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Registration number: 10149490

Classics 1963 Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Classics 1963 Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Classics 1963 Ltd

Company Information

Director

SJ Bryant

Registered office

Unit 19
Briar Close Industrial Estate
Evesham
Worcestershire
WR11 4JT

Accountants

Clement Rabjohns Limited
Chartered Accountants
111/113 High Street
Evesham
Worcestershire
WR11 4XP

 

Classics 1963 Ltd

(Registration number: 10149490)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

241,981

283,274

Current assets

 

Stocks

5

30,000

28,000

Debtors

6

73,241

97,259

Cash at bank and in hand

 

93,809

61,057

 

197,050

186,316

Creditors: Amounts falling due within one year

7

(229,413)

(279,060)

Net current liabilities

 

(32,363)

(92,744)

Total assets less current liabilities

 

209,618

190,530

Creditors: Amounts falling due after more than one year

7

(17,500)

(27,500)

Net assets

 

192,118

163,030

Capital and reserves

 

Called up share capital

100

100

Retained earnings

192,018

162,930

Shareholders' funds

 

192,118

163,030

For the financial 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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 25 October 2024
 

 

Classics 1963 Ltd

(Registration number: 10149490)
Balance Sheet as at 31 March 2024

.........................................
SJ Bryant
Director

 

Classics 1963 Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 19
Briar Close Industrial Estate
Evesham
Worcestershire
WR11 4JT
United Kingdom

These financial statements were authorised for issue by the director on 25 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Classics 1963 Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% straight line

Plant and machinery

25% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 9 (2023 - 8).

 

Classics 1963 Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Leasehold improvements
 £

Total
£

Cost or valuation

At 1 April 2023

3,679

23,350

317,168

344,197

Additions

-

-

2,875

2,875

Disposals

-

-

(27,423)

(27,423)

At 31 March 2024

3,679

23,350

292,620

319,649

Depreciation

At 1 April 2023

3,335

20,157

37,431

60,923

Charge for the year

114

798

15,833

16,745

At 31 March 2024

3,449

20,955

53,264

77,668

Carrying amount

At 31 March 2024

230

2,395

239,356

241,981

At 31 March 2023

344

3,193

279,737

283,274

5

Stocks

2024
£

2023
£

Other inventories

30,000

28,000

6

Debtors

Current

2024
£

2023
£

Trade debtors

63,263

80,704

Prepayments

5,813

10,955

Other debtors

4,165

5,600

 

73,241

97,259

 

Classics 1963 Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

10,000

10,000

Trade creditors

 

80,746

89,135

Taxation and social security

 

16,409

13,726

Accruals and deferred income

 

1,945

1,945

Other creditors

 

120,313

164,254

 

229,413

279,060

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

17,500

27,500

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

17,500

27,500

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,000