Joe Ludd Specialist Cars Limited 06525335 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is car sales. Digita Accounts Production Advanced 6.30.9574.0 true true 06525335 2023-04-01 2024-03-31 06525335 2024-03-31 06525335 core:RetainedEarningsAccumulatedLosses 2024-03-31 06525335 core:ShareCapital 2024-03-31 06525335 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 06525335 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 06525335 core:FurnitureFittingsToolsEquipment 2024-03-31 06525335 core:LandBuildings 2024-03-31 06525335 core:MotorVehicles 2024-03-31 06525335 bus:SmallEntities 2023-04-01 2024-03-31 06525335 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 06525335 bus:FilletedAccounts 2023-04-01 2024-03-31 06525335 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 06525335 bus:RegisteredOffice 2023-04-01 2024-03-31 06525335 bus:Director2 2023-04-01 2024-03-31 06525335 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06525335 core:FurnitureFittings 2023-04-01 2024-03-31 06525335 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 06525335 core:LandBuildings 2023-04-01 2024-03-31 06525335 core:MotorVehicles 2023-04-01 2024-03-31 06525335 core:OfficeEquipment 2023-04-01 2024-03-31 06525335 countries:EnglandWales 2023-04-01 2024-03-31 06525335 2023-03-31 06525335 core:FurnitureFittingsToolsEquipment 2023-03-31 06525335 core:LandBuildings 2023-03-31 06525335 core:MotorVehicles 2023-03-31 06525335 2022-04-01 2023-03-31 06525335 2023-03-31 06525335 core:RetainedEarningsAccumulatedLosses 2023-03-31 06525335 core:ShareCapital 2023-03-31 06525335 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 06525335 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 06525335 core:FurnitureFittingsToolsEquipment 2023-03-31 06525335 core:LandBuildings 2023-03-31 06525335 core:MotorVehicles 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 06525335

Joe Ludd Specialist Cars Limited



Filleted Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Joe Ludd Specialist Cars Limited

 

(Registration number: 06525335)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

102,440

5,213

Current assets

 

Stocks

5

623,626

624,247

Debtors

6

364,297

307,128

 

987,923

931,375

Creditors: Amounts falling due within one year

7

(732,520)

(628,418)

Net current assets

 

255,403

302,957

Total assets less current liabilities

 

357,843

308,170

Creditors: Amounts falling due after more than one year

7

(63,301)

(39,815)

Net assets

 

294,542

268,355

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

294,442

268,255

Total equity

 

294,542

268,355

 

Joe Ludd Specialist Cars Limited

 

(Registration number: 06525335)
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.

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 25 December 2024 and signed on its behalf by:
 

.........................................
J Ludzker
Director

 

Joe Ludd Specialist 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:
2nd Floor - Parkgates
Bury New Road
Prestwich
M25 0TL
England

These financial statements were authorised for issue by the Board on 25 December 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.

Going concern

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

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 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.

 

Joe Ludd Specialist Cars Limited

 

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

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

Fiixtures & fittings

25% reducing balance

Office equipment

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.

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

 

Joe Ludd Specialist Cars Limited

 

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

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 directors) during the year, was 2 (2023 - 2).

 

Joe Ludd Specialist Cars Limited

 

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

-

18,523

2,289

20,812

Additions

83,548

19,976

-

103,524

At 31 March 2024

83,548

38,499

2,289

124,336

Depreciation

At 1 April 2023

-

15,599

-

15,599

Charge for the year

-

5,725

572

6,297

At 31 March 2024

-

21,324

572

21,896

Carrying amount

At 31 March 2024

83,548

17,175

1,717

102,440

At 31 March 2023

-

2,924

2,289

5,213

5

Stocks

2024
£

2023
£

Other inventories

623,626

624,247

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

31,644

28,349

Amounts owed by related parties

500

-

Prepayments

 

9,167

11,530

Other debtors

 

322,986

267,249

   

364,297

307,128

 

Joe Ludd Specialist Cars 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

74,097

26,355

Trade creditors

 

15,259

60,394

Accruals and deferred income

 

8,250

19,700

Other creditors

 

634,914

521,969

 

732,520

628,418

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

34,259

39,815

Other non-current financial liabilities

 

29,042

-

 

63,301

39,815