Acorah Software Products - Accounts Production 16.0.110 false true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 08446169 X Molenaar iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 08446169 2023-03-31 08446169 2024-03-31 08446169 2023-04-01 2024-03-31 08446169 frs-core:CurrentFinancialInstruments 2024-03-31 08446169 frs-core:ShareCapital 2024-03-31 08446169 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 08446169 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 08446169 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 08446169 frs-bus:SmallEntities 2023-04-01 2024-03-31 08446169 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 08446169 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 08446169 frs-bus:Director1 2023-04-01 2024-03-31 08446169 frs-bus:Director1 2023-03-31 08446169 frs-bus:Director1 2024-03-31 08446169 frs-countries:EnglandWales 2023-04-01 2024-03-31 08446169 2022-03-31 08446169 2023-03-31 08446169 2022-04-01 2023-03-31 08446169 frs-core:CurrentFinancialInstruments 2023-03-31 08446169 frs-core:ShareCapital 2023-03-31 08446169 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31
Registered number: 08446169
XO Classic Cars Limited
Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Statement of Financial Position 1
Notes to the Financial Statements 2—3
Page 1
Statement of Financial Position
Registered number: 08446169
2024 2023
Notes £ £ £ £
CURRENT ASSETS
Stocks 4 47,081 38,567
Debtors 5 70,584 36,864
Cash at bank and in hand 4,488 2,231
122,153 77,662
Creditors: Amounts Falling Due Within One Year 6 (114,407 ) (71,487 )
NET CURRENT ASSETS (LIABILITIES) 7,746 6,175
TOTAL ASSETS LESS CURRENT LIABILITIES 7,746 6,175
NET ASSETS 7,746 6,175
CAPITAL AND RESERVES
Called up share capital 7 1 1
Income Statement 7,745 6,174
SHAREHOLDERS' FUNDS 7,746 6,175
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
X Molenaar
Director
22 August 2024
The notes on pages 2 to 3 form part of these financial statements.
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Page 2
Notes to the Financial Statements
1. General Information
XO Classic Cars Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08446169 . The registered office is Office 43, The Cobalt Building, 1600 Eureka Park, Lower Pemberton, Ashford, Kent, TN25 4BF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.3. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.4. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
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4. Stocks
2024 2023
£ £
Stock 47,081 38,567
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 70,584 23,128
Other debtors - 13,736
70,584 36,864
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 55,642 13,343
Other creditors 58,664 58,144
Taxation and social security 101 -
114,407 71,487
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
8. Directors Advances, Credits and Guarantees
Included within creditors are the following loans from directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Xavier Molenaar (56,844 ) - (520 ) - (57,364 )
The above loan is unsecured, interest free and repayable on demand.
9. Related Party Transactions
During the year XO Classic Cars Limited sold a vehicle Austin-Healey 100/4 to a Belgium company Oldtimerfarm Bvba for £70,584. At the year end the amount due to XO Classic Cars Limited from Oldtimerfarm Bvba stood at £70,584 (2022: £23,128). 
During the year XO Classic Cars Limited bought a Ford Mustang Covertible for £47,081 and purchased parts/labour in relation to the sold Austin-Healey for £8,560 - both from Oldtimerfarm Bvba. At the year end the amount due to Oldtimerfarm Bvba stood at £55,641 (2022: £13,343). 
Mr X Molenaar is the director of both XO Classic Cars Limited and Oldtimerfarm Bvba. 
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