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Registration number: 07171260

Cabriolet Coupe Limited

Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Cabriolet Coupe Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Cabriolet Coupe Limited

(Registration number: 07171260)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,924

2,419

Current assets

 

Stocks

5

457,130

585,424

Debtors

6

46,140

47,181

 

503,270

632,605

Creditors: Amounts falling due within one year

7

(401,048)

(519,323)

Net current assets

 

102,222

113,282

Total assets less current liabilities

 

105,146

115,701

Creditors: Amounts falling due after more than one year

7

(11,667)

(20,990)

Provisions for liabilities

(555)

(459)

Net assets

 

92,924

94,252

Capital and reserves

 

Called up share capital

100

100

Retained earnings

92,824

94,152

Shareholders' funds

 

92,924

94,252

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.

Directors' 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 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 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 May 2024 and signed on its behalf by:
 

 

Cabriolet Coupe Limited

(Registration number: 07171260)
Balance Sheet as at 31 March 2024

.........................................
Mr Andrew K Sacre
Director

 

Cabriolet Coupe 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:
18-20 High Street
Stevenage
Hertfordshire
SG1 3EJ

The principal place of business is:
Langley Garage
London Road
Langley
Hitchin
Hertfordshire
SG4 7PJ

These financial statements were authorised for issue by the Board on 13 May 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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

 

Cabriolet Coupe Limited

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

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods 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:

Asset class

Depreciation method and rate

Computer equipment

25% Reducing balance

Fixtures and Fittings

25% Reducing balance

 

Cabriolet Coupe Limited

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

Trade debtors

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

Trade debtors are recognised at the transaction price.

Trade debtors are reviewed on an annual basis for bad debts and any adjustment is made accordingly through the profit and loss account.

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 at the transaction price.

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.

3

Staff numbers

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

 

Cabriolet Coupe Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

7,689

7,689

Additions

1,694

1,694

Disposals

(3,727)

(3,727)

At 31 March 2024

5,656

5,656

Depreciation

At 1 April 2023

5,270

5,270

Charge for the year

817

817

Eliminated on disposal

(3,355)

(3,355)

At 31 March 2024

2,732

2,732

Carrying amount

At 31 March 2024

2,924

2,924

At 31 March 2023

2,419

2,419

5

Stocks

2024
£

2023
£

Goods for resale

457,130

585,424

6

Debtors

Current

2024
£

2023
£

Prepayments

5,301

4,603

Other debtors

40,839

42,578

 

Cabriolet Coupe Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

80,359

70,207

Trade creditors

 

3,435

119,255

Taxation and social security

 

2,756

15,766

Accruals and deferred income

 

6,281

5,672

Other creditors

 

308,217

308,423

 

401,048

519,323

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

11,667

20,990

Included in bank loans and overdrafts due under one year is £10,000 (2023: £10,677) and over one year is £11,667 (2023: £20,990), relating to a loan acquired under the Bounce Back Loan Scheme (BBLS) which is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy and Industrial Strategy.

Included in bank loans and overdrafts due under one year is £70,359 (2023: £59,530) which is secured by a fixed charge over the inventory owned by the company. The charge is in favour of Barclays Bank PLC.

 

Cabriolet Coupe Limited

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

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

11,667

20,990

2024
£

2023
£

Current loans and borrowings

Bank borrowings

10,000

10,677

Bank overdrafts

70,359

59,530

80,359

70,207

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

10

Dividends

   

2024

 

2023

   

£

 

£

Interim dividend of £10.00 (2023 - £255.00) per ordinary share

 

12,000

 

25,500

         
 

Cabriolet Coupe Limited

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

11

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Mr Andrew K Sacre

Directors loan account

(255,043)

370,286

(369,938)

(254,695)

         
       

Mrs Val Ripley

Directors loan account

(49,425)

776

(1,401)

(50,050)

         
       

 

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Mr Andrew K Sacre

Directors loan account

(254,800)

79,857

(80,100)

(255,043)

         
       

Mrs Val Ripley

Directors loan account

(52,000)

17,575

(15,000)

(49,425)

         
       

 


These loans are repayable on demand and interest is charged at a market rate.

12

Ultimate controlling party

The ultimate controlling party is Mr A Sacre, the director, by virtue of his majority shareholding.