Company Registration No. 07428634 (England and Wales)
CLASSIC GRAND TOURING LIMITED
ANNUAL REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
CLASSIC GRAND TOURING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
CLASSIC GRAND TOURING LIMITED
BALANCE SHEET
AS AT
31 MAY 2024
31 May 2024
- 1 -
2024
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
-
0
-
0
Tangible assets
5
1,244
73
Current assets
Debtors
6
354,168
291,246
Cash at bank and in hand
402,282
208,823
756,450
500,069
Creditors: amounts falling due within one year
7
(605,409)
(335,531)
Net current assets
151,041
164,538
Total assets less current liabilities
152,285
164,611
Creditors: amounts falling due after more than one year
8
(97,435)
(119,208)
Provisions for liabilities
(236)
(14)
Net assets
54,614
45,389
Capital and reserves
Called up share capital
30,000
30,000
Profit and loss reserves
24,614
15,389
Total equity
54,614
45,389
CLASSIC GRAND TOURING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MAY 2024
31 May 2024
- 2 -

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

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

The directors acknowledge their 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 period 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.

The financial statements were approved by the Board of Directors and authorised for issue on 22 October 2024 and are signed on its behalf by:
M Overington
M Woolley
Director
Director
Company Registration No. 07428634
CLASSIC GRAND TOURING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MAY 2024
- 3 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 December 2021
30,000
(136,670)
(106,670)
Period ended 30 November 2022:
Profit and total comprehensive income
-
152,059
152,059
Balance at 30 November 2022
30,000
15,389
45,389
Period ended 31 May 2024:
Profit and total comprehensive income
-
9,225
9,225
Balance at 31 May 2024
30,000
24,614
54,614
CLASSIC GRAND TOURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024
- 4 -
1
Accounting policies
Company information

Classic Grand Touring Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1 Heyworth Business Park, Old Portsmouth Road, Peasmarsh, Guildford, Surrey, GU3 1AF.

1.1
Reporting period

During the period, the year end was extended from 30 November to 31 May, and these financial statements have been drawn up for the period 01 December 2022 to 31 May 2024 and as such the results are not entirely comparable.

1.2
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.

1.3
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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from the provision of services is recognised on the completion of the services.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its useful life.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.5
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.

CLASSIC GRAND TOURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 5 -

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:

Plant and machinery
33% straight line on cost
Fixtures, fittings & equipment
33% straight line on cost
Computer equipment
33% straight line on cost

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.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
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.

1.8
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.

CLASSIC GRAND TOURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 6 -
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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
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 tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.11
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.

CLASSIC GRAND TOURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 7 -
1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

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

2024
2022
Number
Number
Total
2
-
0
4
Intangible fixed assets
Goodwill
£
Cost
At 1 December 2022 and 31 May 2024
70,000
Amortisation and impairment
At 1 December 2022 and 31 May 2024
70,000
Carrying amount
At 31 May 2024
-
0
At 30 November 2022
-
0
CLASSIC GRAND TOURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024
- 8 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2022
3,696
Additions
1,564
Disposals
(870)
At 31 May 2024
4,390
Depreciation and impairment
At 1 December 2022
3,623
Depreciation charged in the period
394
Eliminated in respect of disposals
(871)
At 31 May 2024
3,146
Carrying amount
At 31 May 2024
1,244
At 30 November 2022
73
6
Debtors
2024
2022
Amounts falling due within one year:
£
£
Trade debtors
49,570
70,129
Other debtors
304,598
221,117
354,168
291,246

Included within Trade Debtors is £15,997 (2023: £903) owed by the Directors for sales made at arms length, which has been repaid since the period end.

7
Creditors: amounts falling due within one year
2024
2022
£
£
Bank loans
10,077
9,706
Trade creditors
55,658
115,137
Corporation tax
2,100
7,525
Other taxation and social security
3,156
1,434
Other creditors
534,418
201,729
605,409
335,531
CLASSIC GRAND TOURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024
- 9 -
8
Creditors: amounts falling due after more than one year
2024
2022
£
£
Bank loans and overdrafts
17,365
32,387
Other creditors
80,070
86,821
97,435
119,208

The bank loan is a Bounce Back Loan of £32,387 (2021: £41,667), received in February 2021. The loan is for 6 years and has an interest rate of 2.5% per annum, with an interest free period for the first 12 months. Repayments of the Bounce Back Loan began in February 2022.

9
Related party transactions
Transactions with related parties

During the period the company entered into the following transactions with related parties:

Sales
Sales
2024
2022
£
£
Key management personnel
15,997
16,608

The following amounts were outstanding at the reporting end date:

2024
2022
Amounts due from related parties
£
£
Key management personnel
15,997
903
Other information

Stenball Holdings Limited, a related party by way of M Overington's and R Spencer's ownership and directorships, has made an interest bearing loan, such loan bearing interest at 3% per annum above Bank of England base rate p.a. At the year end the balance was £80,070 (2022: £86,621).

10
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
M Overington -
-
-
21,459
21,459
M Woolley -
-
-
471
471
-
21,930
21,930
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