Registered number
07249895
NAVCAR LIMITED
Report and Accounts
30 June 2024
NAVCAR LIMITED
Registered number: 07249895
Directors' Report
The directors present their report and accounts for the year ended 30 June 2024.
Principal activities
The company's principal activity during the year continued to be Car hire and vehicle repairs.
Directors
The following persons served as directors during the year:
Mr S Bass
Mr L Leitner
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 17 March 2025 and signed on its behalf.
S Bass
Director
NAVCAR LIMITED
Accountants' Report
Accountants' report to the directors of
NAVCAR LIMITED
You consider that the company is exempt from an audit for the year ended 30 June 2024. You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
Bass Accountants Ltd
Accountants
67 Windsor Road
Prestwich
Manchester
M25 0DB
17 March 2025
NAVCAR LIMITED
Profit and Loss Account
for the year ended 30 June 2024
2024 2023
£ £
Turnover1,601,0601,936,571
Cost of sales(275,241)(461,981)
Gross profit1,325,8191,474,590
Administrative expenses(1,168,318)(1,492,115)
Operating profit/(loss)157,501(17,525)
Loss on the disposal of tangible fixed assets(27,697)-
Interest receivable- 37
Interest payable(2,510)(62,352)
Profit/(loss) before taxation127,294(79,840)
Tax on profit/(loss)- -
Profit/(loss) for the financial year127,294(79,840)
NAVCAR LIMITED
Registered number:07249895
Balance Sheet
as at 30 June 2024
Notes2024 2023
£ £
Fixed assets
Tangible assets31,122,4761,282,046
Current assets
Debtors4166,626279,664
Cash at bank and in hand7775,855
167,403285,519
Creditors: amounts falling due within one year5(562,547)(829,528)
Net current liabilities(395,144)(544,009)
Total assets less current liabilities727,332738,037
Creditors: amounts falling due after more than one year6(12,148)(150,147)
Net assets715,184587,890
Capital and reserves
Called up share capital100100
Profit and loss account715,084587,790
Shareholders' funds715,184587,890
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.
S Bass
Director
Approved by the board on 17 March 2025
NAVCAR LIMITED
Statement of Changes in Equity
for the year ended 30 June 2024
ShareShareRe-ProfitTotal
capitalpremiumvaluationand loss
reserveaccount
£ £ £ £ £
At 1 July 2022100- - 667,630667,730
Loss for the financial year(79,840)(79,840)
At 30 June 2023100 - - 587,790 587,890
At 1 July 2023100- - 587,790587,890
Profit for the financial year127,294127,294
At 30 June 2024100- - 715,084715,184
NAVCAR LIMITED
Notes to the Accounts
for the year ended 30 June 2024
1Accounting 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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 buildingsover 50 years
Leasehold land and buildingsover the lease term
Plant and machineryover 5 years
Fixtures, fittings, tools and equipmentover 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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 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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
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.
2Employees2024 2023
NumberNumber
Average number of persons employed by the company1618
3Tangible fixed assets
Land and buildingsPlant and machinery etcMotor vehiclesTotal
£ £ £ £
Cost
At 1 July 202360,883175,2492,512,4832,748,615
Additions- 19,671142,550162,221
Disposals(60,883)- (100,000)(160,883)
At 30 June 2024- 194,9202,555,0332,749,953
Depreciation
At 1 July 202312,176131,1621,323,2311,466,569
Charge for the year- 9,564188,520198,084
On disposals(12,176)- (25,000)(37,176)
At 30 June 2024- 140,7261,486,7511,627,477
Net book value
At 30 June 2024- 54,1941,068,2821,122,476
At 30 June 202348,70744,0871,189,2521,282,046
4Debtors2024 2023
£ £
Trade debtors163,455264,574
Other debtors3,17115,090
166,626279,664
5Creditors: amounts falling due within one year2024 2023
£ £
Bank loans and overdrafts12,26812,268
Obligations under finance lease and hire purchase contracts47,450-
Trade creditors62,510134,564
Taxation and social security costs392,932430,480
Mr L Leitner- 31,530
Allweiss and Co Ltd170,336
Other Creditors50,237
Mr S Bass47,387 113
562,547829,528
6Creditors: amounts falling due after one year2024 2023
£ £
Bank loans12,14818,000
Other creditors- 132,147
12,148150,147
7Other information
NAVCAR LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Riverside Agecroft Road
Swinton
Manchester
M27 8SJ
NAVCAR LIMITED
Detailed profit and loss account
for the year ended 30 June 2024
This schedule does not form part of the statutory accounts
2024 2023
£ £
Sales1,601,0601,936,571
Cost of sales(275,241)(461,981)
Gross profit1,325,8191,474,590
Administrative expenses(1,168,318)(1,492,115)
Operating profit/(loss)157,501(17,525)
Loss on the disposal of tangible fixed assets(27,697)-
Interest receivable- 37
Interest payable(2,510)(62,352)
Profit/(loss) before tax127,294(79,840)
NAVCAR LIMITED
Detailed profit and loss account
for the year ended 30 June 2024
This schedule does not form part of the statutory accounts
2024 2023
£ £
Sales
Sales
597,335
1,000,312
Income from insurance payout565,008 927,215
Other Sales438,717 9,044
1,601,0601,936,571
Cost of sales
Purchases
275,241
461,981
Administrative expenses
Employee costs:
Wages and salaries
460,752
513,692
Directors' salaries
25,140
68,005
Pensions
6,741
5,812
Employer's NI
44,143
51,312
Staff training and welfare
2,290
1,039
Travel and subsistence
1,985
2,003
Entertaining
1,249
-
542,300 641,863
Premises costs:
Rent
51,000
39,401
Rates
3,618
3,228
Light and heat
25,501
27,600
80,119 70,229
General administrative expenses:
Telephone and internet
26,593
36,330
Stationery and printing
1,306
1,397
Subscriptions
27,329
38,638
Bank charges
1,455
1,378
Insurance
150,257
151,695
Equipment hire
19,736
32,546
Software
13,852
15,046
Repairs and maintenance
7,588
8,584
Depreciation
260,924
314,423
Sundry expenses
14,451
27,055
523,491 627,092
Legal and professional costs:
Accountancy fees
2,000
20,000
Commissions payable-
15,330
Advertising and PR
3,236
27,899
Other legal and professional
17,172
89,702
22,408 152,931
1,168,318 1,492,115
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