ELECTRIC CLASSIC CARS LIMITED
Company registration number 09989134 (England and Wales)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
ELECTRIC CLASSIC CARS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
ELECTRIC CLASSIC CARS LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2024
28 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
148,053
141,961
Current assets
Stocks
150,000
90,000
Debtors
4
260,206
233,618
Cash at bank and in hand
340,996
346,092
751,202
669,710
Creditors: amounts falling due within one year
5
(656,845)
(440,789)
Net current assets
94,357
228,921
Total assets less current liabilities
242,410
370,882
Creditors: amounts falling due after more than one year
6
(13,089)
(23,279)
Net assets
229,321
347,603
Capital and reserves
Called up share capital
7
1,000
1,000
Share premium account
398,700
398,700
Profit and loss reserves
(170,379)
(52,097)
Total equity
229,321
347,603
ELECTRIC CLASSIC CARS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2024
28 February 2024
- 2 -

For the financial year ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 29 November 2024
Mr S R Morgan
Director
Company registration number 09989134 (England and Wales)
ELECTRIC CLASSIC CARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information

Electric Classic Cars Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 37, Mochdre Industrial Estate, Mochdre, Newtown, Powys, SY16 4LE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
20% pa straight line
Leasehold improvements
Enter depreciation rate via StatDB - cd99988
Plant and equipment
25% pa straight line
Fixtures and fittings
25% pa straight line
Computers
25% pa straight line
Motor vehicles
25% pa reducing balance
Promotional vehicles
5% pa reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

ELECTRIC CLASSIC CARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost 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, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

ELECTRIC CLASSIC CARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 5 -
1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
14
16
3
Tangible fixed assets
Leasehold land and buildings
Plant and machinery etc
Promotional vehicles
Total
£
£
£
£
Cost
At 1 March 2023
8,631
140,916
118,910
268,457
Additions
-
0
-
0
30,399
30,399
At 28 February 2024
8,631
140,916
149,309
298,856
Depreciation and impairment
At 1 March 2023
6,243
109,793
10,460
126,496
Depreciation charged in the year
1,726
17,023
5,558
24,307
At 28 February 2024
7,969
126,816
16,018
150,803
Carrying amount
At 28 February 2024
662
14,100
133,291
148,053
At 28 February 2023
2,388
31,123
108,450
141,961
ELECTRIC CLASSIC CARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 6 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
161,312
98,757
Other debtors
98,894
134,861
260,206
233,618
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,188
9,931
Other borrowings
225,399
208,644
Trade creditors
19,030
42,183
Amounts owed to group undertakings
186,828
-
0
Taxation and social security
26,763
39,737
Deferred income
175,788
128,118
Other creditors
8,265
9,176
Accruals and deferred income
4,584
3,000
656,845
440,789

The bank loan £10,188 (2023: £9,931) is a bounce back loan which has a 100% government-backed guarantee.

6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
13,089
23,279

The bank loan £13,089 (2023: £23,279) is a bounce back loan, which has a 100% government-backed guarantee.

7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Class A ordinary shares of £1 each
700
700
700
700
Class B ordinary shares of £1 each
300
300
300
300
1,000
1,000
1,000
1,000

Both A and B ordinary shares have attached to them full voting and capital distribution rights. They shall have a right to a dividend as declared for the class of share but so that all classes of ordinary shares shall not rank pari passu for dividend entitlement purposes. The shares are not redeemable.

ELECTRIC CLASSIC CARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 7 -
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
237,591
50,365
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