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REGISTERED NUMBER: 05778160 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

INDIVIDUAL SPECIALIST CARS LIMITED

INDIVIDUAL SPECIALIST CARS LIMITED (REGISTERED NUMBER: 05778160)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


INDIVIDUAL SPECIALIST CARS LIMITED

COMPANY INFORMATION
for the Year Ended 31 March 2024







DIRECTORS: Z Mirza
A Mirza





SECRETARY: A Mirza





REGISTERED OFFICE: 43-59 Western Rd
Birmingham
B18 7QD





REGISTERED NUMBER: 05778160 (England and Wales)





ACCOUNTANTS: Hayers Chartered Certified Accountants
121 Livery Street
Birmingham
West Midlands
B3 1RS

INDIVIDUAL SPECIALIST CARS LIMITED (REGISTERED NUMBER: 05778160)

BALANCE SHEET
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 751,565 916,882

CURRENT ASSETS
Stocks 441,523 361,613
Debtors 5 1,325,116 1,414,867
Cash at bank and in hand 175,838 154,095
1,942,477 1,930,575
CREDITORS
Amounts falling due within one year 6 2,065,497 2,174,498
NET CURRENT LIABILITIES (123,020 ) (243,923 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

628,545

672,959

CREDITORS
Amounts falling due after more than one year 7 9,643 110,800
NET ASSETS 618,902 562,159

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 618,802 562,059
618,902 562,159

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

INDIVIDUAL SPECIALIST CARS LIMITED (REGISTERED NUMBER: 05778160)

BALANCE SHEET - continued
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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 June 2024 and were signed on its behalf by:





A Mirza - Director


INDIVIDUAL SPECIALIST CARS LIMITED (REGISTERED NUMBER: 05778160)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Individual Specialist Cars Limited 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.

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.
Plant and machinery etc - 33% on cost, 25% on reducing balance and 20% on cost

Stocks
Stock and work in progress is valued at the lower of cost and net realisable value.

The valuation includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

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.

INDIVIDUAL SPECIALIST CARS LIMITED (REGISTERED NUMBER: 05778160)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 49 (2023 - 47 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 2,967,952
Additions 178,834
At 31 March 2024 3,146,786
DEPRECIATION
At 1 April 2023 2,051,070
Charge for year 344,151
At 31 March 2024 2,395,221
NET BOOK VALUE
At 31 March 2024 751,565
At 31 March 2023 916,882

INDIVIDUAL SPECIALIST CARS LIMITED (REGISTERED NUMBER: 05778160)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 April 2023
and 31 March 2024 1,006,795
DEPRECIATION
At 1 April 2023 613,919
Charge for year 155,458
At 31 March 2024 769,377
NET BOOK VALUE
At 31 March 2024 237,418
At 31 March 2023 392,876

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 880,656 1,081,802
Other debtors 444,460 333,065
1,325,116 1,414,867

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts 418,900 590,019
Trade creditors 796,205 778,897
Taxation and social security 376,615 362,493
Other creditors 473,777 443,089
2,065,497 2,174,498

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans - 33,352
Hire purchase contracts 9,643 77,448
9,643 110,800

INDIVIDUAL SPECIALIST CARS LIMITED (REGISTERED NUMBER: 05778160)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

8. RELATED PARTY DISCLOSURES

Other creditors/debtors include an amount of £48,250 (2023: receivable £29,168) owing to "Individual Group Ltd" a company in common ownership and control.

Other debtors include an amount of £377,764 (2023: £299,797) owing from "Individual Specialist Cars Solihull Ltd" a company in common ownership and control.

Further other creditors also include an amount of £290,000 (2023: £410,000) received from friends and family during the year. There is no interest charged on the loan amount.