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REGISTERED NUMBER: 13434043 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

INDIVIDUAL SPECIALIST CARS SOLIHULL LTD

INDIVIDUAL SPECIALIST CARS SOLIHULL LTD (REGISTERED NUMBER: 13434043)






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 SOLIHULL LTD

COMPANY INFORMATION
for the Year Ended 31 March 2024







DIRECTORS: Z Mirza
A Mirza





SECRETARY:





REGISTERED OFFICE: 43-59 Western Road
Hockley
Birmingham
B18 7QD





REGISTERED NUMBER: 13434043 (England and Wales)





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

INDIVIDUAL SPECIALIST CARS SOLIHULL LTD (REGISTERED NUMBER: 13434043)

BALANCE SHEET
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 318,341 246,022

CURRENT ASSETS
Stocks 39,596 50,171
Debtors 5 747,804 213,583
Cash at bank and in hand 64,268 14,425
851,668 278,179
CREDITORS
Amounts falling due within one year 6 915,678 615,705
NET CURRENT LIABILITIES (64,010 ) (337,526 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

254,331

(91,504

)

PROVISIONS FOR LIABILITIES 60,485 46,744
NET ASSETS/(LIABILITIES) 193,846 (138,248 )

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 193,844 (138,250 )
193,846 (138,248 )

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 SOLIHULL LTD (REGISTERED NUMBER: 13434043)

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 SOLIHULL LTD (REGISTERED NUMBER: 13434043)

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

1. STATUTORY INFORMATION

Individual Specialist Cars Solihull Ltd 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.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

INDIVIDUAL SPECIALIST CARS SOLIHULL LTD (REGISTERED NUMBER: 13434043)

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

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 347,356
Additions 177,237
At 31 March 2024 524,593
DEPRECIATION
At 1 April 2023 101,334
Charge for year 104,918
At 31 March 2024 206,252
NET BOOK VALUE
At 31 March 2024 318,341
At 31 March 2023 246,022

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 711,155 176,934
Other debtors 36,649 36,649
747,804 213,583

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts 71,134 -
Trade creditors 163,890 83,536
Taxation and social security 86,906 502
Other creditors 593,748 531,667
915,678 615,705

7. RELATED PARTY DISCLOSURES

Other creditors an amount of £212,483 (2023: £228,369) and £377,764 (2023: £299,797) payable to Individual Group Ltd and Individual Specialist Cars Ltd respectively. Both companies are in common ownership and control.