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REGISTERED NUMBER: 03538827 (England and Wales)















Financial Statements for the Year Ended 30th April 2024

for

Val's Cars 98 Limited

Val's Cars 98 Limited (Registered number: 03538827)

Contents of the Financial Statements
for the year ended 30th April 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Val's Cars 98 Limited

Company Information
for the year ended 30th April 2024







DIRECTOR: J Stylianou



SECRETARY: A Stylianou



REGISTERED OFFICE: 1 - 3 Manor Road
Chatham
Kent
ME4 6AE



REGISTERED NUMBER: 03538827 (England and Wales)



ACCOUNTANTS: Beak Kemmenoe
Chartered Accountants
1-3 Manor Road
Chatham
Kent
ME4 6AE



BANKERS: Barclays Bank UK PLC
89 High Street
Rainham
Kent
ME8 7JH

Val's Cars 98 Limited (Registered number: 03538827)

Balance Sheet
30th April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 269,690 259,994
269,690 259,994

CURRENT ASSETS
Debtors 6 39,638 84,111
Cash at bank 14 1,021
39,652 85,132
CREDITORS
Amounts falling due within one year 7 213,787 246,659
NET CURRENT LIABILITIES (174,135 ) (161,527 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

95,555

98,467

CREDITORS
Amounts falling due after more than one
year

8

(85,572

)

(92,375

)

PROVISIONS FOR LIABILITIES (34,360 ) (31,748 )
NET LIABILITIES (24,377 ) (25,656 )

CAPITAL AND RESERVES
Called up share capital 4 4
Retained earnings (24,381 ) (25,660 )
SHAREHOLDERS' FUNDS (24,377 ) (25,656 )

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

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

The director acknowledges her 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.

Val's Cars 98 Limited (Registered number: 03538827)

Balance Sheet - continued
30th 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 31st January 2025 and were signed by:





J Stylianou - Director


Val's Cars 98 Limited (Registered number: 03538827)

Notes to the Financial Statements
for the year ended 30th April 2024


1. STATUTORY INFORMATION

Val's Cars 98 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.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.
Land and buildings - 2% on cost
Plant and machinery etc - 25% on reducing balance and 20% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Val's Cars 98 Limited (Registered number: 03538827)

Notes to the Financial Statements - continued
for the year ended 30th April 2024


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
Trading and cashflow has continued to be profitable in the year, with the company expecting to return to a positive balance sheet within the year to 30 April 2025.

The director assesses that the company has adequate resources for the next twelve months from the date of signing these financial statements and therefore the going concern basis continues to be adopted.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2023 - 11 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st May 2023
and 30th April 2024 13,400
AMORTISATION
At 1st May 2023
and 30th April 2024 13,400
NET BOOK VALUE
At 30th April 2024 -
At 30th April 2023 -

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1st May 2023 147,500 514,257 661,757
Additions - 37,912 37,912
At 30th April 2024 147,500 552,169 699,669
DEPRECIATION
At 1st May 2023 14,500 387,263 401,763
Charge for year 750 27,466 28,216
At 30th April 2024 15,250 414,729 429,979
NET BOOK VALUE
At 30th April 2024 132,250 137,440 269,690
At 30th April 2023 133,000 126,994 259,994

Val's Cars 98 Limited (Registered number: 03538827)

Notes to the Financial Statements - continued
for the year ended 30th April 2024


5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1st May 2023 70,030
Additions 37,912
Transfer to ownership (21,596 )
At 30th April 2024 86,346
DEPRECIATION
At 1st May 2023 22,620
Charge for year 7,676
Transfer to ownership (12,566 )
At 30th April 2024 17,730
NET BOOK VALUE
At 30th April 2024 68,616
At 30th April 2023 47,410

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 35,363 80,911
Other debtors and prepayments 4,275 3,200
39,638 84,111

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 37,127 37,894
Hire purchase contracts 27,993 15,521
Trade creditors 195 6,160
Corporation tax 6,480 6,153
Social security and other taxes 96,761 82,145
Other creditors and accruals 45,231 98,786
213,787 246,659

Val's Cars 98 Limited (Registered number: 03538827)

Notes to the Financial Statements - continued
for the year ended 30th April 2024


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 62,583 75,969
Hire purchase contracts 22,989 16,406
85,572 92,375

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 77,124 89,668
Hire purchase contracts 50,982 31,927
128,106 121,595

The bank loan is secured by a fixed and floating charge over the undertaking and all property and assets.

The amounts due on hire purchase contracts are secured on the assets concerned.

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the director of the company by virtue of her 100% shareholding.