Registered number
10776473
Paul Higgs Cars Ltd
Filleted Accounts
31 May 2024
Paul Higgs Cars Ltd
Registered number: 10776473
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 192 226
Current assets
Stocks 80,601 139,144
Debtors 4 48,493 1,301
Cash at bank and in hand 65,394 31,665
194,488 172,110
Creditors: amounts falling due within one year 5 (101,261) (68,547)
Net current assets 93,227 103,563
Net assets 93,419 103,789
Capital and reserves
Called up share capital 1 1
Profit and loss account 93,418 103,788
Shareholders' funds 93,419 103,789
The director is 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 director acknowledges his 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.
Paul Higgs
Director
Approved by the board on 14 February 2025
Paul Higgs Cars Ltd
Notes to the Accounts
for the year ended 31 May 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.
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:
Fixtures, fittings, tools and equipment 15% reducing balance
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 June 2023 262
At 31 May 2024 262
Depreciation
At 1 June 2023 36
Charge for the year 34
At 31 May 2024 70
Net book value
At 31 May 2024 192
At 31 May 2023 226.00
4 Debtors 2024 2023
£ £
Trade debtors 45,281 1,301
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 6,024 11,734
Trade creditors 14,342 1,590
Directors loan account 30,448 20,035
Taxation and social security costs 24,223 17,770
Other creditors 26,224 17,418
101,261 68,547
6 Other information
Paul Higgs Cars Ltd is a private company limited by shares and incorporated in England.
Unit 6
Williams Industrial Park
Gore Road
New Milton
BH25 6SH
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