Registered number
05171629
My First Car Limited
Filleted Accounts
30 June 2024
My First Car Limited
Registered number: 05171629
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 23,352 20,844
Current assets
Stocks 151,215 169,545
Debtors 5 (8,469) 600
Cash at bank and in hand 151,631 138,664
294,377 308,809
Creditors: amounts falling due within one year 6 (26,596) (65,948)
Net current assets 267,781 242,861
Total assets less current liabilities 291,133 263,705
Creditors: amounts falling due after more than one year 7 (9,842) (14,978)
Net assets 281,291 248,727
Capital and reserves
Called up share capital 2 2
Profit and loss account 281,289 248,725
Shareholder's funds 281,291 248,727
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr S T Tustain
Director
Approved by the board on 17 September 2024
My First Car Limited
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings - Garden Office over 10 years
Plant and machinery 33% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Intangible fixed assets £
Goodwill:
Cost
At 1 July 2023 10,000
At 30 June 2024 10,000
Amortisation
At 1 July 2023 10,000
At 30 June 2024 10,000
Net book value
At 30 June 2024 -
4 Tangible fixed assets
Land and buildings Plant and machinery Total
£ £ £
Cost
At 1 July 2023 21,542 45,911 67,453
Additions - 13,108 13,108
At 30 June 2024 21,542 59,019 80,561
Depreciation
At 1 July 2023 12,924 33,685 46,609
Charge for the year 2,155 8,445 10,600
At 30 June 2024 15,079 42,130 57,209
Net book value
At 30 June 2024 6,463 16,889 23,352
At 30 June 2023 8,618 12,226 20,844
5 Debtors 2024 2023
£ £
Trade debtors (8,469) 600
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 4,791 3,662
Taxation and social security costs 3,318 20,492
Other creditors 18,487 41,794
26,596 65,948
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 9,842 14,978
8 Related party transactions
During the year, the company made a repayment amounting to £22,138 on a loan to a member of key management personnel. The loan is interest free and repayable on demand. At the balance sheet date, the total loan amounting to £18,781 was still outstanding and is presented within creditors: amounts falling due within one year.
Loan from director B/fwd Repaid Advanced C/fwd
£ £ £ £
Mr S T Tustain 40,919 (32,513) 10,375 18,781
10 Other information
My First Car Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Annex Old Oak Barn
Clattercut Lane
Rushock
Worcestershire
WR9 0NN
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