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Registration number: 03309743

Claude Holman Cars Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Claude Holman Cars Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Claude Holman Cars Limited

Company Information

Director

Mr Claude Holman

Registered office

Claude Holman Cars
Chiverton Cross Blackwater
Truro
Cornwall
TR4 8HS

Accountants

Martin Fisher & Co Ltd
Chartered Certified Accountants
Woodbine Farm Bus Centre
Truro Business Park
Truro
Cornwall
TR3 6BW

 

Claude Holman Cars Limited

(Registration number: 03309743)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

357,808

281,825

Current assets

 

Stocks

5

320

280

Debtors

6

279,737

358,262

Cash at bank and in hand

 

95,695

17,163

 

375,752

375,705

Creditors: Amounts falling due within one year

7

(49,256)

(48,975)

Net current assets

 

326,496

326,730

Total assets less current liabilities

 

684,304

608,555

Creditors: Amounts falling due after more than one year

7

(127,343)

(125,772)

Net assets

 

556,961

482,783

Capital and reserves

 

Called up share capital

8

26,000

26,000

Retained earnings

530,961

456,783

Shareholders' funds

 

556,961

482,783

For the financial year ending 31 May 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 8 November 2024
 

 

Claude Holman Cars Limited

(Registration number: 03309743)
Balance Sheet as at 31 May 2024

.........................................
Mr Claude Holman
Director

 

Claude Holman Cars Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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:
Claude Holman Cars
Chiverton Cross Blackwater
Truro
Cornwall
TR4 8HS

These financial statements were authorised for issue by the director on 8 November 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.

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 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.

 

Claude Holman Cars Limited

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

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

Land and buildings

50 years straight line

Pland and machinery

4 years straight line

Fixtures and fittings

4 years straight line

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.

 

Claude Holman Cars Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Claude Holman Cars Limited

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 June 2023

401,082

41,971

-

74,593

517,646

Additions

-

-

96,181

-

96,181

At 31 May 2024

401,082

41,971

96,181

74,593

613,827

Depreciation

At 1 June 2023

119,597

41,631

-

74,593

235,821

Charge for the year

5,562

209

14,427

-

20,198

At 31 May 2024

125,159

41,840

14,427

74,593

256,019

Carrying amount

At 31 May 2024

275,923

131

81,754

-

357,808

At 31 May 2023

281,485

340

-

-

281,825

Included within the net book value of land and buildings above is £275,922 (2023 - £281,485) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

320

280

6

Debtors

Current

2024
£

2023
£

Trade debtors

117,158

215,394

Other debtors

162,579

142,868

 

279,737

358,262

 

Claude Holman Cars Limited

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

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

2,654

2,683

Taxation and social security

23,259

22,949

Accruals and deferred income

23,343

23,343

49,256

48,975

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

127,343

125,772

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

26,000

26,000

26,000

26,000

         

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Other borrowings

127,343

125,772