Registered number
05430907
CLASSIC CAR SERVICES LTD
Filleted Accounts
30 April 2024
CLASSIC CAR SERVICES LTD
Registered number: 05430907
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 1,546 1,717
Current assets
Stocks 10,000 7,250
Debtors 5 13,295 62,013
Cash at bank and in hand (3,954) 9,564
19,341 78,827
Creditors: amounts falling due within one year 6 (17,404) (73,366)
Net current assets 1,937 5,461
Total assets less current liabilities 3,483 7,178
Creditors: amounts falling due after more than one year 7 (2,395) (6,952)
Net assets 1,088 226
Capital and reserves
Called up share capital 100 100
Profit and loss account 988 126
Shareholders' funds 1,088 226
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S Hartley
Director
Approved by the board on 31 January 2025
CLASSIC CAR SERVICES LTD
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 10% on wdv
Motor vehicles 25% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 May 2023 36,460
At 30 April 2024 36,460
Amortisation
At 1 May 2023 36,460
At 30 April 2024 36,460
Net book value
At 30 April 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 May 2023 12,075 11,267 23,342
At 30 April 2024 12,075 11,267 23,342
Depreciation
At 1 May 2023 10,358 11,267 21,625
Charge for the year 171 - 171
At 30 April 2024 10,529 11,267 21,796
Net book value
At 30 April 2024 1,546 - 1,546
At 30 April 2023 1,717 - 1,717
5 Debtors 2024 2023
£ £
Trade debtors 13,295 62,013
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts (8,528) -
Trade creditors 7,881 39,032
Taxation and social security costs 8,196 18,450
Other creditors 9,855 15,884
17,404 73,366
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 2,395 6,952
8 Other information
CLASSIC CAR SERVICES LTD is a private company limited by shares and incorporated in England. Its registered office is:
Unit C Gemini House
Winston Avenue
Leicester
LE9 3CQ
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