered office is:
75 Pencoed Avenue
Cefn Fforest
Blackwood
Caerffili
NP12 3LG
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