Chambers Autos Ltd 14890331 false 2023-05-24 2024-05-31 2024-05-31 The principal activity of the company is trading in second hand motor vehicles. Digita Accounts Production Advanced 6.30.9574.0 true true 14890331 2023-05-24 2024-05-31 14890331 2024-05-31 14890331 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2024-05-31 14890331 core:CurrentFinancialInstruments 2024-05-31 14890331 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 14890331 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2024-05-31 14890331 core:OtherRelatedParties 2024-05-31 14890331 bus:SmallEntities 2023-05-24 2024-05-31 14890331 bus:AuditExemptWithAccountantsReport 2023-05-24 2024-05-31 14890331 bus:FilletedAccounts 2023-05-24 2024-05-31 14890331 bus:SmallCompaniesRegimeForAccounts 2023-05-24 2024-05-31 14890331 bus:RegisteredOffice 2023-05-24 2024-05-31 14890331 bus:Director1 2023-05-24 2024-05-31 14890331 bus:Director2 2023-05-24 2024-05-31 14890331 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-05-24 2024-05-31 14890331 bus:PrivateLimitedCompanyLtd 2023-05-24 2024-05-31 14890331 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-05-24 2024-05-31 14890331 core:OtherRelatedParties 2023-05-24 2024-05-31 14890331 countries:EnglandWales 2023-05-24 2024-05-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 14890331

Chambers Autos Ltd

Unaudited Filleted Financial Statements

for the Period from 24 May 2023 to 31 May 2024

 

Chambers Autos Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

Chambers Autos Ltd

Company Information

Directors

Chambers Direct Ltd

Mr Harjit Chambers

Registered office

20 Wenlock Road
London
N1 7GU

Accountants

Clever Accounts Limited
Brookfield Court
Selby Road
Leeds
LS25 1NB

 

Chambers Autos Ltd

(Registration number: 14890331)
Balance Sheet as at 31 May 2024

Note

2024
£

Current assets

 

Stocks

4

7,557

Debtors

5

621

Cash at bank and in hand

 

3

 

8,181

Creditors: Amounts falling due within one year

6

(10,283)

Net liabilities

 

(2,102)

Capital and reserves

 

Called up share capital

7

1

Retained earnings

(2,103)

Shareholders' deficit

 

(2,102)

For the financial period ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 March 2025 and signed on its behalf by:
 

.........................................

Mr Harjit Chambers
Director

 

Chambers Autos Ltd

Notes to the Unaudited Financial Statements for the Period from 24 May 2023 to 31 May 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:
20 Wenlock Road
London
N1 7GU

These financial statements were authorised for issue by the Board on 13 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

Chambers Autos Ltd

Notes to the Unaudited Financial Statements for the Period from 24 May 2023 to 31 May 2024

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.

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 directors) during the period, was 1.

4

Stocks

2024
£

Other inventories

7,557

5

Debtors

Current

2024
£

Prepayments

621

 

621

 

Chambers Autos Ltd

Notes to the Unaudited Financial Statements for the Period from 24 May 2023 to 31 May 2024

6

Creditors

Creditors: amounts falling due within one year

2024
£

Due within one year

Accruals and deferred income

420

Other creditors

9,863

10,283

7

Share capital

Allotted, called up and fully paid shares

2024

No.

£

Ordinary share of £1 each

1

1

   

8

Related party transactions

Loans from related parties

2024

Entities with joint control or significant influence
£

Other related parties
£

Total
£

Advanced

119

9,744

9,863

At end of period

119

9,744

9,863

Terms of loans from related parties

Included in other creditors is a loan advance of £119 from Chambers Direct Ltd, a company which is a director and sole shareholder of the company.
The loan is interest free and repayable on demand.

 
Included in other creditors is a loan advance of £9,744 from Mr H Chambers, a director of the company.
The loan is interest free and epayable on demand.