Company registration number 05732662 (England and Wales)
CENTRAL CARS & COURIERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
CENTRAL CARS & COURIERS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
CENTRAL CARS & COURIERS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
5
900
Tangible assets
6
28,790
43,669
28,790
44,569
Current assets
Debtors
7
39,581
49,270
Cash at bank and in hand
207,117
89,849
246,698
139,119
Creditors: amounts falling due within one year
8
(126,620)
(58,298)
Net current assets
120,078
80,821
Total assets less current liabilities
148,868
125,390
Creditors: amounts falling due after more than one year
9
(49,000)
Provisions for liabilities
(7,198)
(10,735)
Net assets
141,670
65,655
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
140,670
64,655
Total equity
141,670
65,655
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
CENTRAL CARS & COURIERS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 28 August 2024
Mr S Hitchen
Director
Company registration number 05732662 (England and Wales)
CENTRAL CARS & COURIERS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2022
1,000
9,991
10,991
Year ended 31 March 2023:
Profit and total comprehensive income
-
54,664
54,664
Balance at 31 March 2023
1,000
64,655
65,655
Year ended 31 March 2024:
Profit and total comprehensive income
-
76,015
76,015
Balance at 31 March 2024
1,000
140,670
141,670
CENTRAL CARS & COURIERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information
Central Cars & Couriers Limited is a private company limited by shares incorporated in England and Wales. The registered office is 74 Salthouse Road, BARROW-IN-FURNESS, LA13 9TN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 16.67 years. The director considers this long period for amortisation is justified
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
20% on the reducing balance
Motor vehicles
25% on the reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
CENTRAL CARS & COURIERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
CENTRAL CARS & COURIERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 13 (2023 - 14).
2024
2023
Number
Number
Total
13
14
4
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
26,456
5,394
Deferred tax
Origination and reversal of timing differences
(3,538)
10,735
Total tax charge
22,918
16,129
5
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
15,000
Amortisation and impairment
At 1 April 2023
14,100
Amortisation charged for the year
900
At 31 March 2024
15,000
Carrying amount
At 31 March 2024
At 31 March 2023
900
CENTRAL CARS & COURIERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
6
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
156,684
Additions
617
Disposals
(53,894)
At 31 March 2024
103,407
Depreciation and impairment
At 1 April 2023
113,015
Depreciation charged in the year
9,521
Eliminated in respect of disposals
(47,919)
At 31 March 2024
74,617
Carrying amount
At 31 March 2024
28,790
At 31 March 2023
43,669
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
39,581
49,270
8
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
26,456
5,394
Other taxation and social security
25,297
18,764
Other creditors
74,867
34,140
126,620
58,298
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
49,000