Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01false45111 - Sale of new cars and light motor vehicles1512truetruefalse 02670170 2023-01-01 2023-12-31 02670170 2022-01-01 2022-12-31 02670170 2023-12-31 02670170 2022-12-31 02670170 c:Director3 2023-01-01 2023-12-31 02670170 d:Buildings d:ShortLeaseholdAssets 2023-01-01 2023-12-31 02670170 d:Buildings d:ShortLeaseholdAssets 2023-12-31 02670170 d:Buildings d:ShortLeaseholdAssets 2022-12-31 02670170 d:PlantMachinery 2023-01-01 2023-12-31 02670170 d:PlantMachinery 2023-12-31 02670170 d:PlantMachinery 2022-12-31 02670170 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02670170 d:ComputerEquipment 2023-01-01 2023-12-31 02670170 d:ComputerEquipment 2023-12-31 02670170 d:ComputerEquipment 2022-12-31 02670170 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02670170 d:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 02670170 d:OtherPropertyPlantEquipment 2023-12-31 02670170 d:OtherPropertyPlantEquipment 2022-12-31 02670170 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02670170 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02670170 d:CurrentFinancialInstruments 2023-12-31 02670170 d:CurrentFinancialInstruments 2022-12-31 02670170 d:Non-currentFinancialInstruments 2023-12-31 02670170 d:Non-currentFinancialInstruments 2022-12-31 02670170 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 02670170 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 02670170 d:ShareCapital 2023-12-31 02670170 d:ShareCapital 2022-12-31 02670170 d:RetainedEarningsAccumulatedLosses 2023-12-31 02670170 d:RetainedEarningsAccumulatedLosses 2022-12-31 02670170 c:FRS102 2023-01-01 2023-12-31 02670170 c:Audited 2023-01-01 2023-12-31 02670170 c:FullAccounts 2023-01-01 2023-12-31 02670170 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02670170 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 02670170 2 2023-01-01 2023-12-31 02670170 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 02670170










PERSONAL IMPORT-EXPORT CAR SALES LTD










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
PERSONAL IMPORT-EXPORT CAR SALES LTD
REGISTERED NUMBER: 02670170

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
15,270
14,098

  
15,270
14,098

Current assets
  

Debtors: amounts falling due after more than one year
 5 
23,000
23,991

Debtors: amounts falling due within one year
 5 
155,057
155,350

Cash at bank and in hand
 6 
309,622
191,377

  
487,679
370,718

Creditors: amounts falling due within one year
 7 
(219,258)
(168,296)

Net current assets
  
 
 
268,421
 
 
202,422

Total assets less current liabilities
  
283,691
216,520

  

Net assets
  
283,691
216,520


Capital and reserves
  

Called up share capital 
  
10,000
10,000

Profit and loss account
  
273,691
206,520

  
283,691
216,520


Page 1

 
PERSONAL IMPORT-EXPORT CAR SALES LTD
REGISTERED NUMBER: 02670170
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


N Elliott
Director

Date: 18 September 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
PERSONAL IMPORT-EXPORT CAR SALES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Personal Import - Export Car Sales Limited is a company  incoprorated in England and Wales under the Companies Act 2006.  The place of business and registered office address are shown on the Company Information page within these annual accounts.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 3

 
PERSONAL IMPORT-EXPORT CAR SALES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
PERSONAL IMPORT-EXPORT CAR SALES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.6
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

S/Term Leasehold Property
-
Depreciated over the length of the lease
Furniture & Equipment
-
33%
Computer equipment
-
33%
Other fixed assets
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Page 5

 
PERSONAL IMPORT-EXPORT CAR SALES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.10
Financial instruments (continued)


Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Page 6

 
PERSONAL IMPORT-EXPORT CAR SALES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.10
Financial instruments (continued)

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 15 (2022 - 12).


4.


Tangible fixed assets





S/Term Leasehold Property
Plant & machinery
Computer equipment
Other fixed assets
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
125,546
28,627
1,250
31,083
186,506


Additions
3,797
-
-
-
3,797



At 31 December 2023

129,343
28,627
1,250
31,083
190,303



Depreciation


At 1 January 2023
125,546
26,529
1,250
19,083
172,408


Charge for the year on owned assets
527
2,098
-
-
2,625



At 31 December 2023

126,073
28,627
1,250
19,083
175,033



Net book value



At 31 December 2023
3,270
-
-
12,000
15,270



At 31 December 2022
-
2,098
-
12,000
14,098

Page 7

 
PERSONAL IMPORT-EXPORT CAR SALES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
23,000
23,991

23,000
23,991


2023
2022
£
£

Due within one year

Trade debtors
136,048
146,677

Other debtors
12,255
-

Prepayments and accrued income
6,754
8,673

155,057
155,350



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
309,622
191,377

309,622
191,377



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
44,296
43,528

Amounts owed to group undertakings
88,702
-

Other taxation and social security
21,025
23,877

Accruals and deferred income
65,235
100,891

219,258
168,296


Page 8

 
PERSONAL IMPORT-EXPORT CAR SALES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 18 September 2024 by Bethany Whitmore FCCA (senior statutory auditor) on behalf of Wellers.

 
Page 9