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Registration number: NI623571

Brown Cars Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Brown Cars Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Brown Cars Limited

Company Information

Directors

Mrs Karen Brown

Mr Alan Brown

Registered office

31 Hawthorn Hill
Newry
Down
BT358DE

Bankers

Danske Bank
Newry
58 Hill Street
Newry
BT34 1BD

Accountants

SP McKeown & Co Ltd
Chartered Certified Accountants, Registered Auditors and Tax Advisors
5 Lower Catherine Street
Newry
Co Down
BT35 6BE

 

Brown Cars Limited

(Registration number: NI623571)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

37,743

42,435

Current assets

 

Stocks

5

766,883

912,831

Debtors

6

64,713

35,371

Cash at bank and in hand

 

161,448

81,541

 

993,044

1,029,743

Creditors: Amounts falling due within one year

7

(374,920)

(378,724)

Net current assets

 

618,124

651,019

Total assets less current liabilities

 

655,867

693,454

Creditors: Amounts falling due after more than one year

7

(16,625)

(29,076)

Provisions for liabilities

(5,751)

(6,567)

Net assets

 

633,491

657,811

Capital and reserves

 

Called up share capital

8

10

10

Retained earnings

633,481

657,801

Shareholders' funds

 

633,491

657,811

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 1 October 2024 and signed on its behalf by:
 

 

Brown Cars Limited

(Registration number: NI623571)
Balance Sheet as at 31 March 2024

.........................................
Mr Alan Brown
Director

   
     
 

Brown Cars Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
31 Hawthorn Hill
Newry
Down
BT358DE
Northern Ireland

These financial statements were authorised for issue by the Board on 1 October 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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Brown Cars Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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

10% straight line

Buildings

4% straight line

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.

 

Brown Cars Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Brown Cars Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 7).

 

Brown Cars Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

52,785

52,785

At 31 March 2024

52,785

52,785

Depreciation

At 1 April 2023

10,350

10,350

Charge for the year

4,692

4,692

At 31 March 2024

15,042

15,042

Carrying amount

At 31 March 2024

37,743

37,743

At 31 March 2023

42,435

42,435

5

Stocks

2024
£

2023
£

Other inventories

766,883

912,831

6

Debtors

Current

2024
£

2023
£

Trade debtors

61,541

19,995

Other debtors

3,172

15,376

 

64,713

35,371

7

Creditors

Creditors: amounts falling due within one year

 

Brown Cars Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

13,446

19,876

Trade creditors

 

51,830

61,407

Taxation and social security

 

85,477

75,452

Accruals and deferred income

 

5,756

5,891

Other creditors

 

218,411

216,098

 

374,920

378,724

 

Brown Cars Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

16,625

29,076

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share of £1 each

10

10

10

10

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

16,625

25,748

Hire purchase contracts

-

3,328

16,625

29,076

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,118

9,893

Hire purchase contracts

3,328

9,983

13,446

19,876

10

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £6,000.00 (2023 - £8,600.00) per each Ordinary share

60,000

86,000

 

 

11

Related party transactions

 

Brown Cars Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Mrs Karen Brown

Directors loan repayable on demand

(63,926)

85,367

(77,126)

(55,685)

Mr Alan Brown

Directors loan repayable on demand

(63,926)

85,367

(77,126)

(55,685)

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Mrs Karen Brown

Directors loan repayable on demand

(54,579)

44,598

(53,945)

(63,926)

Mr Alan Brown

Directors loan repayable on demand

(54,579)

44,598

(53,945)

(63,926)

 

Brown Cars Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

20,352

13,440

Contributions paid to money purchase schemes

32,000

24,000

52,352

37,440

In respect of the highest paid director:

2024
£

2023
£

Remuneration

10,176

6,720

Dividends paid to directors

2024
£

2023
£

Mr Alan Brown

Dividend

30,000

43,000

 

 

Mrs Karen Brown

Dividend

30,000

43,000