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Registration number: 05446551

Cameron Sports Cars Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

























 

image-name
 

Cameron Sports Cars Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Cameron Sports Cars Limited

Company Information

Director

S Cockram

Registered office

Paddock Barn
Dunsdown Lane
West Littleton
South Gloucestershire
SN14 8JA

Accountants

JWB Corporate Ltd
Chartered Accountants
22 Mulberry Avenue
Portishead
North Somerset
BS20 7LG

 

Cameron Sports Cars Limited

(Registration number: 05446551)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

151,695

177,730

Current assets

 

Stocks

5

1,639,060

1,554,879

Debtors

6

178,796

248,589

Cash at bank and in hand

 

171,058

111,830

 

1,988,914

1,915,298

Creditors: Amounts falling due within one year

7

(556,458)

(646,884)

Net current assets

 

1,432,456

1,268,414

Total assets less current liabilities

 

1,584,151

1,446,144

Creditors: Amounts falling due after more than one year

7

(501,868)

(550,212)

Provisions for liabilities

(13,703)

(17,146)

Net assets

 

1,068,580

878,786

Capital and reserves

 

Called up share capital

2

2

Retained earnings

1,068,578

878,784

Shareholders' funds

 

1,068,580

878,786

 

Cameron Sports Cars Limited

(Registration number: 05446551)
Balance Sheet as at 31 March 2024

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 20 October 2024
 

.........................................
S Cockram
Director

 

Cameron Sports Cars Limited

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 & Wales.

The address of its registered office is:
Paddock Barn
Dunsdown Lane
West Littleton
South Gloucestershire
SN14 8JA

These financial statements were authorised for issue by the director on 20 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.

The financial statements are prepared in Pounds Sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

Going concern

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

The director considers the financial position of the company and trading results, in order to consider whether the company has the ability to continue in business for at least 12 months from the date the accounts are signed.

Should the company not be considered a going concern then the accounts would be prepared on the break-up basis, with all assets and liabilities becoming current.

The director considers there to be no indication that the company is not a going concern.

 

Cameron Sports Cars Limited

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

Judgements

There are not considered to be any significant judgements made during this or the preceding financial year.

Key sources of estimation uncertainty

The directors are of the opinion that the key sources of estimation uncertainty within the company relate to stock and warranty provisions. There is an element of uncertainty as it is not known if an item of stock will be sold for less than cost or net realisable value at the year end. It is also uncertain whether any vehicles sold will require warranty work, although this has historically been very low due to the acquisition of high quality vehicles and the preparation work applied to those vehicles.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/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 and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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:

 

Cameron Sports Cars Limited

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

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance

Plant and machinery

25% reducing balance

Leasehold improvements

10% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Cameron Sports Cars Limited

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

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

 

Cameron Sports Cars Limited

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

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2023 - 6).

 

Cameron Sports Cars Limited

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

4

Tangible assets

Leasehold improvements
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

109,870

85,722

99,758

100,326

395,676

Additions

-

4,580

-

5,290

9,870

At 31 March 2024

109,870

90,302

99,758

105,616

405,546

Depreciation

At 1 April 2023

21,974

78,628

35,584

81,761

217,947

Charge for the year

10,987

2,919

16,043

5,955

35,904

At 31 March 2024

32,961

81,547

51,627

87,716

253,851

Carrying amount

At 31 March 2024

76,909

8,755

48,131

17,900

151,695

At 31 March 2023

87,897

7,094

64,174

18,565

177,730

Included within the net book value of land and buildings above is £76,909 (2023 - £87,897) in respect of short leasehold land and buildings.
 

 

Cameron Sports Cars Limited

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

5

Stocks

2024
£

2023
£

Other inventories

1,639,060

1,554,879

6

Debtors

Current

2024
£

2023
£

Trade debtors

167,311

234,252

Prepayments

11,485

14,337

 

178,796

248,589

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

153,276

130,523

Trade creditors

 

67,593

125,494

Taxation and social security

 

108,358

106,795

Accruals and deferred income

 

19,447

28,678

Other creditors

 

207,784

255,394

 

556,458

646,884

Creditors due within one year include loans in the sum of £66,257 (2023: £58,949) which are personally guaranteed by the director.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

501,868

550,212

Creditors due after more than one year are not secured on assets of the company. Included within creditors due within more than one year is a loan in the sum of £161,506 (2023: £227,762) which has been personally guaranteed by the director.

 

Cameron Sports Cars Limited

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

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

28,125

-

Other borrowings

473,743

550,212

501,868

550,212

Current loans and borrowings

2024
£

2023
£

Finance lease liabilities

12,500

-

Other borrowings

140,776

130,523

153,276

130,523

9

Related party transactions

The company has taken the exemption available under FRS 102 paragraph 1AC.35 not to disclose related party transactions that are conducting under normal market conditions.