Registered number
12135162
AA PRESTIGE CARS LTD
Filleted Accounts
31 August 2023
AA PRESTIGE CARS LTD
Registered number: 12135162
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 7,719 10,292
Current assets
Stocks 1,176,945 710,000
Debtors 4 107,761 60,210
Cash at bank and in hand 83,549 61,615
1,368,255 831,825
Creditors: amounts falling due within one year 5 (724,294) (413,502)
Net current assets 643,961 418,323
Total assets less current liabilities 651,680 428,615
Creditors: amounts falling due after more than one year 6 (348,384) (233,550)
Net assets 303,296 195,065
Capital and reserves
Called up share capital 100 100
Profit and loss account 303,196 194,965
Shareholder's funds 303,296 195,065
The director is 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 director acknowledges his 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.
Nawzad Omar Farhad
Director
Approved by the board on 12 November 2024
AA PRESTIGE CARS LTD
Notes to the Accounts
for the year ended 31 August 2023
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.
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:
Fixtures and fittings 25% on reducing balance
Computer equipments 25% on reducing balance
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 7
3 Tangible fixed assets
Fixtures and fittings Computer equipments Total
£ £ £
Cost
At 1 September 2022 10,000 13,297 23,297
At 31 August 2023 10,000 13,297 23,297
Depreciation
At 1 September 2022 5,781 7,224 13,005
Charge for the year 1,055 1,518 2,573
At 31 August 2023 6,836 8,742 15,578
Net book value
At 31 August 2023 3,164 4,555 7,719
At 31 August 2022 4,219 6,073 10,292
4 Debtors 2023 2022
£ £
Other debtors 107,761 60,210
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 358,301 167,810
Taxation and social security costs 72,636 98,411
Other creditors 293,357 147,281
724,294 413,502
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 47,306 50,000
Other creditors 301,078 183,550
348,384 233,550
7 Other information
AA PRESTIGE CARS LTD is a private company limited by shares and incorporated in England. Its registered office is:
The Green, Datchet
Slough
England
SL3 9AR
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