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REGISTERED NUMBER: 08061712 (England and Wales)















Unaudited Financial Statements for the Year Ended 29 February 2024

for

Icon Classic Car (Hire And Sales) Ltd

Icon Classic Car (Hire And Sales) Ltd (Registered number: 08061712)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Icon Classic Car (Hire And Sales) Ltd

Company Information
for the Year Ended 29 February 2024







DIRECTORS: K Sinclair
A K Sinclair Ayala





REGISTERED OFFICE: 21 Church Road
Parkstone
Poole
Dorset
BH14 8UF





REGISTERED NUMBER: 08061712 (England and Wales)





ACCOUNTANT: Richard Allen & Associates
21 Church Road
Parkstone
Poole
Dorset
BH14 8UF

Icon Classic Car (Hire And Sales) Ltd (Registered number: 08061712)

Balance Sheet
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 241,712 244,641

CURRENT ASSETS
Debtors 5 2,151 1,928
Cash at bank 429 8,762
2,580 10,690
CREDITORS
Amounts falling due within one year 6 7,778 10,924
NET CURRENT LIABILITIES (5,198 ) (234 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

236,514

244,407

CREDITORS
Amounts falling due after more than one
year

7

573,363

551,014
NET LIABILITIES (336,849 ) (306,607 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (336,949 ) (306,707 )
SHAREHOLDERS' FUNDS (336,849 ) (306,607 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 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.

Icon Classic Car (Hire And Sales) Ltd (Registered number: 08061712)

Balance Sheet - continued
29 February 2024


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 31 August 2024 and were signed on its behalf by:





K Sinclair - Director


Icon Classic Car (Hire And Sales) Ltd (Registered number: 08061712)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Icon Classic Car (Hire And Sales) Ltd 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.

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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost, 25% on reducing balance, 15% on reducing balance and Not provided

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.

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 paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Classic cars
Classic cars are shown at the most recent valuation. Any aggregate surplus or deficit arising from changes in market value is transferred to a revaluation reserve.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

Icon Classic Car (Hire And Sales) Ltd (Registered number: 08061712)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST OR VALUATION
At 1 March 2023 251,419
Additions 8,712
Revaluations (11,250 )
At 29 February 2024 248,881
DEPRECIATION
At 1 March 2023 6,778
Charge for year 391
At 29 February 2024 7,169
NET BOOK VALUE
At 29 February 2024 241,712
At 28 February 2023 244,641

Cost or valuation at 29 February 2024 is represented by:

Plant and
machinery
etc
£   
Valuation in 2013 (4,313 )
Valuation in 2014 10,850
Valuation in 2015 809
Valuation in 2016 5,577
Valuation in 2017 996
Valuation in 2019 4,500
Valuation in 2020 (2,500 )
Valuation in 2021 6,649
Cost 237,563
260,131

If the Classic cars had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 124,122 145,203

Classic cars were valued on an open market basis on 29 February 2024 by the directors .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 2,151 1,928

Icon Classic Car (Hire And Sales) Ltd (Registered number: 08061712)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 2,750 3,833
Other creditors 5,028 7,091
7,778 10,924

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Other creditors 573,363 551,014