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Registered Number: 03212411
England and Wales

 

 

 


Unaudited Financial Statements

for the year ended 31 January 2024

for

CRESTA CARS LIMITED

 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 4 928,463    1,011,822 
928,463    1,011,822 
Current assets      
Stocks 5 11,250    11,250 
Debtors 6 67,035    91,164 
Cash at bank and in hand 41,793    18,514 
120,078    120,928 
Creditors: amount falling due within one year (600,993)   (554,669)
Net current assets (480,915)   (433,741)
 
Total assets less current liabilities 447,548    578,081 
Creditors: amount falling due after more than one year (203,106)   (449,682)
Provisions for liabilities 7 (111,384)   (84,640)
Net assets 133,058    43,759 
 

Capital and reserves
     
Called up share capital 2    2 
Profit and loss account 133,056    43,757 
Shareholders' funds 133,058    43,759 
 


For the 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.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 25 October 2024 and were signed on its behalf by:


-------------------------------
Ian Williams
Director
1
General Information
Cresta Cars Limited is a private company, limited by shares, registered in England and Wales, registration number 03212411, registration address Unit 6, Litchard Industrial Estate, Bridgend, Mid Glamorgan, CF31 2AL.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
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 companys 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.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants received towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
Operating lease rentals
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the profit and loss account on a straight line basis.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Land and Buildings 10-50 years
Plant and Machinery 20%
Assets on finance lease and hire purchase
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.
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
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.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 22 (2023 : 23).
3.

Financial Commitments, Guarantees and Contingencies

The total amount of financial commitments not included in the balance sheet is £121,907 (2023 - £160,675).

4.

Tangible fixed assets

Cost or valuation Land and buildings   Plant and machinery etc   Total
  £   £   £
At 01 February 2023 169,076    1,958,406    2,127,482 
Additions 17,349    1,807    19,156 
Disposals   (78,350)   (78,350)
At 31 January 2024 186,425    1,881,863    2,068,288 
Depreciation
At 01 February 2023 49,022    1,066,638    1,115,660 
Charge for year 2,217    64,360    66,577 
On disposals   (42,412)   (42,412)
At 31 January 2024 51,239    1,088,586    1,139,825 
Net book values
Closing balance as at 31 January 2024 135,186    793,277    928,463 
Opening balance as at 01 February 2023 120,054    891,768    1,011,822 


5.

Stocks

2024
£
  2023
£
Stocks 11,250    11,250 
11,250    11,250 

6.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 63,027    88,400 
Other Debtors 4,008    2,764 
67,035    91,164 

7.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax 84,640    45,682 
Charged to Profit & Loss 26,744    38,958 
111,384    84,640 

2