Classic Retrofit Limited 09534070 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is retrofitting modern fittings in classic cars. Digita Accounts Production Advanced 6.30.9574.0 true true 09534070 2023-05-01 2024-04-30 09534070 2024-04-30 09534070 core:RetainedEarningsAccumulatedLosses 2024-04-30 09534070 core:ShareCapital 2024-04-30 09534070 core:CurrentFinancialInstruments 2024-04-30 09534070 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 09534070 core:BetweenTwoFiveYears 2024-04-30 09534070 core:WithinOneYear 2024-04-30 09534070 core:FurnitureFittingsToolsEquipment 2024-04-30 09534070 core:LandBuildings 2024-04-30 09534070 core:OtherPropertyPlantEquipment 2024-04-30 09534070 bus:SmallEntities 2023-05-01 2024-04-30 09534070 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 09534070 bus:FilletedAccounts 2023-05-01 2024-04-30 09534070 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 09534070 bus:RegisteredOffice 2023-05-01 2024-04-30 09534070 bus:Director1 2023-05-01 2024-04-30 09534070 bus:Director2 2023-05-01 2024-04-30 09534070 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 09534070 core:FurnitureFittings 2023-05-01 2024-04-30 09534070 core:FurnitureFittingsToolsEquipment 2023-05-01 2024-04-30 09534070 core:LandBuildings 2023-05-01 2024-04-30 09534070 core:OtherPropertyPlantEquipment 2023-05-01 2024-04-30 09534070 core:PlantMachinery 2023-05-01 2024-04-30 09534070 countries:England 2023-05-01 2024-04-30 09534070 2023-04-30 09534070 core:FurnitureFittingsToolsEquipment 2023-04-30 09534070 core:LandBuildings 2023-04-30 09534070 core:OtherPropertyPlantEquipment 2023-04-30 09534070 2022-05-01 2023-04-30 09534070 2023-04-30 09534070 core:RetainedEarningsAccumulatedLosses 2023-04-30 09534070 core:ShareCapital 2023-04-30 09534070 core:CurrentFinancialInstruments 2023-04-30 09534070 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 09534070 core:BetweenTwoFiveYears 2023-04-30 09534070 core:WithinOneYear 2023-04-30 09534070 core:FurnitureFittingsToolsEquipment 2023-04-30 09534070 core:LandBuildings 2023-04-30 09534070 core:OtherPropertyPlantEquipment 2023-04-30 iso4217:GBP xbrli:pure

Registration number: 09534070

Classic Retrofit Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Classic Retrofit Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Classic Retrofit Limited

Company Information

Directors

Z L Billins

J A Hart

Registered office

8 High Street
Heathfield
East Sussex
TN21 8LS

Accountants

Manningtons
8 High Street
Heathfield
East Sussex
TN21 8LS

 

Classic Retrofit Limited

(Registration number: 09534070)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

72,027

27,602

Current assets

 

Debtors

5

41,520

68,734

Cash at bank and in hand

 

732,039

905,243

 

773,559

973,977

Creditors: Amounts falling due within one year

6

(82,950)

(129,826)

Net current assets

 

690,609

844,151

Net assets

 

762,636

871,753

Capital and reserves

 

Called up share capital

2

2

Retained earnings

762,634

871,751

Shareholders' funds

 

762,636

871,753

For the financial year ending 30 April 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 21 January 2025 and signed on its behalf by:
 

 

Classic Retrofit Limited

(Registration number: 09534070)
Balance Sheet as at 30 April 2024

.........................................
Z L Billins
Director

.........................................
J A Hart
Director

 

Classic Retrofit Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

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

The address of its registered office is:
8 High Street
Heathfield
East Sussex
TN21 8LS
United Kingdom

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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 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.

 

Classic Retrofit Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 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.

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

Plant and machinery

25% reducing balance

Fixtures and fittings

25% reducing balance

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 at the transaction price, 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.

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 at the transaction price.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

Classic Retrofit Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

 

Classic Retrofit Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2023

21,158

11,771

9,996

42,925

Additions

48,905

527

7,237

56,669

At 30 April 2024

70,063

12,298

17,233

99,594

Depreciation

At 1 May 2023

4,108

5,166

6,049

15,323

Charge for the year

7,007

1,925

3,312

12,244

At 30 April 2024

11,115

7,091

9,361

27,567

Carrying amount

At 30 April 2024

58,948

5,207

7,872

72,027

At 30 April 2023

17,050

6,605

3,947

27,602

Included within the net book value of land and buildings above is £58,948 (2023 - £17,050) in respect of short leasehold land and buildings.
 

5

Debtors

2024
£

2023
£

Trade debtors

19,732

44,246

Taxation and social security

11,388

18,950

Prepayments

2,038

2,038

Other debtors

3,500

3,500

Director loan account

4,862

-

41,520

68,734

 

Classic Retrofit Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

25,299

27,574

Taxation and social security

55,955

85,884

Accruals and deferred income

1,200

1,200

Other creditors

493

-

Director loan account

3

15,168

82,950

129,826

7

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

-

4,318

Later than one year and not later than five years

-

17,632

-

21,950

The amount of non-cancellable operating lease payments recognised as an expense during the year was £Nil (2023 - £Nil).