Registered number
10656237
CVM Cars Limited
Unaudited Filleted Accounts
30 December 2023
CVM Cars Limited
Registered number: 10656237
Balance Sheet
as at 30 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 4,131,696 3,182,883
Current assets
Debtors 4 160,503 17,863
Cash at bank and in hand 20,625 13
181,128 17,876
Creditors: amounts falling due within one year 5 (487,077) (650,491)
Net current liabilities (305,949) (632,615)
Total assets less current liabilities 3,825,747 2,550,268
Creditors: amounts falling due after more than one year 6 (3,815,744) (2,540,265)
Net assets 10,003 10,003
Capital and reserves
Called up share capital 3 3
Profit and loss account 10,000 10,000
Shareholders' funds 10,003 10,003
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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 Kevin Connor
Director
Approved by the board on 25 September 2024
CVM Cars Limited
Notes to the Accounts
for the year ended 30 December 2023
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.
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:
Motor vehicles straight line depreciation to expected residual values over the length of the lease or hire purchase agreement
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Motor vehicles
£
Cost
At 31 December 2022 4,081,543
Additions 1,768,644
Disposals (861,327)
At 30 December 2023 4,988,860
Depreciation
At 31 December 2022 898,660
Charge for the year 289,240
On disposals (330,736)
At 30 December 2023 857,164
Net book value
At 30 December 2023 4,131,696
At 30 December 2022 3,182,883
4 Debtors 2023 2022
£ £
Trade debtors 45,648 17,863
Amounts owed by group undertakings and undertakings in which the company has a participating interest 114,855 -
160,503 17,863
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 24 15,856
Amounts owed to group undertakings and undertakings in which the company has a participating interest 334,175 558,586
Taxation and social security costs 125,114 19,214
Other creditors 27,764 56,835
487,077 650,491
6 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 3,815,744 2,540,265
7 Controlling party
The parent company of CVM Cars Ltd is CVM Holdings Ltd and its registered address is Spectrum Building 1600 Parkway, Solent Business Park, Whiteley, Fareham, PO15 7AH.
8 Other information
CVM Cars Limited is a private company limited by shares and incorporated in England. Its registered office is:
Spectrum Building 1600 Parkway
Solent Business Park
Whiteley
Fareham
PO15 7AH
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