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Registration number: 05797462

Finsley Gate Car Sales Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Finsley Gate Car Sales Ltd

Contents

Company Information

1

Director's Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 9

 

Finsley Gate Car Sales Ltd

Company Information

Director

Mr Mohammed Naeem Khan

Company secretary

Mr David Ian Hughes

Registered office

Ground Floor Unit 8, Vantage Court
Riverside Way
Barrowford
Nelson
Lancashire
BB9 6BP

Accountants

Hughes Accountants Limited
AAT Licensed Accountant
Ground Floor Unit 8, Vantage Court
Riverside Way
Barrowford
Nelson
Lancashire
BB9 6BP

 

Finsley Gate Car Sales Ltd

Director's Report for the Year Ended 30 April 2024

The director presents his report and the financial statements for the year ended 30 April 2024.

Director of the company

The director who held office during the year was as follows:

Mr Mohammed Naeem Khan

Principal activity

The principal activity of the company is Used Car Dealer

Small companies provision statement

This report has 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.

Approved and authorised by the director on 31 January 2025
 

.........................................
Mr Mohammed Naeem Khan
Director

 

Finsley Gate Car Sales Ltd

(Registration number: 05797462)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1

1

Current assets

 

Stocks

5

303,573

318,378

Debtors

6

215,047

228,201

Cash at bank and in hand

 

46,680

12,360

 

565,300

558,939

Creditors: Amounts falling due within one year

7

(99,943)

(87,107)

Net current assets

 

465,357

471,832

Total assets less current liabilities

 

465,358

471,833

Creditors: Amounts falling due after more than one year

7

(13,333)

(23,333)

Net assets

 

452,025

448,500

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

451,925

448,400

Shareholders' funds

 

452,025

448,500

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.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 31 January 2025
 

.........................................
Mr Mohammed Naeem Khan
Director

 

Finsley Gate Car Sales Ltd

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 and Wales.

The address of its registered office is:
Ground Floor Unit 8, Vantage Court
Riverside Way
Barrowford
Nelson
Lancashire
BB9 6BP
England and Wales

The principal place of business is:
Finsley Gate
Burnley
Lancashire
BB11 2HA
England

These financial statements were authorised for issue by the director on 31 January 2025.

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.

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.

 

Finsley Gate Car Sales Ltd

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

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.

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

Furniture and fittings

25% Straight line

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 initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Finsley Gate Car Sales Ltd

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

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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2023 - 4).

 

Finsley Gate Car Sales Ltd

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2023

1,030

1,030

At 30 April 2024

1,030

1,030

Depreciation

At 1 May 2023

1,029

1,029

At 30 April 2024

1,029

1,029

Carrying amount

At 30 April 2024

1

1

At 30 April 2023

1

1

5

Stocks

2024
£

2023
£

Other inventories

303,573

318,378

6

Debtors

Current

2024
£

2023
£

Trade debtors

(4,375)

8,980

Prepayments

270

-

Other debtors

219,152

219,221

 

215,047

228,201

7

Creditors

Creditors: amounts falling due within one year

 

Finsley Gate Car Sales Ltd

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

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

10,000

13,170

Trade creditors

 

48,643

41,274

Taxation and social security

 

12,224

19,315

Accruals and deferred income

 

2,776

600

Other creditors

 

26,300

12,748

 

99,943

87,107

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

13,333

23,333

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

13,333

23,333

2024
£

2023
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Bank overdrafts

-

3,170

10,000

13,170

Bank borrowings

 

Finsley Gate Car Sales Ltd

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

Bounce Back Loan is denominated in with a nominal interest rate of 2.5%, and the final instalment is due on 6 August 2026. The carrying amount at year end is £23,333 (2023 - £33,333).