Company registration number: 00279353
Unaudited financial statements
for the year ended 31 March 2024
for
The East Coast Motor Company Limited
Pages for filing with the Registrar
Company registration number: 00279353
The East Coast Motor Company Limited
Balance sheet
as at 31 March 2024
31 Mar 24 31 Mar 23
Note £ £ £ £
Fixed assets
Tangible assets 4 120,286 123,294
120,286 123,294
Current assets
Stocks 123,536 400,186
Debtors 4,125 5,483
Cash at bank and in hand 457,011 280,072
584,672 685,741
Creditors: amounts falling due within
one year
(91,575) (136,315)
Net current assets 493,097 549,426
Total assets less current liabilities 613,383 672,720
Provisions for liabilities (4,631) (3,696)
NET ASSETS 608,752 669,024
Capital and reserves
Called up share capital 7,714 7,714
Share premium account 110 110
Revaluation reserve 61,185 61,185
Other reserves 7,710 7,710
Profit and loss account 532,033 592,305
TOTAL EQUITY 608,752 669,024
The company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies for the year ended 31 March 2024.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities to comply with the Companies Act 2006 in respect to accounting records and the preparation of financial statements.
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Company registration number: 00279353
The East Coast Motor Company Limited
Balance sheet - continued
as at 31 March 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 Profit and loss account has not been delivered to the Registrar.
These financial statements were approved by the Board of directors and authorised for issue on 5 September 2024 and signed on its behalf by:
A Rounce, Director
5 September 2024
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The East Coast Motor Company Limited
Notes to the financial statements
for the year ended 31 March 2024
1 Company information
The company is registered in England and Wales. Its registered number is 00279353. The company is limited by shares. Its registered office is 2 Beach Road, Cromer, Norfolk, NR27 9AL.
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 historic cost convention.
Going concern
In preparing these financial statements, the directors have assessed whether there are any material uncertainties related to events or conditions that cast significant doubt upon the company's ability to continue as a going concern. In making this assessment, the directors take into account all available information about the future which is at least 12 months from the date that the financial statements are authorised for issue.
The directors consider that the company has adequate resources to continue in business for the foreseeable future and that it is appropriate to adopt the going concern basis in preparing the financial statements.
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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings:
Freehold property - 2% reducing balance
Plant and machinery etc.:
Plant and machinery - 20% reducing balance
Fixtures & fittings - 20% reducing balance
Motor vehicles - 20% 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.
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The East Coast Motor Company Limited
Notes to the financial statements - continued
for the year ended 31 March 2024
2 Accounting policies - continued
Taxation
Taxation for the year comprises current and deferred taxation. Tax is recognised in the Profit and loss account, 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 taxation
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 been enacted or substantively enacted by the balance sheet date 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 probably that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit and loss in the period to which they relate.
3 Average number of employees
During the year the average number of employees was 15 (2023 - 15).
4 Tangible fixed assets
Land and
buildings
Plant and
machinery
etc.
Totals
£ £ £
Cost
At 1 April 2023 201,495 226,537 428,032
Additions - 2,960 2,960
At 31 March 2024 201,495 229,497 430,992
Depreciation
At 1 April 2023 97,654 207,084 304,738
Charge for year 2,077 3,891 5,968
At 31 March 2024 99,731 210,975 310,706
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The East Coast Motor Company Limited
Notes to the financial statements - continued
for the year ended 31 March 2024
4 Tangible fixed assets - continued
Net book value
At 31 March 2024 101,764 18,522 120,286
At 31 March 2023 103,841 19,453 123,294
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