Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31true2023-04-01falseNo description of principal activity1114trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 05056776 2023-04-01 2024-03-31 05056776 2022-04-01 2023-03-31 05056776 2024-03-31 05056776 2023-03-31 05056776 c:Director1 2023-04-01 2024-03-31 05056776 d:PlantMachinery 2023-04-01 2024-03-31 05056776 d:PlantMachinery 2024-03-31 05056776 d:PlantMachinery 2023-03-31 05056776 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 05056776 d:MotorVehicles 2023-04-01 2024-03-31 05056776 d:MotorVehicles 2024-03-31 05056776 d:MotorVehicles 2023-03-31 05056776 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 05056776 d:FurnitureFittings 2023-04-01 2024-03-31 05056776 d:FurnitureFittings 2024-03-31 05056776 d:FurnitureFittings 2023-03-31 05056776 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 05056776 d:OfficeEquipment 2023-04-01 2024-03-31 05056776 d:OfficeEquipment 2024-03-31 05056776 d:OfficeEquipment 2023-03-31 05056776 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 05056776 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 05056776 d:Goodwill 2023-04-01 2024-03-31 05056776 d:Goodwill 2024-03-31 05056776 d:Goodwill 2023-03-31 05056776 d:CurrentFinancialInstruments 2024-03-31 05056776 d:CurrentFinancialInstruments 2023-03-31 05056776 d:Non-currentFinancialInstruments 2024-03-31 05056776 d:Non-currentFinancialInstruments 2023-03-31 05056776 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 05056776 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 05056776 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 05056776 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 05056776 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-03-31 05056776 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 05056776 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-03-31 05056776 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 05056776 d:ShareCapital 2024-03-31 05056776 d:ShareCapital 2023-03-31 05056776 d:SharePremium 2023-04-01 2024-03-31 05056776 d:SharePremium 2024-03-31 05056776 d:SharePremium 2023-03-31 05056776 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 05056776 d:RetainedEarningsAccumulatedLosses 2024-03-31 05056776 d:RetainedEarningsAccumulatedLosses 2023-03-31 05056776 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-03-31 05056776 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-03-31 05056776 c:OrdinaryShareClass1 2023-04-01 2024-03-31 05056776 c:OrdinaryShareClass1 2024-03-31 05056776 c:OrdinaryShareClass1 2023-03-31 05056776 c:FRS102 2023-04-01 2024-03-31 05056776 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 05056776 c:FullAccounts 2023-04-01 2024-03-31 05056776 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05056776 d:HirePurchaseContracts d:WithinOneYear 2024-03-31 05056776 d:HirePurchaseContracts d:WithinOneYear 2023-03-31 05056776 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-03-31 05056776 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-03-31 05056776 2 2023-04-01 2024-03-31 05056776 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2024-03-31 05056776 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-03-31 05056776 d:LeasedAssetsHeldAsLessee 2024-03-31 05056776 d:LeasedAssetsHeldAsLessee 2023-03-31 05056776 d:Goodwill d:OwnedIntangibleAssets 2023-04-01 2024-03-31 05056776 e:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 05056776









INVICTA AUTOMOTIVE DESIGN LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
INVICTA AUTOMOTIVE DESIGN LIMITED
REGISTERED NUMBER: 05056776

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
-
2,250

Tangible assets
 5 
45,164
60,469

  
45,164
62,719

Current assets
  

Stocks
  
596,716
586,204

Debtors: amounts falling due within one year
 6 
354,551
236,595

Cash at bank and in hand
 7 
884
14,343

  
952,151
837,142

Creditors: amounts falling due within one year
 8 
(354,408)
(311,756)

Net current assets
  
 
 
597,743
 
 
525,386

Total assets less current liabilities
  
642,907
588,105

Creditors: amounts falling due after more than one year
 9 
(318,866)
(204,050)

  

Net assets
  
324,041
384,055


Capital and reserves
  

Called up share capital 
  
200,000
200,000

Share premium account
 14 
120,000
120,000

Profit and loss account
 14 
4,041
64,055

  
324,041
384,055


Page 1

 
INVICTA AUTOMOTIVE DESIGN LIMITED
REGISTERED NUMBER: 05056776
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





M Spencer
Director

Date: 20 September 2024

The notes on pages 3 to 13 form part of these financial statements.

