Company registration number 08951603 (England and Wales)
CAR-CHING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
CAR-CHING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
CAR-CHING LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
39,307
50,310
Current assets
Stocks
129,133
209,258
Debtors
4
265,554
260,712
Cash at bank and in hand
72,131
90,895
466,818
560,865
Creditors: amounts falling due within one year
5
(109,023)
(236,985)
Net current assets
357,795
323,880
Total assets less current liabilities
397,102
374,190
Creditors: amounts falling due after more than one year
6
(30,326)
(35,978)
Provisions for liabilities
(9,827)
(12,578)
Net assets
356,949
325,634
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
356,947
325,632
Total equity
356,949
325,634

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

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

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

CAR-CHING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 29 October 2024
J Miller
Director
Company registration number 08951603 (England and Wales)
CAR-CHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information

Car-Ching Limited is a private company limited by shares incorporated in England and Wales. The registered office is 33 Station Road, Stannington, Morpeth, Northumberland, NE61 6DX.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable for sales of motor vehicles net of VAT and trade discounts. Turnover is attributable to the continuing principal activity of the company and arose wholly within the United Kingdom.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
25% reducing balance
Computer equipment
25% reducing balance
Motor vehicles
25% reducing balance

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.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

CAR-CHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted. Deferred tax assets are only recognised to the extent that they are regarded as recoverable.

CAR-CHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 5 -
1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received if considered material to the financial statements.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
5
5
3
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 February 2023
4,910
17,471
74,868
97,249
Additions
-
0
1,749
-
0
1,749
At 31 January 2024
4,910
19,220
74,868
98,998
Depreciation and impairment
At 1 February 2023
4,406
15,370
27,163
46,939
Depreciation charged in the year
125
701
11,926
12,752
At 31 January 2024
4,531
16,071
39,089
59,691
Carrying amount
At 31 January 2024
379
3,149
35,779
39,307
At 31 January 2023
504
2,101
47,705
50,310
CAR-CHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
37,130
51,755
Other debtors
226,727
205,508
Prepayments and accrued income
1,697
3,449
265,554
260,712
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
6,251
5,608
Trade creditors
7,357
44,565
Amounts owed to group undertakings
-
0
79,569
Corporation tax
12,428
22,409
Other taxation and social security
17,314
17,524
Other creditors
65,673
67,310
109,023
236,985

.

6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
30,326
35,978
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
-
13,085
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
200
200
2
2
8
Financial commitments, guarantees and contingent liabilities

The company holds an unlimited cross guarantee with Overdrive (North East) Limited, to secure the liabilities of each company. No liability is expected to arise as a result of this guarantee.

CAR-CHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
9
Related party transactions

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Owners holding a participating interest
-
79,569

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
11,681
-
10
Parent company

The immediate and ultimate parent undertaking is Overdrive (North East) Limited, a company incorporated in England and Wales. The registered office of the parent company is 33 Station Road, Stannington, Morpeth, Northumberland, NE61 6DX.

2024-01-312023-02-01false30 October 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityJ Millerfalsefalse089516032023-02-012024-01-31089516032024-01-31089516032023-01-3108951603core:FurnitureFittings2024-01-3108951603core:ComputerEquipment2024-01-3108951603core:MotorVehicles2024-01-3108951603core:FurnitureFittings2023-01-3108951603core:ComputerEquipment2023-01-3108951603core:MotorVehicles2023-01-3108951603core:CurrentFinancialInstrumentscore:WithinOneYear2024-01-3108951603core:CurrentFinancialInstrumentscore:WithinOneYear2023-01-3108951603core:Non-currentFinancialInstrumentscore:AfterOneYear2024-01-3108951603core:Non-currentFinancialInstrumentscore:AfterOneYear2023-01-3108951603core:CurrentFinancialInstruments2024-01-3108951603core:CurrentFinancialInstruments2023-01-3108951603core:ShareCapital2024-01-3108951603core:ShareCapital2023-01-3108951603core:RetainedEarningsAccumulatedLosses2024-01-3108951603core:RetainedEarningsAccumulatedLosses2023-01-3108951603bus:Director12023-02-012024-01-3108951603core:FurnitureFittings2023-02-012024-01-3108951603core:ComputerEquipment2023-02-012024-01-3108951603core:MotorVehicles2023-02-012024-01-31089516032022-02-012023-01-3108951603core:FurnitureFittings2023-01-3108951603core:ComputerEquipment2023-01-3108951603core:MotorVehicles2023-01-31089516032023-01-3108951603core:Non-currentFinancialInstruments2024-01-3108951603core:Non-currentFinancialInstruments2023-01-3108951603bus:PrivateLimitedCompanyLtd2023-02-012024-01-3108951603bus:SmallCompaniesRegimeForAccounts2023-02-012024-01-3108951603bus:FRS1022023-02-012024-01-3108951603bus:AuditExemptWithAccountantsReport2023-02-012024-01-3108951603bus:FullAccounts2023-02-012024-01-31xbrli:purexbrli:sharesiso4217:GBP