Registered number
07279804
Car Electrical (UK) Limited
Filleted Accounts
31 January 2024
Car Electrical (UK) Limited
Registered number: 07279804
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 6,825 10,061
Current assets
Stocks 39,936 40,470
Debtors 5 26,027 22,410
Cash at bank and in hand 153,769 128,857
219,732 191,737
Creditors: amounts falling due within one year 6 (145,159) (128,048)
Net current assets 74,573 63,689
Total assets less current liabilities 81,398 73,750
Creditors: amounts falling due after more than one year 7 (14,239) (24,264)
Provisions for liabilities (1,018) (1,911)
Net assets 66,141 47,575
Capital and reserves
Called up share capital 480 480
Profit and loss account 65,661 47,095
Shareholder's funds 66,141 47,575
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr T Robson
Director
Approved by the board on 7 October 2024
Car Electrical (UK) Limited
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
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).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Furniture and fixtures over 5 years
Plant, machinery and equipment over 2 to 4 years
Motor vehicles over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 4
3 Intangible fixed assets £
Goodwill:
Cost
At 1 February 2023 80,000
At 31 January 2024 80,000
Amortisation
At 1 February 2023 80,000
At 31 January 2024 80,000
Net book value
At 31 January 2024 -
Goodwill has been wrote off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 February 2023 8,062 22,210 41,018 71,290
Additions 1,569 - - 1,569
At 31 January 2024 9,631 22,210 41,018 72,859
Depreciation
At 1 February 2023 7,041 17,167 37,021 61,229
Charge for the year 465 1,942 2,398 4,805
At 31 January 2024 7,506 19,109 39,419 66,034
Net book value
At 31 January 2024 2,125 3,101 1,599 6,825
At 31 January 2023 1,021 5,043 3,997 10,061
5 Debtors 2024 2023
£ £
Trade debtors 12,972 15,800
Other debtors 13,055 6,610
26,027 22,410
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 18,215 13,558
Trade creditors 13,659 14,994
Directors loan accounts 64,756 63,226
Accruals 1,342 700
Taxation and social security costs 47,187 35,570
145,159 128,048
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 14,239 24,264
8 Other information
Car Electrical (UK) Limited is a private company limited by shares and incorporated in England. Its registered office is:
5 Maxwell Street
South Shields
Tyne and Wear
NE33 4PU
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