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COMPANY REGISTRATION NUMBER: 13864564
Half Scale Cars Limited
Filleted Unaudited Financial Statements
30 April 2024
Half Scale Cars Limited
Statement of Financial Position
30 April 2024
30 Apr 24
31 Jan 23
Note
£
£
Fixed assets
Intangible assets
5
16,021
10,800
Tangible assets
6
20,055
2,034
--------
--------
36,076
12,834
Current assets
Stocks
61,400
25,000
Debtors
7
44,529
79,802
Cash at bank and in hand
11,197
---------
---------
117,126
104,802
Creditors: amounts falling due within one year
8
93,165
57,825
---------
---------
Net current assets
23,961
46,977
--------
--------
Total assets less current liabilities
60,037
59,811
--------
--------
Net assets
60,037
59,811
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
59,937
59,711
--------
--------
Shareholders funds
60,037
59,811
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the period ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Half Scale Cars Limited
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 23 January 2025 , and are signed on behalf of the board by:
S Murphy Esq
Director
Company registration number: 13864564
Half Scale Cars Limited
Notes to the Financial Statements
Period from 1 February 2023 to 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is TML House, 1a The Anchorage, Gosport, PO12 1LY, Hampshire.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
Other intangible assets
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 1 (2023: 1 ).
5. Intangible assets
Goodwill
Other intangible assets
Total
£
£
£
Cost
At 1 February 2023
12,000
12,000
Additions
7,134
7,134
--------
-------
--------
At 30 April 2024
12,000
7,134
19,134
--------
-------
--------
Amortisation
At 1 February 2023
1,200
1,200
Charge for the period
1,200
713
1,913
--------
-------
--------
At 30 April 2024
2,400
713
3,113
--------
-------
--------
Carrying amount
At 30 April 2024
9,600
6,421
16,021
--------
-------
--------
At 31 January 2023
10,800
10,800
--------
-------
--------
6. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 February 2023
1,000
1,579
2,579
Additions
2,850
50,445
3,913
57,208
Disposals
( 32,995)
( 32,995)
-------
--------
-------
--------
At 30 April 2024
3,850
17,450
5,492
26,792
-------
--------
-------
--------
Depreciation
At 1 February 2023
150
395
545
Charge for the period
555
4,363
1,274
6,192
-------
--------
-------
--------
At 30 April 2024
705
4,363
1,669
6,737
-------
--------
-------
--------
Carrying amount
At 30 April 2024
3,145
13,087
3,823
20,055
-------
--------
-------
--------
At 31 January 2023
850
1,184
2,034
-------
--------
-------
--------
7. Debtors
30 Apr 24
31 Jan 23
£
£
Trade debtors
9,500
Other debtors
44,529
70,302
--------
--------
44,529
79,802
--------
--------
8. Creditors: amounts falling due within one year
30 Apr 24
31 Jan 23
£
£
Trade creditors
20,079
3,077
Corporation tax
22,836
42,536
Other creditors
50,250
12,212
--------
--------
93,165
57,825
--------
--------
9. Director's advances, credits and guarantees
During the period the director entered into the following advances and credits with the company:
30 Apr 24
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
S Murphy Esq
51,844
( 99,884)
( 48,040)
--------
--------
--------
31 Jan 23
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
S Murphy Esq
51,844
51,844
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--------
--------