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Registered Number: 05230081
England and Wales

 

 

 

A 2 B EURO CARS LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 December 2022

End date: 30 November 2023
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Intangible fixed assets 3 43,750    50,000 
Tangible fixed assets 4 1,509,871    1,477,055 
1,553,621    1,527,055 
Current assets      
Debtors: amounts falling due within one year 5 490,924    257,044 
Debtors: amounts falling due after one year 6 35,398    7,743 
Cash at bank and in hand 849,724    647,449 
1,376,046    912,236 
Creditors: amount falling due within one year 7 (1,367,574)   (1,107,217)
Net current assets 8,472    (194,981)
 
Total assets less current liabilities 1,562,093    1,332,074 
Creditors: amount falling due after more than one year 8 (191,089)   (222,140)
Net assets 1,371,004    1,109,934 
 

Capital and reserves
     
Called up share capital 9 4    4 
Profit and loss account 1,371,000    1,109,930 
Shareholders' funds 1,371,004    1,109,934 
 


For the year ended 30 November 2023 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 income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 24 October 2024 and were signed on its behalf by:


-------------------------------
Khalid Farooq
Director
1
  Equity share capital   Retained Earnings   Total
£ £ £
At 01 December 2021 4  878,891  878,895 
Profit for the year 298,599  298,599 
Total comprehensive income for the year 298,599  298,599 
Dividends (67,560) (67,560)
Total investments by and distributions to owners (67,560) (67,560)
At 30 November 2022 4  1,109,930  1,109,934 
At 01 December 2022 4  1,109,930  1,109,934 
Profit for the year 328,630  328,630 
Total comprehensive income for the year 328,630  328,630 
Dividends (67,560) (67,560)
Total investments by and distributions to owners (67,560) (67,560)
At 30 November 2023 4  1,371,000  1,371,004 
2
General Information
A 2 B EURO CARS LIMITED is a private company, limited by shares, registered in England and Wales, registration number 05230081, registration address 62 Westgate, Peterborough, PE11RG.

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)
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
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.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of years.
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 0% Straight Line
Plant and Machinery 20% Reducing Balance
Motor Vehicles 20% Reducing Balance
Fixtures and Fittings 20% Reducing Balance
Computer Equipment 20% Straight Line
2.

Average number of employees

Average number of employees during the year was 16 (2022 : 15).
3.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 December 2022 62,500    62,500 
Additions  
Disposals  
At 30 November 2023 62,500    62,500 
Amortisation
At 01 December 2022 12,500    12,500 
Charge for year 6,250    6,250 
On disposals  
At 30 November 2023 18,750    18,750 
Net book values
At 30 November 2023 43,750    43,750 
At 30 November 2022 50,000    50,000 


4.

Tangible fixed assets

Cost or valuation Land and Buildings   Plant and Machinery   Motor Vehicles   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £   £   £
At 01 December 2022 890,564    137,741    1,103,105    4,820    141,267    2,277,497 
Additions   1,350    285,383      666    287,399 
Disposals     (138,818)       (138,818)
At 30 November 2023 890,564    139,091    1,249,670    4,820    141,933    2,426,078 
Depreciation
At 01 December 2022   104,471    556,774    4,448    134,749    800,442 
Charge for year   6,924    139,845    75    968    147,812 
On disposals     (32,047)       (32,047)
At 30 November 2023   111,395    664,572    4,523    135,717    916,207 
Net book values
Closing balance as at 30 November 2023 890,564    27,696    585,098    297    6,216    1,509,871 
Opening balance as at 01 December 2022 890,564    33,270    546,331    372    6,518    1,477,055 


5.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 485,319    245,220 
Other Debtors 5,605    11,824 
490,924    257,044 

6.

Debtors: amounts falling due after one year

2023
£
  2022
£
Deferred Tax 35,398    7,743 
35,398    7,743 

7.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 977    965 
Bounce Back Loan 10,000    10,000 
Corporation Tax 81,758    71,718 
PAYE & Social Security 2,105    2,471 
Accrued Expenses   105,666 
Other Creditors 817,319    690,510 
Directors' Current Accounts 357,234    181,494 
VAT 98,181    44,393 
1,367,574    1,107,217 

8.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Bounce Back Loan 16,667    26,667 
Mortgage Loans 174,422    195,473 
191,089    222,140 

9.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
4 Odrinary shares of £1.00 each  
 

3