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COMPANY REGISTRATION NUMBER: 09591661
CAR SHADES HOLDINGS LIMITED
FILLETED FINANCIAL STATEMENTS
31 December 2023
CAR SHADES HOLDINGS LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
11,107
17,971
Current assets
Stocks
447,980
438,203
Debtors
7
1,518,765
191,764
Cash at bank and in hand
139,800
1,073,104
-------------
-------------
2,106,545
1,703,071
Creditors: amounts falling due within one year
8
154,328
118,454
-------------
-------------
Net current assets
1,952,217
1,584,617
-------------
-------------
Total assets less current liabilities
1,963,324
1,602,588
Provisions
Taxation including deferred tax
2,161
( 808)
-------------
-------------
Net assets
1,961,163
1,603,396
-------------
-------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
1,961,063
1,603,296
-------------
-------------
Shareholders funds
1,961,163
1,603,396
-------------
-------------
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 income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
CAR SHADES HOLDINGS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 5 July 2024 , and are signed on behalf of the board by:
T E Fonternel
Director
Company registration number: 09591661
CAR SHADES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 1, Bilsthorpe Business Park, Eakring Road, Bilsthorpe, Newark, NG22 8ST.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Going concern
In preparing the financial statements the directors are required to assess the company's ability to continue to trade as a going concern for the foreseeable future. In undertaking this assessment, the directors have given due consideration to the company's banking facilities, historical and current trading, together with the forward-looking projections. The company has prepared detailed cashflow forecasts and undertaken scenario modelling given the current cost of living crisis. The company has significant financial resources and is in a strong position to deal with the possible economic impact of the cost of living crisis. The situation is evolving and it is not possible at this stage to determine with full certainty the impact on the company, its customers, employees and suppliers until the crisis completely ends. If there is a reduction in revenue due to an exceptional extended closure of certain customers, there are a range of steps the company can take to mitigate the impact. The directors have reviewed the cash flow forecasts and based on their assessment therefore believe that the company will have sufficient financing in place to ensure cash flow requirements are satisfied and that there are no material uncertainties. As such, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
4 years straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Short Leasehold Property
-
Equal instalments over the life of the lease
Plant & Machinery
-
25% straight line
Motor Vehicles
-
25% reducing balance
Computer Software
-
33% straight line
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Basic financial instruments are recognised at amortised cost, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2022: 13 ).
5. Intangible assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
684,610
----------
Amortisation
At 1 January 2023 and 31 December 2023
684,610
----------
Carrying amount
At 31 December 2023
----------
At 31 December 2022
----------
6. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost or valuation
At 1 January 2023
10,409
234,620
22,727
92,333
360,089
Additions
624
624
Revaluations
( 674)
( 674)
---------
----------
---------
---------
----------
At 31 December 2023
10,409
234,620
22,053
92,957
360,039
---------
----------
---------
---------
----------
Depreciation
At 1 January 2023
10,409
231,336
9,411
90,962
342,118
Charge for the year
3,283
2,655
876
6,814
---------
----------
---------
---------
----------
At 31 December 2023
10,409
234,619
12,066
91,838
348,932
---------
----------
---------
---------
----------
Carrying amount
At 31 December 2023
1
9,987
1,119
11,107
---------
----------
---------
---------
----------
At 31 December 2022
3,284
13,316
1,371
17,971
---------
----------
---------
---------
----------
7. Debtors
2023
2022
£
£
Trade debtors
104,904
110,662
Amounts owed by group undertakings and undertakings in which the company has a participating interest
1,383,006
49,063
Other debtors
30,855
32,039
-------------
----------
1,518,765
191,764
-------------
----------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
32,400
27,885
Amounts owed to group undertakings and undertakings in which the company has a participating interest
13,840
3,857
Corporation tax
66,239
51,208
Social security and other taxes
8,234
8,881
Other creditors
33,615
26,623
----------
----------
154,328
118,454
----------
----------
There is a cross company unlimited multilateral guarantee in operation between Scimitar International Limited, Enable Trading Limited, Palm Automotive Limited and Car Shades Holdings Limited.
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
41,652
41,652
Later than 1 year and not later than 5 years
69,420
111,072
----------
----------
111,072
152,724
----------
----------
10. Summary audit opinion
The auditor's report dated 5 July 2024 was unqualified .
The senior statutory auditor was David Guest FCA , for and on behalf of UHY Hacker Young (S.E.) Limited .
11. Controlling party
The company is a wholly owned subsidiary of Enable Trading Limited, a company registered in England and Wales. The registered office and principal place of business of this company is 9A Broad Street, Wokingham, Berkshire, RG40 1AU.