Company registration number 04613872 (England and Wales)
CARSCENE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
CARSCENE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
CARSCENE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
102,460
42,746
Current assets
Stocks
779,917
1,134,751
Debtors
5
26,141
522
Cash at bank and in hand
165,556
34,903
971,614
1,170,176
Creditors: amounts falling due within one year
6
(52,289)
(120,217)
Net current assets
919,325
1,049,959
Total assets less current liabilities
1,021,785
1,092,705
Creditors: amounts falling due after more than one year
7
(34)
(492)
Provisions for liabilities
(11,969)
(8,122)
Net assets
1,009,782
1,084,091
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
1,009,781
1,084,090
Total equity
1,009,782
1,084,091
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
CARSCENE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 16 September 2024
Mr KJ Alexander
Director
Company registration number 04613872 (England and Wales)
CARSCENE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Carscene Limited is a private company limited by shares incorporated in England and Wales. The registered office is Havers Yard, Havers Road, Norwich, Norfolk, NR3 2DU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is twenty years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
- no depreciation
Plant and equipment
- 20% reducing balance
Fixtures and fittings
- 15% reducing balance
Computers
- 25% reducing balance
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
CARSCENE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
7
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
135,000
Amortisation and impairment
At 1 January 2023 and 31 December 2023
135,000
Carrying amount
At 31 December 2023
At 31 December 2022
CARSCENE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
30,062
35,707
65,769
Additions
63,775
63,775
At 31 December 2023
30,062
99,482
129,544
Depreciation and impairment
At 1 January 2023
23,021
23,021
Depreciation charged in the year
4,063
4,063
At 31 December 2023
27,084
27,084
Carrying amount
At 31 December 2023
30,062
72,398
102,460
At 31 December 2022
30,062
12,684
42,746
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,037
522
Corporation tax recoverable
8,656
Other debtors
16,448
26,141
522
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
34,210
45,382
Corporation tax
40,702
Other taxation and social security
1,478
23,201
Other creditors
16,601
10,932
52,289
120,217
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
34
492