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Company Registration No. 11052516 (England and Wales)
Stocks Sports Cars Ltd Unaudited accounts for the year ended 31 December 2023
Stocks Sports Cars Ltd Unaudited accounts Contents
Page
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Stocks Sports Cars Ltd Statement of financial position as at 31 December 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
12,451 
16,669 
Current assets
Inventories
152,500 
117,000 
Debtors
164 
7,828 
Cash at bank and in hand
28,630 
81,373 
181,294 
206,201 
Creditors: amounts falling due within one year
(41,536)
(71,552)
Net current assets
139,758 
134,649 
Total assets less current liabilities
152,209 
151,318 
Creditors: amounts falling due after more than one year
(7,584)
(12,640)
Provisions for liabilities
Deferred tax
(2,491)
(3,167)
Net assets
142,134 
135,511 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
142,034 
135,411 
Shareholders' funds
142,134 
135,511 
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 10 September 2024 and were signed on its behalf by
M A Waite Director Company Registration No. 11052516
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Stocks Sports Cars Ltd Notes to the Accounts for the year ended 31 December 2023
1
Statutory information
Stocks Sports Cars Ltd is a private company, limited by shares, registered in England and Wales, registration number 11052516. The registered office is NM Business Suites, Abacus House Station Yard, Needham Market, Suffolk, IP6 8AS.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
25% Straight Line
Computer equipment
33% Straight Line
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
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Stocks Sports Cars Ltd Notes to the Accounts for the year ended 31 December 2023
4
Tangible fixed assets
Motor vehicles 
Computer equipment 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 January 2023
26,561 
957 
27,518 
At 31 December 2023
26,561 
957 
27,518 
Depreciation
At 1 January 2023
9,960 
889 
10,849 
Charge for the year
4,150 
68 
4,218 
At 31 December 2023
14,110 
957 
15,067 
Net book value
At 31 December 2023
12,451 
- 
12,451 
At 31 December 2022
16,601 
68 
16,669 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
VAT
1,164 
3,500 
Trade debtors
- 
2,994 
Accrued income and prepayments
- 
1,334 
Other debtors
(1,000)
- 
164 
7,828 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
5,000 
5,000 
Trade creditors
3,860 
1,647 
Taxes and social security
3,138 
9,404 
Loans from directors
28,918 
54,631 
Accruals
620 
870 
41,536 
71,552 
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
7,584 
12,640 
8
Average number of employees
During the year the average number of employees was 2 (2022: 2).
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