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2023-04-01
Sage Accounts Production 23.0 - FRS102_2023
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Company registration number:
13298136
Classic and Retro Warehouse Ltd
Unaudited filleted financial statements
31 March 2024
Classic and Retro Warehouse Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Classic and Retro Warehouse Ltd
Directors and other information
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Directors |
Daniel Eagling |
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Claire Eagling |
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Company number |
13298136 |
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Registered office |
Mill Road |
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Foxley |
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Dereham |
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Norfolk |
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NR20 4QT |
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Accountants |
i-Accounting Solutions Ltd |
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The Enterprise Centre |
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University of East Anglia |
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Norwich |
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Norfolk |
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NR4 7TJ |
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Classic and Retro Warehouse Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Classic and Retro Warehouse Ltd
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Classic and Retro Warehouse Ltd for the year ended 31 March 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Classic and Retro Warehouse Ltd, as a body, in accordance with the terms of our engagement letter dated 29 July 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Classic and Retro Warehouse Ltd and state those matters that we have agreed to state to the board of directors of Classic and Retro Warehouse Ltd as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Classic and Retro Warehouse Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Classic and Retro Warehouse Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Classic and Retro Warehouse Ltd. You consider that Classic and Retro Warehouse Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Classic and Retro Warehouse Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
i-Accounting Solutions Ltd
Chartered Certified Accountants
The Enterprise Centre
University of East Anglia
Norwich
Norfolk
NR4 7TJ
9 September 2024
Classic and Retro Warehouse Ltd
Statement of financial position
31 March 2024
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2024 |
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2023 |
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Note |
£ |
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£ |
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£ |
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£ |
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Fixed assets |
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Tangible assets |
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5 |
4,040 |
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4,752 |
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_______ |
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_______ |
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4,040 |
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4,752 |
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Current assets |
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Debtors |
|
6 |
2,660 |
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315 |
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Cash at bank and in hand |
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230 |
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1,576 |
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_______ |
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_______ |
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2,890 |
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1,891 |
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Creditors: amounts falling due |
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within one year |
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7 |
(
821) |
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(
1,865) |
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_______ |
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_______ |
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Net current assets |
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2,069 |
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26 |
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_______ |
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_______ |
Total assets less current liabilities |
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6,109 |
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4,778 |
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Provisions for liabilities |
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72 |
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(
10) |
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_______ |
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_______ |
Net assets |
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6,181 |
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4,768 |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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2 |
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2 |
Profit and loss account |
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6,179 |
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4,766 |
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_______ |
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_______ |
Shareholders funds |
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6,181 |
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4,768 |
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_______ |
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_______ |
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For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
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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;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
05 September 2024
, and are signed on behalf of the board by:
Daniel Eagling
Claire Eagling
Director
Director
Company registration number:
13298136
Classic and Retro Warehouse Ltd
Notes to the financial statements
Year ended 31 March 2024
1.
General information
The company is a private company limited by shares, registered in England. The address of the registered office is Hollytrees, Mill Road, Foxley, Dereham, Norfolk, NR20 4QT.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for services rendered.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.
Deferred tax is recognised in respect of capital allowances/ depreciation timing differences at the reporting date. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
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Fittings fixtures and equipment |
- |
15 % |
reducing balance |
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Motor vehicles |
- |
15 % |
reducing balance |
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, debtors, creditors and bank balances.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2023: Nil).
5.
Tangible assets
|
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Fixtures, fittings and equipment |
Motor vehicles |
Total |
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£ |
£ |
£ |
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Cost |
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At 1 April 2023 and 31 March 2024 |
177 |
5,000 |
5,177 |
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_______ |
_______ |
_______ |
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Depreciation |
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At 1 April 2023 |
49 |
375 |
424 |
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Charge for the year |
19 |
694 |
713 |
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_______ |
_______ |
_______ |
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At 31 March 2024 |
68 |
1,069 |
1,137 |
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_______ |
_______ |
_______ |
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Carrying amount |
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At 31 March 2024 |
109 |
3,931 |
4,040 |
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|
|
|
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_______ |
_______ |
_______ |
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At 31 March 2023 |
128 |
4,625 |
4,753
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_______ |
_______ |
_______ |
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6.
Debtors
|
|
|
2024 |
2023 |
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|
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£ |
£ |
|
Trade debtors |
|
1,460 |
- |
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Other debtors |
|
1,200 |
315 |
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_______ |
_______ |
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2,660 |
315 |
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_______ |
_______ |
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7.
Creditors: amounts falling due within one year
|
|
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2024 |
2023 |
|
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|
£ |
£ |
|
Corporation tax |
|
413 |
471 |
|
Other creditors |
|
408 |
1,394 |
|
|
|
_______ |
_______ |
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|
821 |
1,865 |
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_______ |
_______ |
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