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Registration number: 11606109

Car Land Uk Group Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

Car Land Uk Group Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 10

 

Car Land Uk Group Ltd

Company Information

Directors

Mrs Stacey Lea McDonald

Mr Cheyne David McDonald

Registered office

Unit 1 Navigator Court
Preston Farm Industrial Estate
Stockton-On-Tees
TS18 3TQ

Accountants

Beaumont Accountancy Services
1st Floor Enterprise House
202-206 Linthorpe Road
Middlesbrough
TS1 3QW

 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Car Land Uk Group Ltd
for the Year Ended 31 August 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Car Land Uk Group Ltd for the year ended 31 August 2023 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

It is your duty to ensure that Car Land Uk Group Ltd 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 Car Land Uk Group Ltd. You consider that Car Land Uk Group Ltd 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 Car Land Uk Group Ltd. 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.

......................................

Beaumont Accountancy Services
1st Floor Enterprise House
202-206 Linthorpe Road
Middlesbrough
TS1 3QW

30 August 2024

 

Car Land Uk Group Ltd

(Registration number: 11606109)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

167,623

188,692

Current assets

 

Stocks

5

705,820

730,784

Debtors

6

156,542

133,456

Cash at bank and in hand

 

48,241

7,296

 

910,603

871,536

Creditors: Amounts falling due within one year

7

(907,686)

(906,683)

Net current assets/(liabilities)

 

2,917

(35,147)

Total assets less current liabilities

 

170,540

153,545

Creditors: Amounts falling due after more than one year

7

(133,022)

(127,522)

Net assets

 

37,518

26,023

Capital and reserves

 

Called up share capital

8

101

101

Retained earnings

37,417

25,922

Shareholders' funds

 

37,518

26,023

For the financial year ending 31 August 2023 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 August 2024 and signed on its behalf by:
 

.........................................
Mrs Stacey Lea McDonald
Director

.........................................
Mr Cheyne David McDonald
Director

 
     
 

Car Land Uk Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit 1 Navigator Court
Preston Farm Industrial Estate
Stockton-On-Tees
TS18 3TQ
United Kingdom

These financial statements were authorised for issue by the Board on 30 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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 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.

 

Car Land Uk Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

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

15% Reducing

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Car Land Uk Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2022 - 11).

 

Car Land Uk Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 September 2022

170,025

64,431

234,456

Additions

-

1,509

1,509

At 31 August 2023

170,025

65,940

235,965

Depreciation

At 1 September 2022

17,003

28,761

45,764

Charge for the year

17,002

5,576

22,578

At 31 August 2023

34,005

34,337

68,342

Carrying amount

At 31 August 2023

136,020

31,603

167,623

At 31 August 2022

153,022

35,670

188,692

Included within the net book value of land and buildings above is £170,025 (2022 - £Nil) in respect of freehold land and buildings and £(34,005) (2022 - £153,023) in respect of short leasehold land and buildings.
 

5

Stocks

2023
£

2022
£

Other inventories

705,820

730,784

6

Debtors

Current

2023
£

2022
£

Trade debtors

9,760

8,217

Other debtors

146,782

125,239

 

156,542

133,456

 

Car Land Uk Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

497,668

456,050

Trade creditors

 

5,710

37,510

Taxation and social security

 

217,490

140,952

Accruals and deferred income

 

1,600

1,600

Other creditors

 

185,218

270,571

 

907,686

906,683

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

133,022

127,522

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

ordinary share of £1 each

101

101

101

101

       

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Other borrowings

133,022

127,522

Current loans and borrowings

2023
£

2022
£

Other borrowings

497,668

456,050

10

Dividends

Interim dividends paid

 

Car Land Uk Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

2023
£

2022
£

Interim dividend of £653.47 (2022 - £465.35) per each Ordinary

66,000

47,000

 

 

11

Related party transactions

 

Car Land Uk Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

9,428

12,360