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Registration number: 06335814

Executive Performance Cars (Heathrow) Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Executive Performance Cars (Heathrow) Ltd

Contents

Company Information

1

Profit and Loss Account

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 9

 

Executive Performance Cars (Heathrow) Ltd

Company Information

Director

Mr Sayrass Mir

Company secretary

Mr Surinderpal Singh Bhuee

Registered office

Charles Rippin & Turner
Middlesex House
130 College Road
Harrow
Middlesex
HA1 1BQ

Accountants

Charles Rippin & Turner
Chartered Accountants
Middlesex House
130 College Road
Harrow
Middlesex
HA1 1BQ

 

Executive Performance Cars (Heathrow) Ltd

Profit and Loss Account for the Year Ended 31 December 2023

Note

2023
£

2022
£

Turnover

 

253,100

252,316

Cost of sales

 

(114,994)

(105,450)

Gross profit

 

138,106

146,866

Administrative expenses

 

(189,006)

(191,293)

Operating loss

 

(50,900)

(44,427)

Interest payable and similar expenses

 

-

(4,091)

Loss before tax

(50,900)

(48,518)

Loss for the financial year

 

(50,900)

(48,518)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Executive Performance Cars (Heathrow) Ltd

(Registration number: 06335814)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,054,172

1,095,585

Current assets

 

Stocks

5

29,101

27,881

Debtors

6

5,488

-

Cash at bank and in hand

 

27,434

24,679

 

62,023

52,560

Creditors: Amounts falling due within one year

7

(918,795)

(888,627)

Net current liabilities

 

(856,772)

(836,067)

Total assets less current liabilities

 

197,400

259,518

Creditors: Amounts falling due after more than one year

7

(221,320)

(232,538)

Net (liabilities)/assets

 

(23,920)

26,980

Capital and reserves

 

Called up share capital

8

4

3

Retained earnings

(23,924)

26,977

Shareholders' (deficit)/funds

 

(23,920)

26,980

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 24 April 2024
 

.........................................
Mr Sayrass Mir
Director

 

Executive Performance Cars (Heathrow) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and wales.

The address of its registered office is:
Charles Rippin & Turner
Middlesex House
130 College Road
Harrow
Middlesex
HA1 1BQ

The principal place of business is:
Unit 10 Marlin Park
Central Way
Feltham
Middlesex
TW14 0AN
United Kingdom

These financial statements were authorised for issue by the director on 24 April 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Executive Performance Cars (Heathrow) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% Reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Executive Performance Cars (Heathrow) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2022 - 7).

4

Tangible assets

Land and buildings
£

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

834,243

477,908

1,312,151

At 31 December 2023

834,243

477,908

1,312,151

Depreciation

At 1 January 2023

42,280

174,286

216,566

Charge for the year

3,296

38,117

41,413

At 31 December 2023

45,576

212,403

257,979

Carrying amount

At 31 December 2023

788,667

265,505

1,054,172

At 31 December 2022

791,963

303,622

1,095,585

Included within the net book value of land and buildings above is £788,667 (2022 - £791,963) in respect of freehold land and buildings.
 

5

Stocks

2023
£

2022
£

Other inventories

29,101

27,881

 

Executive Performance Cars (Heathrow) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Debtors

Current

2023
£

2022
£

Other debtors

5,488

-

 

5,488

-

 

Executive Performance Cars (Heathrow) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

886,364

852,752

Trade creditors

 

25,931

30,149

Taxation and social security

 

-

3

Accruals and deferred income

 

6,500

5,723

 

918,795

888,627

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

221,320

232,538

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary share capital of £1 each

4

4

3

3

       

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

221,320

232,538

Current loans and borrowings

2023
£

2022
£

Other borrowings

886,364

852,752

10

Related party transactions

 

Executive Performance Cars (Heathrow) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

26,397

25,448