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Registration number: 09831437

York Classic Car Storage Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2024

 

York Classic Car Storage Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

York Classic Car Storage Limited

(Registration number: 09831437)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

95,189

98,981

Current assets

 

Debtors

6

7,310

5,758

Cash at bank and in hand

 

13,132

5,330

 

20,442

11,088

Creditors: Amounts falling due within one year

7

(140,173)

(147,552)

Net current liabilities

 

(119,731)

(136,464)

Total assets less current liabilities

 

(24,542)

(37,483)

Creditors: Amounts falling due after more than one year

7

(17,896)

(7,671)

Net liabilities

 

(42,438)

(45,154)

Capital and reserves

 

Called up share capital

400

400

Retained earnings

(42,838)

(45,554)

Shareholders' deficit

 

(42,438)

(45,154)

For the financial year ending 31 October 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.

Approved and authorised by the Board on 16 January 2025 and signed on its behalf by:
 

Mr J C Gordon-Finlayson
Director

   
     
 

York Classic Car Storage Limited

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

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Parkhill Studio
Walton Road
Wetherby
West Yorkshire
LS22 5DZ
England

These financial statements were authorised for issue by the Board on 16 January 2025.

2

Accounting policies

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 and after eliminating sales within the company.

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.

 

York Classic Car Storage Limited

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

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.

 

York Classic Car Storage Limited

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

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

Licence to occupy buildings

10% straight line

Fixtures and fittings

20% straight line

Plant and machinery

33% straight line

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 6).

4

Profit/loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

34,286

31,376

 

York Classic Car Storage Limited

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

5

tangible assets

Freehold land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 November 2023

236,207

2,394

30,078

34,231

302,910

Additions

-

-

-

30,494

30,494

At 31 October 2024

236,207

2,394

30,078

64,725

333,404

Depreciation

At 1 November 2023

161,607

2,394

6,312

33,616

203,929

Charge for the year

22,923

-

6,016

5,347

34,286

At 31 October 2024

184,530

2,394

12,328

38,963

238,215

Carrying amount

At 31 October 2024

51,677

-

17,750

25,762

95,189

At 31 October 2023

74,600

-

23,766

615

98,981

 

York Classic Car Storage Limited

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

6

debtors

Current

2024
£

2023
£

Trade debtors

2,581

1,780

Prepayments

4,729

3,978

 

7,310

5,758

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

138,537

141,690

Trade creditors

 

334

437

Taxation and social security

 

1,302

5,425

 

140,173

147,552

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

17,896

7,671