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REGISTERED NUMBER: 09080933 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024

FOR

PRESTIGE CARS OF ESSEX LIMITED

PRESTIGE CARS OF ESSEX LIMITED (REGISTERED NUMBER: 09080933)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 30 April 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PRESTIGE CARS OF ESSEX LIMITED

COMPANY INFORMATION
for the year ended 30 April 2024







DIRECTOR: T Willmott





REGISTERED OFFICE: Humphreys Barn
Magdalen Laver
Essex
CM5 OER





REGISTERED NUMBER: 09080933 (England and Wales)





ACCOUNTANTS: Green & Co
The Coach House
7 Sun Street
Sawbridgeworth
Hertfordshire
CM21 9PU

PRESTIGE CARS OF ESSEX LIMITED (REGISTERED NUMBER: 09080933)

BALANCE SHEET
30 April 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 25,608 29,832

CURRENT ASSETS
Stocks 1,086,911 749,440
Debtors 5 139,170 133,273
Cash at bank and in hand 87,542 161,150
1,313,623 1,043,863
CREDITORS
Amounts falling due within one year 6 552,001 460,766
NET CURRENT ASSETS 761,622 583,097
TOTAL ASSETS LESS CURRENT
LIABILITIES

787,230

612,929

CREDITORS
Amounts falling due after more than one year 7 (20,081 ) (25,760 )

PROVISIONS FOR LIABILITIES (6,402 ) (7,458 )
NET ASSETS 760,747 579,711

CAPITAL AND RESERVES
Called up share capital 151 151
Capital redemption reserve 9 151 151
Retained earnings 9 760,445 579,409
SHAREHOLDERS' FUNDS 760,747 579,711

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PRESTIGE CARS OF ESSEX LIMITED (REGISTERED NUMBER: 09080933)

BALANCE SHEET - continued
30 April 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 9 January 2025 and were signed by:





T Willmott - Director


PRESTIGE CARS OF ESSEX LIMITED (REGISTERED NUMBER: 09080933)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 April 2024

1. STATUTORY INFORMATION

Prestige Cars of Essex Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

PRESTIGE CARS OF ESSEX LIMITED (REGISTERED NUMBER: 09080933)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 April 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 5 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 May 2023 5,683 40,245 45,928
Additions 3,460 - 3,460
At 30 April 2024 9,143 40,245 49,388
DEPRECIATION
At 1 May 2023 2,754 13,342 16,096
Charge for year 958 6,726 7,684
At 30 April 2024 3,712 20,068 23,780
NET BOOK VALUE
At 30 April 2024 5,431 20,177 25,608
At 30 April 2023 2,929 26,903 29,832

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 May 2023
and 30 April 2024 30,245
DEPRECIATION
At 1 May 2023 7,561
Charge for year 5,671
At 30 April 2024 13,232
NET BOOK VALUE
At 30 April 2024 17,013
At 30 April 2023 22,684

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade debtors 24,844 101,590
Other debtors 114,326 31,683
139,170 133,273

PRESTIGE CARS OF ESSEX LIMITED (REGISTERED NUMBER: 09080933)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 April 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Hire purchase contracts 5,339 4,485
Trade creditors 109,133 132,640
Taxation and social security 145,474 136,239
Other creditors 292,055 187,402
552,001 460,766

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.4.24 30.4.23
£    £   
Hire purchase contracts 20,081 25,760

8. SECURED DEBTS

The following secured debts are included within creditors:

30.4.24 30.4.23
£    £   
Hire purchase contracts 25,420 30,245

9. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 May 2023 579,409 151 579,560
Profit for the year 240,556 240,556
Dividends (59,520 ) (59,520 )
At 30 April 2024 760,445 151 760,596

10. RELATED PARTY DISCLOSURES

During the year, total dividends of £59,520 were paid to the director .

The company was under the control of the director T Willmott as he owned the issued share capital of the company.