Registered number
12152612
Craig Daniels Automotive Limited
Filleted Accounts
31 May 2024
Craig Daniels Automotive Limited
Registered number: 12152612
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 3,400 -
Tangible assets 4 8,454 4,547
11,854 4,547
Current assets
Stocks 188,746 183,265
Debtors 5 35,298 49,193
Cash at bank and in hand 5,678 9,859
229,722 242,317
Creditors: amounts falling due within one year 6 (134,121) (126,357)
Net current assets 95,601 115,960
Total assets less current liabilities 107,455 120,507
Creditors: amounts falling due after more than one year 7 (178,413) (108,570)
Provisions for liabilities (1,606) (864)
Net (liabilities)/assets (72,564) 11,073
Capital and reserves
Called up share capital 102 102
Profit and loss account (72,666) 10,971
Shareholders' funds (72,564) 11,073
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 members have 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.
Mr C Daniels
Director
Approved by the board on 10 March 2025
Craig Daniels Automotive Limited
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
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:
Plant and machinery over 4 years
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.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Intangible fixed assets £
Website development costs:
Cost
Additions 3,400
At 31 May 2024 3,400
Amortisation
At 31 May 2024 -
Net book value
At 31 May 2024 3,400
Website development costs will be written off in equal annual instalments over their estimated economic life of 3 years upon completion.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2023 5,859
Additions 6,047
At 31 May 2024 11,906
Depreciation
At 1 June 2023 1,312
Charge for the year 2,140
At 31 May 2024 3,452
Net book value
At 31 May 2024 8,454
At 31 May 2023 4,547
5 Debtors 2024 2023
£ £
Trade debtors 24,080 10,259
Other debtors 11,218 38,934
35,298 49,193
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 38,090 18,928
Obligations under finance lease and hire purchase contracts - 100
Trade creditors 6,747 2,532
Director's loan account 97 3,689
Taxation and social security costs 3,043 14,661
Accruals and deferred income 3,610 4,105
Other creditors 82,534 82,342
134,121 126,357
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 178,413 108,570
8 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 25,221 11,082
9 First time adoption of FRS 102
The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss. The transition date was 1 June 2023. The financial statements for the year ended 31 May 2023 were prepared under the previous financial reporting framework.
10 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 16,772 -
11 Controlling party
By virtue of his shareholding, Mr C Daniels is the controlling party.
12 Other information
Craig Daniels Automotive Limited is a private company limited by shares and incorporated in England. Its registered office is:
Bury Lodge
Bury Road
Stowmarket
Suffolk
IP14 1JA
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