Registered number
06987376
Fynnbrook Cars Ltd
Filleted Accounts
30 April 2024
Fynnbrook Cars Ltd
Registered number: 06987376
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 64,951 63,857
Current assets
Stocks 101,567 36,000
Debtors 4 423,321 430,216
Cash at bank and in hand 31,359 519,390
556,247 985,606
Creditors: amounts falling due within one year 5 (391,262) (764,625)
Net current assets 164,985 220,981
Total assets less current liabilities 229,936 284,838
Creditors: amounts falling due after more than one year 6 (100,842) (33,017)
Net assets 129,094 251,821
Capital and reserves
Called up share capital 100 100
Profit and loss account 128,994 251,721
Shareholders' funds 129,094 251,821
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Brett Ridgers
Director
Approved by the board on 26 January 2024
Fynnbrook Cars Ltd
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Property improvements Not depreciated
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Property improvements Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 May 2023 62,467 14,129 4,500 81,096
Additions - 2,190 - 2,190
At 30 April 2024 62,467 16,319 4,500 83,286
Depreciation
At 1 May 2023 - 13,006 4,233 17,239
Charge for the year - 829 267 1,096
At 30 April 2024 - 13,835 4,500 18,335
Net book value
At 30 April 2024 62,467 2,484 - 64,951
At 30 April 2023 62,467 1,123 267 63,857
4 Debtors 2024 2023
£ £
Trade debtors 88,834 253,240
Other debtors 334,487 176,976
423,321 430,216
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 12,123 17,990
Obligations under finance lease and hire purchase contracts (701) -
Trade creditors 234,477 532,968
Taxation and social security costs 109,025 187,390
Other creditors 36,338 26,277
391,262 764,625
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 100,842 33,017
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Brett Ridgers
Interest free loan 1 38,587 - 38,587
Interest free loan 2 125,849 - (125,849) -
Interest free loan 3 157,510 157,510
164,436 157,510 (125,849) 196,097
8 Related party transactions
During the year the director, Brett Ridgers, and his spouse received £141,667 of dividends (2023: £207,335).
9 Other information
Fynnbrook Cars Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Wig Lane
Straight Road, Boxted
Colchester
Essex
CO4 5QX
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