1st Cars Trade Ltd
Registered number: 07846669
Statement of Financial Position
as at 31 March 2024
Notes 2024 2023
£ £
Current assets
Stocks 6,092 -
Debtors 4 25,474 22,855
Cash at bank and in hand 2,589 9,558
34,155 32,413
Creditors: amounts falling due within one year 5 (6,368) (4,952)
Net current assets 27,787 27,461
Total assets less current liabilities 27,787 27,461
Creditors: amounts falling due after more than one year 6 (24,376) (24,956)
Net assets 3,411 2,505
Capital and reserves
Called up share capital 1 1
Profit and loss account 3,410 2,504
Shareholder's funds 3,411 2,505
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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 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 J Stangroom
Director
Approved by the board on 4 September 2024
1st Cars Trade Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Inventories
Inventories 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, 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. 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.
2 Employees and directors 2024 2023
Number Number
Average number of directors and persons employed by the company 1 2
3 Government grants
The company also received a business interruption payment relating to interest payable on a bounce back loan taken out. The grant is shown in the the profit and loss in the period in which the related interest was incurred.
2024 2023
£ £
Business interruption payments - 563
4 Debtors 2024 2023
£ £
Trade debtors - 2,484
Other debtors 25,474 20,371
25,474 22,855
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 624 44
Accruals 925 880
Corporation tax 203 -
Other taxes and social security costs 3,560 3,411
Other creditors 1,056 617
6,368 4,952
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 24,376 24,956
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr J Stangroom
Repayable on demand 15,799 - 6,276 9,523
15,799 - 6,276 9,523
8 Other information
1st Cars Trade Ltd is a private company limited by shares and incorporated in England. Its registered office is:
269 Farnborough Road
Farnborough
Hampshire
GU14 7LY
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