Company Registration No. 03209006 (England and Wales)
R S SPECIALIST CARS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
R S SPECIALIST CARS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
R S SPECIALIST CARS LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
14,497
6,917
Investment properties
4
420,000
400,000
434,497
406,917
Current assets
Stocks
787,181
850,514
Debtors
5
1,469,678
805,552
Cash at bank and in hand
577,500
865,330
2,834,359
2,521,396
Creditors: amounts falling due within one year
6
(370,916)
(316,017)
Net current assets
2,463,443
2,205,379
Total assets less current liabilities
2,897,940
2,612,296
Creditors: amounts falling due after more than one year
7
(263,780)
(272,497)
Net assets
2,634,160
2,339,799
Capital and reserves
Called up share capital
8
10,000
10,000
Profit and loss reserves
2,624,160
2,329,799
Total equity
2,634,160
2,339,799

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 January 2024 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.

The financial statements were approved and signed by the director and authorised for issue on 29 August 2024
R. P. A. Stockbridge
Director
Company Registration No. 03209006
R S SPECIALIST CARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -
1
Accounting policies
Company information

R S Specialist Cars Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ferriby Hall, North Ferriby, East Yorkshire, HU14 3JP.

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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents the total invoice value, excluding value added tax, of sales made during the year.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on delivery of the vehicle), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
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 provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Leasehold alterations
Straight line over the lease term
Fixtures, fittings & equipment
25% per annum on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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).

1.6
Stocks

Vehicle Stocks are stated at the lower of cost and estimated selling price less preparation costs.

R S SPECIALIST CARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 3 -

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less preparation costs is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
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. The company has no financial instruments which fall within the definition of "Other Financial Instruments" per Section 12 of FRS 102.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost.

1.9
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 is provided in full on all material timing differences that have originated but not reversed at the balance sheet date. A deferred tax asset is regarded as recoverable and therefore recognised only when, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax assets and liabilities are not discounted.

R S SPECIALIST CARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

 

 

1.11
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Leasehold alterations
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 February 2023
20,513
56,399
76,912
Additions
4,995
3,349
8,344
At 31 January 2024
25,508
59,748
85,256
Depreciation and impairment
At 1 February 2023
14,713
55,282
69,995
Depreciation charged in the year
-
0
764
764
At 31 January 2024
14,713
56,046
70,759
Carrying amount
At 31 January 2024
10,795
3,702
14,497
At 31 January 2023
5,800
1,117
6,917
R S SPECIALIST CARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
4
Investment property
2024
£
Fair value
At 1 February 2023
400,000
Revaluations
20,000
At 31 January 2024
420,000

The fair values of the investment properties have been arrived at on the basis of valuations carried out by the director. The valuations were made on an open market value basis by reference to publicly available market evidence of similar properties advertised for sale.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
215,750
363,104
Corporation tax recoverable
83,670
102,692
Other debtors
1,170,258
339,756
1,469,678
805,552
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,121
9,871
Trade creditors
77,184
10,325
Corporation tax
120,312
159,449
Other taxation and social security
92,093
84,022
Other creditors
71,206
52,350
370,916
316,017
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
263,780
272,497

Included within creditors falling due after more than one year are secured creditors of £248,124 (2023 : £246,721).

R S SPECIALIST CARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
8
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
10,000 (2023: 10,000) Ordinary shares of £1 each
10,000
10,000
9
Ultimate controlling party

The company is controlled by its director.

10
Directors' transactions

.

 

 

Description
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
R. P. A. Stockbridge -
152,417
549,395
(480,000)
221,812
152,417
549,395
(480,000)
221,812
11
Profit and loss memorandum

The retained profit and loss reserves as at the balance sheet date include £98,550 (2023: £78,550) which are not distributable.

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