Registered number
10146923
Lucky Dale Cars Ltd
Filleted Accounts
30 April 2024
Lucky Dale Cars Ltd
Registered number: 10146923
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 86,941 37,058
Current assets
Stocks 913,669 627,219
Debtors 4 24,212 96,904
Cash at bank and in hand 36,646 275,343
974,527 999,466
Creditors: amounts falling due within one year 5 (242,151) (214,660)
Net current assets 732,376 784,806
Total assets less current liabilities 819,317 821,864
Creditors: amounts falling due after more than one year 6 (50,267) (73,467)
Net assets 769,050 748,397
Capital and reserves
Called up share capital 1 1
Profit and loss account 769,049 748,396
Shareholder's funds 769,050 748,397
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 member has 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.
Mr. Khurram Butt
Director
Approved by the board on 16 August 2024
Lucky Dale 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:
Fixture and fittings over 5 years
Plant and machinery over 5 years
Motor Vehicles over 5 years
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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 12 7
3 Tangible fixed assets
Fixture and fittings Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 May 2023 14,608 29,958 46,035 90,601
Additions - - 85,658 85,658
At 30 April 2024 14,608 29,958 131,693 176,259
Depreciation
At 1 May 2023 11,020 24,109 18,414 53,543
Charge for the year 3,588 5,849 26,338 35,775
At 30 April 2024 14,608 29,958 44,752 89,318
Net book value
At 30 April 2024 - - 86,941 86,941
At 30 April 2023 3,588 5,849 27,621 37,058
4 Debtors 2024 2023
£ £
Trade debtors 24,212 96,436
Other debtors - 468
24,212 96,904
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 16,660 -
Trade creditors 92,148 56,262
Taxation and social security costs 13,249 90,472
Other creditors 120,094 67,926
242,151 214,660
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 50,267 73,467
7 Related party transactions
According to company policy, Director Khurram Butt purchased a motor vehicle from the company's inventory at fair market value
8 Other information
Lucky Dale Cars Ltd is a private company limited by shares and incorporated in England. Its registered office is:
121 Canterbury Road
Croydon
Surrey
CR0 3HH
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