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REGISTERED NUMBER: 12489578 (England and Wales)














PRODUCTION CARS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024






PRODUCTION CARS LIMITED (REGISTERED NUMBER: 12489578)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 29 February 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


PRODUCTION CARS LIMITED

COMPANY INFORMATION
for the Year Ended 29 February 2024







DIRECTOR: Ms C Bambury





REGISTERED OFFICE: Highstone House
165 High Street
Barnet
Hertfordshire
EN5 5SU





REGISTERED NUMBER: 12489578 (England and Wales)





ACCOUNTANTS: Miller & Co
Chartered Accountants
5 Imperial Court
Laporte Way
Luton
Bedfordshire
LU4 8FE

PRODUCTION CARS LIMITED (REGISTERED NUMBER: 12489578)

STATEMENT OF FINANCIAL POSITION
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 3,508 29,699

CURRENT ASSETS
Debtors 6 46,228 14,895
Cash at bank 512 8
46,740 14,903
CREDITORS
Amounts falling due within one year 7 43,147 32,749
NET CURRENT ASSETS/(LIABILITIES) 3,593 (17,846 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,101

11,853

CREDITORS
Amounts falling due after more than one
year

8

6,667

11,667
NET ASSETS 434 186

CAPITAL AND RESERVES
Called up, paid and allotted
share capital 100 100
Retained earnings 334 86
SHAREHOLDERS' FUNDS 434 186

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PRODUCTION CARS LIMITED (REGISTERED NUMBER: 12489578)

STATEMENT OF FINANCIAL POSITION - continued
29 February 2024


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 November 2024 and were signed by:





Ms C Bambury - Director


PRODUCTION CARS LIMITED (REGISTERED NUMBER: 12489578)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Production Cars Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling, rounded to the nearest pound.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis, which is considered appropriate by the directors as the company operates within its agreed banking facilities and with the support of the directors.

Income recognition
Income is recognised when goods/services have been delivered to customers such that risks and rewards of ownership have transferred to them.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Income recognition
Income is recognised when goods/services have been delivered to customers such that risks and rewards of ownership have transferred to them.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

PRODUCTION CARS LIMITED (REGISTERED NUMBER: 12489578)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 29 February 2024

5. TANGIBLE FIXED ASSETS
Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 March 2023 39,573 2,706 42,279
Additions 2,985 - 2,985
Disposals (39,573 ) - (39,573 )
At 29 February 2024 2,985 2,706 5,691
DEPRECIATION
At 1 March 2023 11,568 1,012 12,580
Charge for year 746 425 1,171
Eliminated on disposal (11,568 ) - (11,568 )
At 29 February 2024 746 1,437 2,183
NET BOOK VALUE
At 29 February 2024 2,239 1,269 3,508
At 28 February 2023 28,005 1,694 29,699

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 3,316 11,351
Other debtors 42,912 3,544
46,228 14,895

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 5,000 5,000
Trade creditors 3,151 815
Taxation and social security 33,039 21,419
Other creditors 1,957 5,515
43,147 32,749

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 6,667 11,667

PRODUCTION CARS LIMITED (REGISTERED NUMBER: 12489578)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 29 February 2024

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 29 February 2024 and 28 February 2023:

2024 2023
£    £   
Ms C Bambury
Balance outstanding at start of year 1,933 3,927
Amounts advanced 30,187 -
Amounts repaid - (1,994 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 32,120 1,933

10. RELATED PARTY DISCLOSURES

The director operates a loan account with the company which is interest free and repayable on demand. Transactions of which can be found in the table above.