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Registered number: 13341369
Five Zeros Supercars Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 13341369
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 72,835 67,556
72,835 67,556
CURRENT ASSETS
Debtors 5 119,798 75,484
Cash at bank and in hand - 7
119,798 75,491
Creditors: Amounts Falling Due Within One Year 6 (600,516 ) (331,055 )
NET CURRENT ASSETS (LIABILITIES) (480,718 ) (255,564 )
TOTAL ASSETS LESS CURRENT LIABILITIES (407,883 ) (188,008 )
Creditors: Amounts Falling Due After More Than One Year 7 (10,898 ) (32,235 )
NET LIABILITIES (418,781 ) (220,243 )
CAPITAL AND RESERVES
Called up share capital 9 1,000 125
Share premium account 124,750 -
Income Statement (544,531 ) (220,368 )
SHAREHOLDERS' FUNDS (418,781) (220,243)
Page 1
Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr D Bush
Director
10/01/2025
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Five Zeros Supercars Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13341369 . The registered office is The Courtyard, 33 Duke Street, Trowbridge, Wiltshire, BA14 8EA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Improvement N/A
Plant & Machinery 25% RB
Motor Vehicles 25% RB
Fixtures & Fittings 25% RB
Computer Equipment 25% SL
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to income statement as incurred.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.5. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 12 (2022: 3)
12 3
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 31 December 2022 11,292 78,607 2,489 92,388
Additions 3,077 26,684 - 29,761
As at 31 December 2023 14,369 105,291 2,489 122,149
Depreciation
As at 31 December 2022 2,819 21,391 622 24,832
Provided during the period 2,886 20,974 622 24,482
As at 31 December 2023 5,705 42,365 1,244 49,314
Net Book Value
As at 31 December 2023 8,664 62,926 1,245 72,835
As at 31 December 2022 8,473 57,216 1,867 67,556
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 9,186 2,960
Corporation tax recoverable assets 13,650 4,039
Deferred tax current asset 56,518 56,518
Directors' loan accounts 40,444 11,967
119,798 75,484
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6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 16,817 14,744
Trade creditors 168,945 23,724
Bank loans and overdrafts 68 -
Other loans 33,990 20,738
Amounts owed to group undertakings 197,285 239,352
Other creditors 56,630 2,920
Taxation and social security 126,781 29,577
600,516 331,055
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 8,141 23,343
Other loans 2,757 8,892
10,898 32,235
8. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 16,817 14,744
Later than one year and not later than five years 8,141 23,343
24,958 38,087
24,958 38,087
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1,000 125
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 31 December 2022 Amounts advanced Amounts repaid Amounts written off As at 31 December 2023
£ £ £ £ £
Mr David Bush 11,967 28,477 - - 40,444
The above loan is unsecured, interest free and repayable on demand.
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