Registered number
08429325
Car Hunters Car Sourcing Specialists Limited
Filleted Accounts
31 August 2023
Car Hunters Car Sourcing Specialists Limited
Registered number: 08429325
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,205,654 1,214,222
Current assets
Stocks 1,884,076 1,903,906
Debtors 4 8,583 500
Cash at bank and in hand 336,998 571,330
2,229,657 2,475,736
Creditors: amounts falling due within one year 5 (552,579) (576,917)
Net current assets 1,677,078 1,898,819
Total assets less current liabilities 2,882,732 3,113,041
Creditors: amounts falling due after more than one year 6 (1,738,691) (1,942,889)
Net assets 1,144,041 1,170,152
Capital and reserves
Called up share capital 1 1
Profit and loss account 1,144,040 1,170,151
Shareholders' funds 1,144,041 1,170,152
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 L. Hunt
Director
Approved by the board on 31 August 2024
Car Hunters Car Sourcing Specialists Limited
Notes to the Accounts
for the year ended 31 August 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% straight line
Fixtures, fittings, tools and equipment 25% straight line
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.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 3
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 September 2022 1,081,819 188,139 1,269,958
Additions - 46,437 46,437
At 31 August 2023 1,081,819 234,576 1,316,395
Depreciation
At 1 September 2022 - 55,736 55,736
Charge for the year - 55,005 55,005
At 31 August 2023 - 110,741 110,741
Net book value
At 31 August 2023 1,081,819 123,835 1,205,654
At 31 August 2022 1,081,819 132,403 1,214,222
4 Debtors 2023 2022
£ £
Trade debtors - 500
Amounts owed by group undertakings and undertakings in which the company has a participating interest 8,583 -
8,583 500
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 192,188 259,880
Trade creditors 199,003 146,817
Taxation and social security costs 67,792 65,944
Other creditors 93,596 104,276
552,579 576,917
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 638,691 672,889
Other creditors 1,100,000 1,270,000
1,738,691 1,942,889
7 Loans 2023 2022
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 1,100,000 1,270,000
Instalments falling due for payment after more than five years 638,691 672,889
1,738,691 1,942,889
Secured bank loans 803,344 895,209
Secured bank loans include mortgage secured on the companies owned premises on a fixed rate basis, currently 5% per annum. The balance outstanding as of 31st August 2023 was £638,691 (2022: £672,889). The company also holds a stocking loan, secured on vehicle inventory held for resale. As of 31st August 2023, the balance of £164,653 represented 9.7% of the inventory held for sale (2022: 11.7%).
8 Related party transactions
The company has an amount receiveable from a group related company, The Finance Supermarket totalling £8,583.
9 Controlling party
The ultimate controlling party by virtue of the shareholding is Mr L Hunt
10 Other information
Car Hunters Car Sourcing Specialists Limited is a private company limited by shares and incorporated in England. Its registered office is:
High Steppers Farm
Batts Road
Steeple
Essex
CM0 7LE
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