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REGISTERED NUMBER: 06525344 (England and Wales)















Financial Statements for the Year Ended 31 March 2024

for

Celtic Cars Limited

Celtic Cars Limited (Registered number: 06525344)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Celtic Cars Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: D J Chadwick
N F Chadwick
I Kennah





REGISTERED OFFICE: Banks House
Paradise Street
Rhyl
Denbighshire
LL18 3LW





REGISTERED NUMBER: 06525344 (England and Wales)





ACCOUNTANTS: J V Banks
Chartered Accountants
Banks House
Paradise Street
Rhyl
Denbighshire
LL18 3LW

Celtic Cars Limited (Registered number: 06525344)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 65,302 73,267

CURRENT ASSETS
Stocks 451,887 370,490
Debtors 5 76,033 80,029
Cash at bank and in hand 24,284 1,879
552,204 452,398
CREDITORS
Amounts falling due within one year 6 522,484 375,569
NET CURRENT ASSETS 29,720 76,829
TOTAL ASSETS LESS CURRENT
LIABILITIES

95,022

150,096

CREDITORS
Amounts falling due after more than one
year

7

(89,960

)

(135,947

)

PROVISIONS FOR LIABILITIES (16,326 ) (18,179 )
NET LIABILITIES (11,264 ) (4,030 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (11,364 ) (4,130 )
SHAREHOLDERS' FUNDS (11,264 ) (4,030 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Celtic Cars Limited (Registered number: 06525344)

Balance Sheet - continued
31 March 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2024 and were signed on its behalf by:





D J Chadwick - Director


Celtic Cars Limited (Registered number: 06525344)

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

1. STATUTORY INFORMATION

Celtic Cars Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on reducing balance and 15% on reducing balance

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Celtic Cars Limited (Registered number: 06525344)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 13 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 224,799
Additions 3,728
At 31 March 2024 228,527
DEPRECIATION
At 1 April 2023 151,532
Charge for year 11,693
At 31 March 2024 163,225
NET BOOK VALUE
At 31 March 2024 65,302
At 31 March 2023 73,267

Celtic Cars Limited (Registered number: 06525344)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 April 2023
and 31 March 2024 24,000
DEPRECIATION
At 1 April 2023 9,262
Charge for year 2,211
At 31 March 2024 11,473
NET BOOK VALUE
At 31 March 2024 12,527
At 31 March 2023 14,738

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 25,178 56,113
Other debtors 50,855 23,916
76,033 80,029

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 166,274 183,320
Hire purchase contracts 17,095 19,345
Trade creditors 143,418 50,549
Taxation and social security 61,848 29,035
Other creditors 133,849 93,320
522,484 375,569

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans 57,273 86,165
Hire purchase contracts 32,687 49,782
89,960 135,947

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 7,446 13,402

Celtic Cars Limited (Registered number: 06525344)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

8. SECURED DEBTS

Barclays Bank PLC holds a fixed and floating charge dated 10 April 2008 over the undertaking and all property and assets including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant and machinery.

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

31.3.24 31.3.23
£    £   
D J Chadwick
Balance outstanding at start of year - 4,530
Amounts repaid - (4,530 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 2,406 -

10. ULTIMATE CONTROLLING PARTY

The controlling party is D J Chadwick.