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Registered number: 10039678
Oily Rag Classics Ltd
Director's Report and
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Company Information 1
Director's Report 2
Profit and Loss Account 3
Balance Sheet 4—5
Statement of Changes in Equity 6
Notes to the Financial Statements 7—10
Page 1
Company Information
Director Mr David Pearce
Secretary Mrs Susan Pearce
Company Number 10039678
Registered Office Chapel Barn
Shop
Bude
Cornwall
EX23 9SQ
Business Chapel Barn
Shop
Bude
Cornwall
EX23 9SQ
Page 1
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Director's Report
The director presents his report and the financial statements for the year ended 31 March 2024.
Principal Activity
The company's principal activity continues to be that of restoration of classic cars and sale of automobilia.
Directors
The director who held office during the year were as follows:
Mr David Pearce
Statement of Director's Responsibilities
The director is responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the director is required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Small Company Rules
This report has 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.
On behalf of the board
Mr David Pearce
Director
7th October 2024
Page 2
Page 3
Profit and Loss Account
2024 2023
Notes £ £
TURNOVER 84,971 128,193
Cost of sales (38,632 ) (84,896 )
GROSS PROFIT 46,339 43,297
Administrative expenses (32,405 ) (28,581 )
OPERATING PROFIT AND PROFIT BEFORE TAXATION 13,934 14,716
Tax on Profit 5 (2,647 ) (2,796 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 11,287 11,920
The notes on pages 7 to 10 form part of these financial statements.
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Page 4
Balance Sheet
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 6 3,610 3,842
3,610 3,842
CURRENT ASSETS
Stocks 7 8,705 8,810
Debtors 8 1,121 5,665
Cash at bank and in hand 5,818 3,226
15,644 17,701
Creditors: Amounts Falling Due Within One Year 9 (3,458 ) (4,990 )
NET CURRENT ASSETS (LIABILITIES) 12,186 12,711
TOTAL ASSETS LESS CURRENT LIABILITIES 15,796 16,553
PROVISIONS FOR LIABILITIES
Deferred Taxation 10 (888 ) (932 )
NET ASSETS 14,908 15,621
CAPITAL AND RESERVES
Called up share capital 12 2 2
Profit and Loss Account 14,906 15,619
SHAREHOLDERS' FUNDS 14,908 15,621
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For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
On behalf of the board
Mr David Pearce
Director
7th October 2024
The notes on pages 7 to 10 form part of these financial statements.
Page 5
Page 6
Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 April 2022 2 21,699 21,701
Profit for the year and total comprehensive income - 11,920 11,920
Dividends paid - (18,000) (18,000)
As at 31 March 2023 and 1 April 2023 2 15,619 15,621
Profit for the year and total comprehensive income - 11,287 11,287
Dividends paid - (12,000) (12,000)
As at 31 March 2024 2 14,906 14,908
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Notes to the Financial Statements
1. General Information
Oily Rag Classics Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10039678 . The registered office is Chapel Barn, Shop, Bude, Cornwall, EX23 9SQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25%
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2.6. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 1 1
Manufacturing 1 1
2 2
4. Director's remuneration
2024 2023
£ £
Emoluments 12,576 11,901
12,576 11,901
5. Tax on Profit
Tax Rate 2024 2023
2024 2023 £ £
Current tax
UK Corporation Tax 19.0% 19.0% 2,691 2,742
Deferred Tax
Deferred taxation (44 ) 54
Total tax charge for the period 2,647 2,796
2024 2023
£ £
Profit before tax 13,934 14,716
Breakdown of tax charge is:
Tax on profit at 19% (UK standard rate) 2,647 2,796
Goodwill/depreciation not allowed for tax 229 243
Capital allowances (185 ) (297 )
Short term timing differences (44 ) 54
Total tax charge for the period 2,647 2,796
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6. Tangible Assets
Plant & Machinery
£
Cost
As at 1 April 2023 8,647
Additions 971
As at 31 March 2024 9,618
Depreciation
As at 1 April 2023 4,805
Provided during the period 1,203
As at 31 March 2024 6,008
Net Book Value
As at 31 March 2024 3,610
As at 1 April 2023 3,842
7. Stocks
2024 2023
£ £
Finished goods 8,705 8,810
8. Debtors
2024 2023
£ £
Due within one year
Trade debtors - 4,773
Prepayments and accrued income 1,121 892
1,121 5,665
9. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts - 1,556
Corporation tax 2,691 2,742
Social security PAYE (Current liabilities - creditors < 1 year) 688 669
Social security NI (Current liabilities - creditors < 1 year) 1 -
Director's loan account 78 23
3,458 4,990
10. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 888 932
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11. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 April 2023 932 932
Deferred taxation (44 ) (44 )
Balance at 31 March 2024 888 888
12. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
13. Ultimate Controlling Party
The company's ultimate controlling party is Mr & Mrs D P Pearce by virtue of each having ownership of 50% of the issued share capital in the company.
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