Registered number
11862080
North Cars Ltd
Unaudited Filleted Accounts
31 March 2024
TEMPLETONS (HOLDINGS) LTD
CHARTERED ACCOUNTANTS
309 HOE STREET
WALTHAMSTOW
LONDON E17 9BG
North Cars Ltd
Registered number: 11862080
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 37,461 49,947
Current assets
Debtors 4 656,399 529,099
Cash at bank and in hand 26,721 298,929
683,120 828,028
Creditors: amounts falling due within one year 5 (763,704) (865,679)
Net current liabilities (80,584) (37,651)
Total assets less current liabilities (43,123) 12,296
Creditors: amounts falling due after more than one year 6 (4,646) (43,383)
Net liabilities (47,769) (31,087)
Capital and reserves
Called up share capital 100 100
Profit and loss account (47,869) (31,187)
Shareholder's funds (47,769) (31,087)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Faisal Kayani
Director
Approved by the board on 12 March 2025
North Cars Ltd
Notes to the Accounts
for the year ended 31 March 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 rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract.
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:
Motor vehicle 25% reducing balance method
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 and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous 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. 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. 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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 375 143,523 143,898
At 31 March 2024 375 143,523 143,898
Depreciation
At 1 April 2023 164 93,787 93,951
Charge for the year 52 12,434 12,486
At 31 March 2024 216 106,221 106,437
Net book value
At 31 March 2024 159 37,302 37,461
At 31 March 2023 211 49,736 49,947
4 Debtors 2024 2023
£ £
Other debtors 656,399 529,099
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 8,000 8,000
Taxation and social security costs 24,851 9,281
Other creditors 730,853 848,398
763,704 865,679
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 4,646 43,383
7 Controlling party
The company was under the control of Mr Faisal Kayani- a director of the company throughout the year.
8 Other information
North Cars Ltd is a private company limited by shares and incorporated in England. Its registered office is:
309 Hoe Street
Walthamstow
LONDON
E17 9BG
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