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
Stocks Sports Cars Ltd
Statement of financial position
as at 31 December 2023
Tangible assets
12,451
16,669
Inventories
152,500
117,000
Cash at bank and in hand
28,630
81,373
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
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
Stocks Sports Cars Ltd
Notes to the Accounts
for the year ended 31 December 2023
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
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 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 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.
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
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
At 31 December 2023
12,451
-
12,451
At 31 December 2022
16,601
68
16,669
Amounts falling due within one year
Accrued income and prepayments
-
1,334
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
7
Creditors: amounts falling due after more than one year
2023
2022
8
Average number of employees
During the year the average number of employees was 2 (2022: 2).