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REGISTERED NUMBER: 10765284 (England and Wales)















Unaudited Financial Statements for the Year Ended 31st May 2024

for

NICHOLS CARS LIMITED

NICHOLS CARS LIMITED (REGISTERED NUMBER: 10765284)






Contents of the Financial Statements
for the Year Ended 31st May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


NICHOLS CARS LIMITED

Company Information
for the Year Ended 31st May 2024







DIRECTORS: J J Minett
S Nichols
T M Metcalfe





REGISTERED OFFICE: 89 Leigh Road
Eastleigh
Hampshire
SO50 9DQ





REGISTERED NUMBER: 10765284 (England and Wales)





ACCOUNTANTS: Graham Martin & Co
Accountants
89 Leigh Road
Eastleigh
Hampshire
SO50 9DQ

NICHOLS CARS LIMITED (REGISTERED NUMBER: 10765284)

Balance Sheet
31st May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 17,581 897

CURRENT ASSETS
Stocks 399,406 403,333
Debtors 5 7,334 -
Cash at bank 10,371 115,212
417,111 518,545
CREDITORS
Amounts falling due within one year 6 47,142 71,916
NET CURRENT ASSETS 369,969 446,629
TOTAL ASSETS LESS CURRENT
LIABILITIES

387,550

447,526

CREDITORS
Amounts falling due after more than one
year

7

193,229

219,166
NET ASSETS 194,321 228,360

CAPITAL AND RESERVES
Called up share capital 3,850 3,850
Share premium 355,350 375,350
Retained earnings (164,879 ) (150,840 )
SHAREHOLDERS' FUNDS 194,321 228,360

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

NICHOLS CARS LIMITED (REGISTERED NUMBER: 10765284)

Balance Sheet - continued
31st May 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26th February 2025 and were signed on its behalf by:





J J Minett - Director


NICHOLS CARS LIMITED (REGISTERED NUMBER: 10765284)

Notes to the Financial Statements
for the Year Ended 31st May 2024

1. STATUTORY INFORMATION

Nichols Cars 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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

3. EMPLOYEES AND DIRECTORS

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

NICHOLS CARS LIMITED (REGISTERED NUMBER: 10765284)

Notes to the Financial Statements - continued
for the Year Ended 31st May 2024

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st June 2023 1,507
Additions 27,044
Disposals (4,500 )
At 31st May 2024 24,051
DEPRECIATION
At 1st June 2023 610
Charge for year 5,860
At 31st May 2024 6,470
NET BOOK VALUE
At 31st May 2024 17,581
At 31st May 2023 897

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 4,500 -
Other debtors 2,834 -
7,334 -

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 840 10,461
Taxation and social security - 19,253
Other creditors 36,302 32,202
47,142 71,916

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 163,333 173,333
Other creditors 29,896 45,833
193,229 219,166

NICHOLS CARS LIMITED (REGISTERED NUMBER: 10765284)

Notes to the Financial Statements - continued
for the Year Ended 31st May 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2024 2023
£    £   
Amounts falling due in more than five years:

Repayable otherwise than by instalments
Other loan 150,000 150,000

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31st May 2024 and 31st May 2023:

2024 2023
£    £   
J J Minett
Balance outstanding at start of year 270 85,459
Amounts advanced 64,771 18,876
Amounts repaid (65,035 ) (104,065 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 6 270

S Nichols
Balance outstanding at start of year 5,557 5,857
Amounts repaid (3,000 ) (300 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 2,557 5,557

9. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is J J Minett.