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Registered number: 7452846
NETWORK CARS ESSEX LTD
Financial Statements
For The Year Ended 30 November 2024
MUFTI & CO.
FINANCIAL ACCOUNTANTS
14 NATAL ROAD
ILFORD
ESSEX
IG1 2HA
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 7452846
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 7,842 10,455
7,842 10,455
CURRENT ASSETS
Debtors 5 1,242 2,240
Cash at bank and in hand 18,243 45,522
19,485 47,762
Creditors: Amounts Falling Due Within One Year 6 (4,609 ) (14,158 )
NET CURRENT ASSETS (LIABILITIES) 14,876 33,604
TOTAL ASSETS LESS CURRENT LIABILITIES 22,718 44,059
NET ASSETS 22,718 44,059
CAPITAL AND RESERVES
Called up share capital 7 3 1
Profit and Loss Account 22,715 44,058
SHAREHOLDERS' FUNDS 22,718 44,059
Page 1
Page 2
For the year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr JUSTIN MAGRO
Director
10/03/2025
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
NETWORK CARS ESSEX LTD is a private company, limited by shares, incorporated in England & Wales, registered number 7452846 . The registered office is 68 WEALD BRIDGE ROAD, NORTH WEALD, EPPING, ESSEX, CM16 6ES.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
2.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25%
Motor Vehicles 25%
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 2 1
2 1
4. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 December 2023 7,176 21,651 28,827
As at 30 November 2024 7,176 21,651 28,827
Depreciation
As at 1 December 2023 5,856 12,516 18,372
Provided during the period 330 2,283 2,613
As at 30 November 2024 6,186 14,799 20,985
Net Book Value
As at 30 November 2024 990 6,852 7,842
As at 1 December 2023 1,320 9,135 10,455
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Page 4
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors - 2,240
Prepayments and accrued income 18 -
VAT 1,224 -
1,242 2,240
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 2 1
VAT - 768
Accruals and deferred income 1,450 2,215
Directors' loan accounts 3,157 11,174
4,609 14,158
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 3 1
8. Directors Advances, Credits and Guarantees
Dividends paid to directors
2024 2023
£ £
Mr JUSTIN MAGRO 6,000 12,000
Mrs Deborah Colloff 3,000 -
9. Dividends
2024 2023
£ £
On equity shares:
Final dividend paid 9,000 12,000
10. Controlling Party
The company's controlling party is Mr. J. C. Magro by virtue of his ownership of  67 % of the issued share capital in the company.
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