Registered number
07259069
IS Cars Limited
Unaudited Filleted Accounts
31 May 2024
IS Cars Limited
Registered number: 07259069
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 302,131 306,297
302,131 306,297
Current assets
Stocks 535,951 421,410
Debtors 4 325,085 318,908
Cash at bank and in hand 76,092 108,110
937,128 848,428
Creditors: amounts falling due within one year 5 (405,943) (294,418)
Net current assets 531,185 554,010
Total assets less current liabilities 833,316 860,307
Creditors: amounts falling due after more than one year 6 (203,771) (283,053)
Provisions for liabilities - (702)
Net assets 629,545 576,552
Capital and reserves
Called up share capital 100 100
Profit and loss account 629,445 576,452
Shareholders' funds 629,545 576,552
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.
Mr. S. S. Ali
Director
Approved by the board on 6 January 2025
IS Cars Limited
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:
Freehold buildings over 50 years
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current 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. 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.
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 6
3 Tangible fixed assets
Land and buildings Plant and machinery Total
£ £ £
Cost
At 1 June 2023 313,655 7,517 321,172
Additions - - -
Surplus on revaluation - - -
Disposals - - -
At 31 May 2024 313,655 7,517 321,172
Depreciation
At 1 June 2023 9,172 5,703 14,875
Charge for the year 2,352 1,814 4,166
Surplus on revaluation - - -
On disposals - - -
At 31 May 2024 11,524 7,517 19,041
Net book value
At 31 May 2024 302,131 - 302,131
At 31 May 2023 304,483 1,814 306,297
Freehold land and buildings: 2024 2023
£ £
Historical cost 313,655 313,655
Cumulative depreciation based on historical cost 11,524 9,172
302,131 304,483
4 Debtors 2024 2023
£ £
Trade debtors 88,425 82,248
Deferred tax asset - -
Other debtors 236,660 236,660
325,085 318,908
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 67,487 72,025
Obligations under finance lease and hire purchase contracts 11,740 11,740
Trade creditors 102,351 77,518
Taxation and social security costs 54,644 38,067
Other creditors 169,721 95,068
405,943 294,418
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 153,904 225,839
Obligations under finance lease and hire purchase contracts 49,867 57,214
203,771 283,053
7 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years - 54,608
- 54,608
Secured bank loans 173,102 204,428
Security is given against the freehold interest of the land and buildings owned by the company and interest in the motor vehicle financed.
8 Other information
IS Cars Limited is a private company limited by shares and incorporated in England. Its registered office is:
Great North Road
Wittering
Peterborough
PE8 6HG
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