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Registration number: 05081116

Marlow Cars Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Marlow Cars Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Marlow Cars Limited

Company Information

Director

L N Bangs

Company secretary

W Bangs

Registered office

Innovations House
19 Staple Gardens
Winchester
Hampshire
SO23 8SR

Accountants

Tax Innovations Limited
Innovations House
19 Staple Gardens
Winchester
Hampshire
SO23 8SR

 

Marlow Cars Limited

(Registration number: 05081116)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

255,664

276,621

Current assets

 

Stocks

6

1,791,717

1,853,271

Debtors

7

13,228

145,984

 

1,804,945

1,999,255

Creditors: Amounts falling due within one year

8

(753,377)

(616,501)

Net current assets

 

1,051,568

1,382,754

Net assets

 

1,307,232

1,659,375

Capital and reserves

 

Called up share capital

9

1

1

Retained earnings

1,307,231

1,659,374

Shareholders' funds

 

1,307,232

1,659,375

 

Marlow Cars Limited

(Registration number: 05081116)
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 3 December 2024
 

.........................................
L N Bangs
Director

 

Marlow 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 and Wales.

The address of its registered office is:
Innovations House
19 Staple Gardens
Winchester
Hampshire
SO23 8SR
England

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.

Going concern

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


This basis is dependent upon the on-going support of the director(s) of the company and ongoing support of the bank/ overdraft facility, none of whom have indicated their intention to withdraw their support.

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.

 

Marlow Cars Limited

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

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises 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.

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

Plant and machinery

25% reducing balance

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.

 

Marlow Cars Limited

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

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.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2023 - 5).

 

Marlow Cars Limited

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

4

Loss/profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

27,846

26,915

5

Tangible assets

Land and buildings
£

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

468,236

109,294

577,530

Additions

-

6,889

6,889

At 31 March 2024

468,236

116,183

584,419

Depreciation

At 1 April 2023

207,509

93,400

300,909

Charge for the year

23,371

4,475

27,846

At 31 March 2024

230,880

97,875

328,755

Carrying amount

At 31 March 2024

237,356

18,308

255,664

At 31 March 2023

260,727

15,894

276,621

Included within the net book value of land and buildings above is £237,356 (2023 - £260,727) in respect of short leasehold land and buildings.
 

6

Stocks

2024
£

2023
£

Other inventories

1,791,717

1,853,271

 

Marlow Cars Limited

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

7

Debtors

Current

2024
£

2023
£

Prepayments

12,478

16,352

Other debtors

750

129,632

 

13,228

145,984

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

652,699

413,595

Trade creditors

 

2,606

82,507

Taxation and social security

 

52,218

106,419

Accruals and deferred income

 

2,800

6,800

Other creditors

 

43,054

7,180

 

753,377

616,501

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share of £1 each

1

1

1

1

       
 

Marlow Cars Limited

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

10

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

652,699

413,595

11

Dividends

2024

2023

£

£

Interim dividend of £16,100.00 (2023 - £61,397.00) per ordinary share

16,100

61,397

 

 

12

Related party transactions

Transactions with the director

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

L N Bangs

Director's current account

(75,183)

(43,685)

149,065

30,197

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

L N Bangs

Director's current account

(34,405)

(152,793)

112,015

(75,183)

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

108,203

38,603