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Registration number: 02598022

Classic & Sportscar Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Classic & Sportscar Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Classic & Sportscar Limited

Company Information

Directors

N J Szkiler

JN Szkiler

Registered office

Corner Farm
West Knapton
Malton
West Yorkshire
YO17 8JB

Accountants

Addicus Plus Limited
Chartered Certified Accountants4 The Axium Centre Dorchester Road
Lytchett Minster
Poole
Dorset
BH16 6FE

 

Classic & Sportscar Limited

(Registration number: 02598022)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

592,807

452,129

Current assets

 

Stocks

5

3,865,813

3,085,433

Debtors

6

1,165,154

1,442,656

Cash at bank and in hand

 

16,620

19,317

 

5,047,587

4,547,406

Creditors: Amounts falling due within one year

7

(4,235,018)

(3,745,166)

Net current assets

 

812,569

802,240

Total assets less current liabilities

 

1,405,376

1,254,369

Creditors: Amounts falling due after more than one year

7

(526,556)

(495,511)

Provisions for liabilities

(119,032)

(97,860)

Net assets

 

759,788

660,998

Capital and reserves

 

Called up share capital

100

100

Retained earnings

759,688

660,898

Shareholders' funds

 

759,788

660,998

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.

 

Classic & Sportscar Limited

(Registration number: 02598022)
Balance Sheet as at 30 April 2024

Directors' 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 directors acknowledge their 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 and 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 31 January 2025 and signed on its behalf by:
 

JN Szkiler
Director

   
     
 

Classic & Sportscar Limited

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:
Corner Farm
West Knapton
Malton
West Yorkshire
YO17 8JB

These financial statements were authorised for issue by the Board 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.

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.

Tax

The tax expense for the period comprises current and deferred 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.

 

Classic & Sportscar Limited

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

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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

Short leasehold

10% on reducing balance

Plant and machinery

15% on reducing balance

Office equipment

15% on reducing balance

Motor vehicles

5% on reducing balance

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.

 

Classic & Sportscar Limited

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

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.

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.

 

Classic & Sportscar Limited

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

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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 during the year was 10 (2023 - 10).

 

Classic & Sportscar Limited

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

4

Tangible assets

Short leasehold land and buildings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 May 2023

162,378

163,482

45,242

457,573

Additions

-

4,010

2,854

196,351

Disposals

-

-

-

(33,344)

At 30 April 2024

162,378

167,492

48,096

620,580

Depreciation

At 1 May 2023

117,220

115,646

36,647

107,033

Charge for the year

4,508

7,274

1,721

24,658

Eliminated on disposal

-

-

-

(8,968)

At 30 April 2024

121,728

122,920

38,368

122,723

Carrying amount

At 30 April 2024

40,650

44,572

9,728

497,857

At 30 April 2023

45,158

47,836

8,595

350,540

 

Classic & Sportscar Limited

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

Total
£

Cost or valuation

At 1 May 2023

828,675

Additions

203,215

Disposals

(33,344)

At 30 April 2024

998,546

Depreciation

At 1 May 2023

376,546

Charge for the year

38,161

Eliminated on disposal

(8,968)

At 30 April 2024

405,739

Carrying amount

At 30 April 2024

592,807

At 30 April 2023

452,129

Included within the net book value of land and buildings above is £40,650 (2023 - £45,158) in respect of short leasehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

3,865,813

3,085,433

6

Debtors

2024
£

2023
£

Trade debtors

672,720

809,782

Other debtors

548

198,917

Prepayments

9,987

14,570

Accrued income

481,899

419,387

1,165,154

1,442,656

 

Classic & Sportscar Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

593,796

635,262

Trade creditors

 

3,496,498

2,945,340

Taxation and social security

 

61,085

63,908

Accruals

 

27,721

5,086

Other creditors

 

55,918

95,570

 

4,235,018

3,745,166

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

263,666

216,434

Other non-current financial liabilities

 

262,890

279,077

 

526,556

495,511

 

Classic & Sportscar Limited

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

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

54,167

104,167

Hire purchase contracts

209,499

112,267

263,666

216,434

Current loans and borrowings

2024
£

2023
£

Bank borrowings

50,000

50,000

Bank overdrafts

452,108

536,468

Hire purchase contracts

91,688

48,794

593,796

635,262