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Registration number: 04135507

Clark and Carter Restorations Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Clark and Carter Restorations Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Clark and Carter Restorations Limited

Company Information

Directors

S Clark

S S Clark

J L Clark

Company secretary

H R Clark

Registered office

Shardloes Business Park
Church Road
Cressing
Braintree
Essex
CM77 8PN

Bankers

Lloyds Bank
77-81 High Street
Chelmsford
Essex
CM1 1JS

Accountants

Lambert Chapman LLP
Chartered accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

Clark and Carter Restorations Limited

(Registration number: 04135507)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

327,223

398,354

Current assets

 

Stocks

5

230,794

149,601

Debtors

6

239,725

401,392

Cash at bank and in hand

 

1,310,380

547,663

 

1,780,899

1,098,656

Creditors: Amounts falling due within one year

7

(975,946)

(294,198)

Net current assets

 

804,953

804,458

Total assets less current liabilities

 

1,132,176

1,202,812

Creditors: Amounts falling due after more than one year

7

(8,814)

(25,715)

Provisions for liabilities

3,304

(2,884)

Net assets

 

1,126,666

1,174,213

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

1,126,566

1,174,113

Shareholders' funds

 

1,126,666

1,174,213

For the financial year ended 30 April 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 25 October 2024 and signed on its behalf by:
 

S Clark
Director

 

Clark and Carter Restorations Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office and principle place of business is: Shardloes Business Park, Church Road, Cressing, Braintree, Essex, CM77 8PN.

These financial statements were authorised for issue by the Board on 25 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.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of car restoration services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

Government grants

Government grants have been recognised within the profit and loss account for the accounting period they relate to.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

Current 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.

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.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 

Clark and Carter Restorations Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Improvements to property

15% Straight line

Office equipment, Fixtures & fittings

20% Reducing balance

Plant and machinery

20% Reducing balance

Motor vehicles

25% Reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for car restoration services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

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.

 

Clark and Carter Restorations Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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.

Long term employee benefits

The holiday pay year for Clark and Carter Restorations Limited ends at 31 December 2023.

Any unused holiday can be carried forward at the discretion of the directors. The cost of any unused entitlement is recognised in the period in which the employee's services are received.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 30 (2023 - 29).

4

Tangible assets

Land and buildings, Improvements to property
£

Office equipment, Fixtures & fittings
 £

Motor vehicles
 £

Plant & machinery
£

Total
£

Cost or valuation

At 1 May 2023

91,415

22,380

313,000

369,354

796,149

Additions

-

2,548

-

12,247

14,795

At 30 April 2024

91,415

24,928

313,000

381,601

810,944

Depreciation

At 1 May 2023

-

14,306

104,542

278,946

397,794

Charge for the year

13,712

1,929

52,114

18,172

85,927

At 30 April 2024

13,712

16,235

156,656

297,118

483,721

Carrying amount

At 30 April 2024

77,703

8,693

156,344

84,483

327,223

At 30 April 2023

90,964

8,074

208,458

90,858

398,354

Included within the net book value of land and buildings above is £82,569 (2023 - £82,569) in respect of freehold land and buildings.
 

 

Clark and Carter Restorations Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

5

Stocks

2024
£

2023
£

Stock

230,794

149,601

6

Debtors

2024
£

2023
£

Trade debtors

177,843

305,582

Other debtors

-

57,462

Prepayments

61,882

38,348

239,725

401,392

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

16,901

17,928

Trade creditors

 

750,982

97,738

Taxation and social security

 

131,181

146,319

Other creditors

 

60,216

17,016

Accruals and deferred income

 

16,666

15,197

 

975,946

294,198

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £16,901 (2023 - £15,931).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

8,814

25,715


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £8,814 (2023 - £25,715).

 

Clark and Carter Restorations Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

       

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

-

1,997

Hire purchase contracts

16,901

15,931

16,901

17,928

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

8,814

25,715