Year Ended
Registration number:
Car Vogue Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Car Vogue Limited
Company Information
Directors |
W J M Salmon Mrs G M Salmon |
Company secretary |
Mrs G M Salmon |
Registered office |
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Bankers |
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Accountants |
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Car Vogue Limited
Balance Sheet
29 February 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Non - distributable reserve |
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Profit and loss account |
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Shareholders' funds |
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Car Vogue Limited
Balance Sheet
29 February 2024
For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
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Company Registration Number: 00623882
Car Vogue Limited
Notes to the Financial Statements
Year Ended 29 February 2024
General information |
The company is a private company limited by share capital, incorporated in England & Wales .
The address of its registered office is:
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the retailing and wholesale of car parts and accessories. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when a sales invoice is raised or at the point of sale in the shop.
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 corporation 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.
Car Vogue Limited
Notes to the Financial Statements
Year Ended 29 February 2024
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Deferred tax has been measured using a long term corporation rate of 25%, as this was the last rate substantively enacted before the year end. This factor may affect future tax charges.
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 |
Land and buildings |
No depreciation |
Other tangible fixed assets |
Between 12 and 30%, reducing balance basis |
Stocks
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 stocks 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.
Car Vogue Limited
Notes to the Financial Statements
Year Ended 29 February 2024
Financial instruments
Classification
• Short term trade and other debtors and creditors; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Car Vogue Limited
Notes to the Financial Statements
Year Ended 29 February 2024
Tangible assets |
Freehold land and buildings |
Vehicles and equipment |
Total |
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Cost or valuation |
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At 1 March 2023 |
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At 29 February 2024 |
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Depreciation |
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At 1 March 2023 |
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Charge for the year |
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At 29 February 2024 |
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Carrying amount |
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At 29 February 2024 |
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At 28 February 2023 |
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Freehold land and buildings were revalued on 4 August 2014 by a local firm of chartered surveyors who are external to the company.
Breakdown of vehicles and equipment
Fixtures and fittings £4,379
Computer equipment £1,791
Citreon Berlingo (MF65 YFA) £1,075
Volkswagen (KVC 900) £281
Peugeot (WL12 BJK) £2,419
Stocks |
2024 |
2023 |
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Other inventories |
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In 2023 there were exceptional stock write offs of £10,714 as a result of the Covid-19 pandemic. In 2024 this figure was £6,844.
Debtors |
2024 |
2023 |
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Trade debtors |
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Prepayments |
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Car Vogue Limited
Notes to the Financial Statements
Year Ended 29 February 2024
Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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1,000 |
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1,000 |
Profit and loss |
Included within the 2023 profit and loss account were one-off roof repairs of £14,400.