Registered number
04928371
B & D Specialist Cars Limited
Filleted Accounts
31 March 2024
B & D Specialist Cars Limited
Registered number: 04928371
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 - 6,000
Tangible assets 4 16,693 19,110
16,693 25,110
Current assets
Stocks 35,573 38,928
Debtors 5 19,391 27,341
Cash at bank and in hand 43,031 38,693
97,995 104,962
Creditors: amounts falling due within one year 6 (77,735) (83,562)
Net current assets 20,260 21,400
Total assets less current liabilities 36,953 46,510
Provisions for liabilities (2,585) (3,261)
Net assets 34,368 43,249
Capital and reserves
Called up share capital 450 450
Share premium 12,075 12,075
Profit and loss account 21,843 30,724
Shareholders' funds 34,368 43,249
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
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.
Shane Pepper
Director
Approved by the board on 21 November 2024
B & D Specialist Cars Limited
Notes to the Accounts
for the year ended 31 March 2024
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Leasehold land and buildings over the lease term
Plant and machinery 20% on written down value
Computer equipment over 3 years
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.
1 Accounting policies (cont'd)
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 6 8
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 120,000
At 31 March 2024 120,000
Amortisation
At 1 April 2023 114,000
Provided during the year 6,000
At 31 March 2024 120,000
Net book value
At 31 March 2024 -
At 31 March 2023 6,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Leasehold property Plant and machinery Total
£ £ £
Cost
At 1 April 2023 2,286 129,510 131,796
Additions - 2,524 2,524
At 31 March 2024 2,286 132,034 134,320
Depreciation
At 1 April 2023 2,286 110,400 112,686
Charge for the year - 4,941 4,941
At 31 March 2024 2,286 115,341 117,627
Net book value
At 31 March 2024 - 16,693 16,693
At 31 March 2023 - 19,110 19,110
5 Debtors 2024 2023
£ £
Trade debtors 3,895 6,451
Other debtors 15,496 20,890
19,391 27,341
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 1,458 5,971
Trade creditors 23,003 43,538
Taxation and social security costs 18,756 17,324
Other creditors 34,518 16,729
77,735 83,562
7 Loans 2024 2023
£ £
Creditors include:
Bank loans and overdrafts 1,458 5,971
Bank loans and overdrafts are secured by way of a fixed and floating charge over all the assets of the company
8 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases:
Not later than one year, 12,000 24,000
later than one year and not later than five years 8,000 32,000
20,000 56,000
Lease payments recognised as an expense during the year 14,000 24,000
9 Other information
B & D Specialist Cars Limited is a private company limited by shares and incorporated in England. Its registered office is:
22-25 Range Road Industrial Estate
Hythe
CT21 6HG
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