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COMPANY REGISTRATION NUMBER: 13392255
Cambridgeshire Motor Centre Ltd
Filleted Unaudited Financial Statements
For the year ended
31 May 2024
Cambridgeshire Motor Centre Ltd
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
45,881
1,334
Current assets
Stocks
433,509
322,224
Debtors
6
41,234
3,729
Cash at bank and in hand
24,008
----------
----------
474,743
349,961
Creditors: amounts falling due within one year
7
363,089
233,744
----------
----------
Net current assets
111,654
116,217
----------
----------
Total assets less current liabilities
157,535
117,551
Creditors: amounts falling due after more than one year
8
12,102
Provisions
250
249
----------
----------
Net assets
145,183
117,302
----------
----------
Capital and reserves
Called up share capital
100
100
Profit and loss account
145,083
117,202
----------
----------
Shareholders funds
145,183
117,302
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Cambridgeshire Motor Centre Ltd
Statement of Financial Position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 25 February 2025 , and are signed on behalf of the board by:
R J Truscott
Director
Company registration number: 13392255
Cambridgeshire Motor Centre Ltd
Notes to the Financial Statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3d Warboys Airfield Industrial Estate, Warboys, Huntingdon, PE28 2SH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, which is usually on despatch of the goods.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Operating lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
25% reducing balance
Office equipment
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to sell. Cost includes all costs of purchase and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Short leasehold property
Equipment
Office equipment
Total
£
£
£
£
Cost
At 1 June 2023
1,645
448
2,093
Additions
44,881
44,881
--------
-------
----
--------
At 31 May 2024
44,881
1,645
448
46,974
--------
-------
----
--------
Depreciation
At 1 June 2023
581
178
759
Charge for the year
266
68
334
--------
-------
----
--------
At 31 May 2024
847
246
1,093
--------
-------
----
--------
Carrying amount
At 31 May 2024
44,881
798
202
45,881
--------
-------
----
--------
At 31 May 2023
1,064
270
1,334
--------
-------
----
--------
6. Debtors
2024
2023
£
£
Trade debtors
37,419
Other debtors
3,815
3,729
--------
-------
41,234
3,729
--------
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
3,744
Trade creditors
51,198
4,458
Social security and other taxes
18,769
23,178
Other creditors
289,378
206,108
----------
----------
363,089
233,744
----------
----------
Other creditors include £227,227 (2023 £116,800) finance provided for stock under sale and repurchase agreements. The director and a close family member have provided joint and several personal guarantees for stock finance up to £250,000.
Other creditors include an HP liability of £9,835 which is secured on the asset concerned and also by a personal guarantee from a close family member of the director.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
12,102
--------
----
Other creditors include an HP liability of £12,102 which is secured on the asset concerned and also by a personal guarantee from a close family member of the director.
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
250
249
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
250
249
----
----
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
8,082
8,082
-------
-------