Page 2

 
INVICTA AUTOMOTIVE DESIGN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Invicta Automotive Design Limited (company number 05056776) is a private company limited by shares, registered in England and Wales. Its registered office is at Invicta House, 1 Clayton Brook Road, Openshaw, M11 1AL.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
INVICTA AUTOMOTIVE DESIGN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of income and retained earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
INVICTA AUTOMOTIVE DESIGN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant & machinery
-
25%
Reducing balance
Motor vehicles
-
25%
Reducing balance
Fixtures & fittings
-
25%
Reducing balance
Office equipment
-
33%
Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Page 5

 
INVICTA AUTOMOTIVE DESIGN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.14
Financial instruments (continued)

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Page 6

 
INVICTA AUTOMOTIVE DESIGN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.14
Financial instruments (continued)


Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 7

 
INVICTA AUTOMOTIVE DESIGN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 11 (2023 - 14).


4.


Intangible assets




Goodwill

£



Cost


At 1 April 2023
45,000



At 31 March 2024

45,000



Amortisation


At 1 April 2023
42,750


Charge for the year on owned assets
2,250



At 31 March 2024

45,000



Net book value



At 31 March 2024
-



At 31 March 2023
2,250



Page 8

 
INVICTA AUTOMOTIVE DESIGN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Plant & machinery
Motor vehicles
Fixtures & fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 April 2023
168,561
22,495
16,380
16,433
223,869



At 31 March 2024

168,561
22,495
16,380
16,433
223,869



Depreciation


At 1 April 2023
131,211
6,116
11,895
14,178
163,400


Charge for the year on owned assets
9,338
4,095
1,121
751
15,305



At 31 March 2024

140,549
10,211
13,016
14,929
178,705



Net book value



At 31 March 2024
28,012
12,284
3,364
1,504
45,164



At 31 March 2023
37,350
16,379
4,485
2,255
60,469

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
15,164
22,746

15,164
22,746


6.


Debtors

2024
2023
£
£


Trade debtors
323,625
182,039

Other debtors
26,435
50,145

Prepayments and accrued income
4,491
4,411

354,551
236,595

Page 9

 
INVICTA AUTOMOTIVE DESIGN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.Debtors (continued)



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
884
14,343

884
14,343



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
11,237
22,617

Trade creditors
224,881
196,028

Other taxation and social security
22,677
18,640

Obligations under finance lease and hire purchase contracts
21,750
12,063

Other creditors
60,628
55,063

Accruals and deferred income
13,235
7,345

354,408
311,756


Page 10

 
INVICTA AUTOMOTIVE DESIGN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
72,899
94,040

Net obligations under finance leases and hire purchase contracts
5,398
16,634

Other creditors
240,569
93,376

318,866
204,050


The following liabilities were secured:

2024
2023
£
£



Bank loans
94,649
65,243

94,649
65,243

Details of security provided:

Included within other creditors due after more than one year is a loan of £240,569 (2023: £93,376) due to an associated company of the minority shareholder. The loan is subject to interest at a fixed amount of £18,000 per annum and is secured over specific items included within trading stock.
Included in bank loans due within and after one year is an unsecured bounce back loan. The loan is subject to interest at 2.5% per annum and is fully backed by the UK government under the BBLS rules.
The remaining bank loans are secured by personal guarantee of the director.

Page 11

 
INVICTA AUTOMOTIVE DESIGN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
11,237
22,617


11,237
22,617

Amounts falling due 1-2 years

Bank loans
11,237
22,617


11,237
22,617

Amounts falling due 2-5 years

Bank loans
61,662
71,423


61,662
71,423


84,136
116,657



11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
11,237
11,237

Between 1-5 years
5,398
5,398

16,635
16,635

Page 12

 
INVICTA AUTOMOTIVE DESIGN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
884
14,343




Financial assets measured at fair value through profit or loss comprise cash at bank.


13.


Share capital

2024
2023
£
£
Authorised, allotted, called up and fully paid



200,000 (2023 - 200,000) Ordinary shares of £1.00 each
200,000
200,000



14.


Reserves

Share premium account

Share premium account of £120,000 is the excess paid over the nominal value of each share.

Profit & loss account

Profit and loss reserves represent accumulated retained net profits after taxation. This is a distributable reserve. 


15.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £6,699 (2022 - £6,063) . Contributions totalling £Nil (2023 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.


16.


Related party transactions

At the 31 March 2024 the company owed £0 (2023: £5,405) to the director. No interest has been charged to the company in respect of this loan which is repayable on demand and classified in creditors due within one year.

 
Page 13