Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Mr C Bunter Mr P Powell 21 October 2024 The principal activity of the company during the financial year was the sale of used motor vehicles. 06943898 2024-03-31 06943898 2023-03-31 06943898 core:CurrentFinancialInstruments 2024-03-31 06943898 core:CurrentFinancialInstruments 2023-03-31 06943898 core:Non-currentFinancialInstruments 2024-03-31 06943898 core:Non-currentFinancialInstruments 2023-03-31 06943898 core:ShareCapital 2024-03-31 06943898 core:ShareCapital 2023-03-31 06943898 core:RetainedEarningsAccumulatedLosses 2024-03-31 06943898 core:RetainedEarningsAccumulatedLosses 2023-03-31 06943898 core:LeaseholdImprovements 2023-03-31 06943898 core:PlantMachinery 2023-03-31 06943898 core:FurnitureFittings 2023-03-31 06943898 core:LeaseholdImprovements 2024-03-31 06943898 core:PlantMachinery 2024-03-31 06943898 core:FurnitureFittings 2024-03-31 06943898 2023-04-01 2024-03-31 06943898 bus:FilletedAccounts 2023-04-01 2024-03-31 06943898 bus:SmallEntities 2023-04-01 2024-03-31 06943898 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 06943898 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06943898 bus:Director1 2023-04-01 2024-03-31 06943898 bus:Director2 2023-04-01 2024-03-31 06943898 core:LeaseholdImprovements core:TopRangeValue 2023-04-01 2024-03-31 06943898 core:PlantMachinery 2023-04-01 2024-03-31 06943898 core:FurnitureFittings 2023-04-01 2024-03-31 06943898 2022-04-01 2023-03-31 06943898 core:LeaseholdImprovements 2023-04-01 2024-03-31 06943898 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Company No: 06943898 (England and Wales)

L OF A CAR LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

L OF A CAR LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

L OF A CAR LIMITED

BALANCE SHEET

As at 31 March 2024
L OF A CAR LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 913 1,019
913 1,019
Current assets
Stocks 4 104,449 95,063
Debtors 5 55,005 29,783
Cash at bank and in hand 24,148 57,162
183,602 182,008
Creditors: amounts falling due within one year 6 ( 65,144) ( 61,644)
Net current assets 118,458 120,364
Total assets less current liabilities 119,371 121,383
Creditors: amounts falling due after more than one year 7 ( 28,626) ( 23,667)
Net assets 90,745 97,716
Capital and reserves
Called-up share capital 100 100
Profit and loss account 90,645 97,616
Total shareholders' funds 90,745 97,716

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 financial statements of L Of A Car Limited (registered number: 06943898) were approved and authorised for issue by the Board of Directors on 21 October 2024. They were signed on its behalf by:

Mr C Bunter
Director
Mr P Powell
Director
L OF A CAR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
L OF A CAR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

L Of A Car Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 41 Weymouth Avenue, Dorchester, DT1 2RY, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 20 years straight line
Plant and machinery 25 % reducing balance
Fixtures and fittings 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Fixtures and fittings Total
£ £ £ £
Cost
At 01 April 2023 1,180 1,294 706 3,180
At 31 March 2024 1,180 1,294 706 3,180
Accumulated depreciation
At 01 April 2023 413 1,206 542 2,161
Charge for the financial year 59 22 25 106
At 31 March 2024 472 1,228 567 2,267
Net book value
At 31 March 2024 708 66 139 913
At 31 March 2023 767 88 164 1,019

4. Stocks

2024 2023
£ £
Stocks 104,449 95,063

5. Debtors

2024 2023
£ £
Trade debtors 21,495 15,653
Other debtors 33,510 14,130
55,005 29,783

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 6,316 8,833
Trade creditors 2,393 3,835
Taxation and social security 22,739 44,187
Obligations under finance leases and hire purchase contracts 3,287 0
Other creditors 30,409 4,789
65,144 61,644

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 13,150 23,667
Obligations under finance leases and hire purchase contracts 15,476 0
28,626 23,667

There are no amounts included above in respect of which any security has been given by the small entity.

8. Related party transactions

At 1 April 2023, the balance owed to Mr C Bunter was £618. During the year, £13,424 was advanced and £39,792 was repaid by the Director. At 31 March 2024, the balance owed to Mr C Bunter was £26,986.

At 1 April 2023, the balance owed to Mr P Powell was £1,410. During the year, £15,358 was advanced and £14,492 was repaid by the Director. At 31 March 2024, the balance owed to Mr P Powell was £544.