IRIS Accounts Production v24.2.0.383 08865859 Board of Directors Board of Directors 1.4.23 31.3.24 31.3.24 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh088658592023-03-31088658592024-03-31088658592023-04-012024-03-31088658592022-03-31088658592022-04-012023-03-31088658592023-03-3108865859ns15:EnglandWales2023-04-012024-03-3108865859ns14:PoundSterling2023-04-012024-03-3108865859ns10:Director12023-04-012024-03-3108865859ns10:Director22023-04-012024-03-3108865859ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3108865859ns10:SmallEntities2023-04-012024-03-3108865859ns10:AuditExempt-NoAccountantsReport2023-04-012024-03-3108865859ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3108865859ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3108865859ns10:FullAccounts2023-04-012024-03-3108865859ns10:Director32023-04-012024-03-3108865859ns10:RegisteredOffice2023-04-012024-03-3108865859ns5:CurrentFinancialInstruments2024-03-3108865859ns5:CurrentFinancialInstruments2023-03-3108865859ns5:Non-currentFinancialInstruments2024-03-3108865859ns5:Non-currentFinancialInstruments2023-03-3108865859ns5:ShareCapital2024-03-3108865859ns5:ShareCapital2023-03-3108865859ns5:RetainedEarningsAccumulatedLosses2024-03-3108865859ns5:RetainedEarningsAccumulatedLosses2023-03-3108865859ns5:LeaseholdImprovements2023-04-012024-03-3108865859ns5:PlantMachinery2023-04-012024-03-3108865859ns5:MotorVehicles2023-04-012024-03-3108865859ns5:PlantMachinery2023-03-3108865859ns5:PlantMachinery2024-03-3108865859ns5:PlantMachinery2023-03-3108865859ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3108865859ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3108865859ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3108865859ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3108865859ns5:WithinOneYear2024-03-3108865859ns5:WithinOneYear2023-03-3108865859ns5:Secured2024-03-3108865859ns5:Secured2023-03-31
REGISTERED NUMBER: 08865859 (England and Wales)

















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

CARTEC MOTOR COMPANY LIMITED

CARTEC MOTOR COMPANY LIMITED (REGISTERED NUMBER: 08865859)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CARTEC MOTOR COMPANY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Mr. M D Anderson
Mr. W M Jamieson
Mr. S P Wakelam



REGISTERED OFFICE: Unit 2, PDI Unit
Vroom Retail Park
Tyne Tunnel Trading Estate
North Shields
Tyne and Wear
NE29 7TE



REGISTERED NUMBER: 08865859 (England and Wales)



ACCOUNTANTS: Read, Milburn & Co
71 Howard Street
North Shields
Tyne and Wear
NE30 1AF



BANKERS: Lloyds Bank plc
69 Bedford Street
North Shields
NE29 0AU

CARTEC MOTOR COMPANY LIMITED (REGISTERED NUMBER: 08865859)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 9,834 14,355

CURRENT ASSETS
Stocks 553,095 616,481
Debtors 5 46,843 29,851
Cash at bank and in hand 247,126 170,377
847,064 816,709
CREDITORS
Amounts falling due within one year 6 399,442 385,367
NET CURRENT ASSETS 447,622 431,342
TOTAL ASSETS LESS CURRENT
LIABILITIES

457,456

445,697

CREDITORS
Amounts falling due after more than one
year

7

53,424

72,798
NET ASSETS 404,032 372,899

CAPITAL AND RESERVES
Called up share capital 3 3
Retained earnings 404,029 372,896
SHAREHOLDERS' FUNDS 404,032 372,899

CARTEC MOTOR COMPANY LIMITED (REGISTERED NUMBER: 08865859)

BALANCE SHEET - continued
31 MARCH 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 September 2024 and were signed on its behalf by:




Mr. M D Anderson - Director



Mr. S P Wakelam - Director


CARTEC MOTOR COMPANY LIMITED (REGISTERED NUMBER: 08865859)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Cartec Motor Company 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Turnover
Turnover represents the net invoiced sales of goods, excluding value added tax. Income is recognised at the point of sale.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 15% on cost
Plant and machinery - 33% on reducing balance and 15% on reducing balance
Motor vehicles - 25% on reducing balance

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

Financial instruments
All financial assets and financial liabilities of the company qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

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.


CARTEC MOTOR COMPANY LIMITED (REGISTERED NUMBER: 08865859)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit as incurred.

Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.

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 9 (2023 - 7 ) .

CARTEC MOTOR COMPANY LIMITED (REGISTERED NUMBER: 08865859)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 43,023
Additions 333
At 31 March 2024 43,356
DEPRECIATION
At 1 April 2023 28,668
Charge for year 4,854
At 31 March 2024 33,522
NET BOOK VALUE
At 31 March 2024 9,834
At 31 March 2023 14,355

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 46,843 29,251
Other debtors - 600
46,843 29,851

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 8) - 2,485
Trade creditors 54,292 21,458
Taxation and social security 55,806 51,753
Other creditors 289,344 309,671
399,442 385,367

CARTEC MOTOR COMPANY LIMITED (REGISTERED NUMBER: 08865859)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Other creditors 53,424 72,798

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year - 2,485

Non-cancellable operating leases
2024 2023
£    £   
Within one year 1,379 16,414

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts - 2,485
Stock loans 175,425 208,486
175,425 210,971

The stock loans are secured over the vehicle stock and are repayable on demand. Hire purchase obligations are secured against the assets to which they relate.

10. RELATED PARTY DISCLOSURES

Included in Other creditors is an amount of £89,568 (2023 - £62,457) owing to Cartec @ Vroom Limited, a company in which the directors of Cartec Motor Company Limited are also the directors.