Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31false2023-01-01No description of principal activity22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 10524628 2023-01-01 2023-12-31 10524628 2022-01-01 2022-12-31 10524628 2023-12-31 10524628 2022-12-31 10524628 2022-01-01 10524628 c:Director1 2023-01-01 2023-12-31 10524628 d:PlantMachinery 2023-01-01 2023-12-31 10524628 d:PlantMachinery 2023-12-31 10524628 d:PlantMachinery 2022-12-31 10524628 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10524628 d:OfficeEquipment 2023-01-01 2023-12-31 10524628 d:OfficeEquipment 2023-12-31 10524628 d:OfficeEquipment 2022-12-31 10524628 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10524628 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10524628 d:CurrentFinancialInstruments 2023-12-31 10524628 d:CurrentFinancialInstruments 2022-12-31 10524628 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 10524628 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 10524628 d:ShareCapital 2023-12-31 10524628 d:ShareCapital 2022-12-31 10524628 d:RetainedEarningsAccumulatedLosses 2023-12-31 10524628 d:RetainedEarningsAccumulatedLosses 2022-12-31 10524628 c:FRS102 2023-01-01 2023-12-31 10524628 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 10524628 c:FullAccounts 2023-01-01 2023-12-31 10524628 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10524628 d:WithinOneYear 2023-12-31 10524628 d:WithinOneYear 2022-12-31 10524628 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 10524628 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 10524628 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 10524628 d:TaxLossesCarry-forwardsDeferredTax 2022-12-31 10524628 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 10524628










PERFORMANCE AND CLASSIC CARS LTD.








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
PERFORMANCE AND CLASSIC CARS LTD.
REGISTERED NUMBER: 10524628

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
5,282
6,789

  
5,282
6,789

Current assets
  

Stocks
  
7,000
7,447

Debtors: amounts falling due within one year
 5 
17,204
9,937

Cash at bank and in hand
  
5,043
14,066

  
29,247
31,450

Creditors: amounts falling due within one year
 6 
(66,124)
(59,140)

Net current liabilities
  
 
 
(36,877)
 
 
(27,690)

Total assets less current liabilities
  
(31,595)
(20,901)

  

Net liabilities
  
(31,595)
(20,901)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(31,695)
(21,001)

  
(31,595)
(20,901)


Page 1

 
PERFORMANCE AND CLASSIC CARS LTD.
REGISTERED NUMBER: 10524628
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

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 income statement 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: 




................................................
J Timewell
Director

Date: 14 September 2024

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

Page 2

 
PERFORMANCE AND CLASSIC CARS LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Performance and Classic Cars Ltd. is a private company limited by shares and incorporated in England and Wales, registration number 10524628. The registered office is 6 Honing Row, Worstead, North Walsham, Norfolk, NR28 9RH.

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 financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

 
2.2

Going concern

We believe that the company's financial statements should be prepared on a going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the company's needs. We have considered a period of twelve months from the date of approval of the financial statements. We believe that no further disclosures relating to the company's ability to continue as a going concern need to me made in the financial statements.

Page 3

 
PERFORMANCE AND CLASSIC CARS 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:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

Page 4

 
PERFORMANCE AND CLASSIC CARS LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance and straight-line basis..

Depreciation is provided on the following basis:

Plant and machinery
-
25%
Reducing Balance
Office equipment
-
20%
Straight-line

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.

Page 5

 
PERFORMANCE AND CLASSIC CARS LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.8

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.

 
2.9

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.

 
2.10

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.


3.


Employees




The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 6

 
PERFORMANCE AND CLASSIC CARS LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Plant and machinery
Office equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
14,065
1,483
15,548


Additions
349
-
349



At 31 December 2023

14,414
1,483
15,897



Depreciation


At 1 January 2023
8,165
594
8,759


Charge for the year on owned assets
1,559
297
1,856



At 31 December 2023

9,724
891
10,615



Net book value



At 31 December 2023
4,690
592
5,282



At 31 December 2022
5,900
889
6,789


5.


Debtors

2023
2022
£
£


Trade debtors
7,113
2,673

Other debtors
-
259

Prepayments and accrued income
-
210

Deferred taxation
10,091
6,795

17,204
9,937


Page 7

 
PERFORMANCE AND CLASSIC CARS LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other taxation and social security
1,208
-

Other creditors
60,999
56,940

Accruals and deferred income
3,917
2,200

66,124
59,140



7.


Deferred taxation




2023
2022


£

£






At beginning of year
6,795
9,115


Charged to profit or loss
3,296
(2,320)



At end of year
10,091
6,795

The deferred tax asset is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(1,321)
(1,697)

Tax losses carried forward
11,412
8,492

10,091
6,795


8.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
3,562
7,124

3,562
7,124

Page 8

 
PERFORMANCE AND CLASSIC CARS LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Related party transactions

Included within other creditors at the year end was a balance owed to Directors of £60,999 (2022: £56,940).

 
Page 9