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Registration number: 10798401

AA Car Sales Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

AA Car Sales Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

AA Car Sales Ltd

Company Information

Director

A E K Ankers

Company secretary

J Leyton

Registered office

93 Aldwick Road
Bognor Regis
West Sussex
PO21 2NW

Accountants

Matthews Hanton Limited
Chartered Certified Accountants93 Aldwick Road
Bognor Regis
West Sussex
PO21 2NW

 

AA Car Sales Ltd

(Registration number: 10798401)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,354

4,442

Current assets

 

Stocks

5

226,133

674,777

Debtors

6

48,218

38,523

Cash at bank and in hand

 

10,122

33,885

 

284,473

747,185

Creditors: Amounts falling due within one year

7

(228,167)

(616,469)

Net current assets

 

56,306

130,716

Total assets less current liabilities

 

57,660

135,158

Creditors: Amounts falling due after more than one year

7

(67,896)

(91,310)

Provisions for liabilities

(1,111)

(1,111)

Net (liabilities)/assets

 

(11,347)

42,737

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

(11,349)

42,735

Shareholders' (deficit)/funds

 

(11,347)

42,737

For the financial year ending 30 June 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 5 March 2025
 

.........................................
A E K Ankers
Director

 

AA Car Sales Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
93 Aldwick Road
Bognor Regis
West Sussex
PO21 2NW
England

These financial statements were authorised for issue by the director on 5 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

AA Car Sales Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

3 Years Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

AA Car Sales Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

AA Car Sales Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2023

9,749

9,749

At 30 June 2024

9,749

9,749

Depreciation

At 1 July 2023

5,307

5,307

Charge for the year

3,088

3,088

At 30 June 2024

8,395

8,395

Carrying amount

At 30 June 2024

1,354

1,354

At 30 June 2023

4,442

4,442

5

Stocks

2024
£

2023
£

Other inventories

226,133

674,777

6

Debtors

Current

2024
£

2023
£

Trade debtors

17,199

26,285

Prepayments

9,000

3,750

Other debtors

22,019

8,488

 

48,218

38,523

7

Creditors

Creditors: amounts falling due within one year

 

AA Car Sales Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

101,949

309,856

Trade creditors

 

105,473

234,198

Taxation and social security

 

9,855

18,582

Accruals and deferred income

 

2,290

2,400

Other creditors

 

8,600

51,433

 

228,167

616,469

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

67,896

91,310

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Share of £1 each

2

2

2

2

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

67,896

91,310

Current loans and borrowings

2024
£

2023
£

Bank borrowings

14,250

25,100

Bank overdrafts

-

98

Other borrowings

87,699

284,658

101,949

309,856

10

Related party transactions

 

AA Car Sales Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

9,096

8,338

Loans to related parties

2024

Key management
£

Total
£

Advanced

21,086

21,086

At end of period

21,086

21,086