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Registered number: 08512437
Country Cars & Vans Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08512437
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 86,498 65,507
86,498 65,507
CURRENT ASSETS
Stocks 7,000 11,205
Debtors 5 78,600 23,586
Cash at bank and in hand 168,188 163,620
253,788 198,411
Creditors: Amounts Falling Due Within One Year 6 (98,610 ) (55,742 )
NET CURRENT ASSETS (LIABILITIES) 155,178 142,669
TOTAL ASSETS LESS CURRENT LIABILITIES 241,676 208,176
Creditors: Amounts Falling Due After More Than One Year 7 (20,926 ) (40,225 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (13,788 ) -
NET ASSETS 206,962 167,951
CAPITAL AND RESERVES
Called up share capital 200 100
Profit and Loss Account 206,762 167,851
SHAREHOLDERS' FUNDS 206,962 167,951
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 Ben Ballardie
Director
27 March 2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Country Cars & Vans Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08512437 . The registered office is Station Yard Station Road, Wiveliscombe, Taunton, Somerset, TA4 2LX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover form the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. 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:
Leasehold 5% straight line
Plant & Machinery 20% reducing balance
Motor Vehicles 20% reducing balance
Fixtures & Fittings 20% reducing balance
Computer Equipment 20% reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
...CONTINUED
Page 3
Page 4
2.5. Taxation - continued
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was 5 (2023: 6)
5 6
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 April 2023 - 104,538 27,807 6,670
Additions 34,813 - - -
As at 31 March 2024 34,813 104,538 27,807 6,670
Depreciation
As at 1 April 2023 - 61,990 8,284 3,296
Provided during the period 720 8,510 3,905 675
As at 31 March 2024 720 70,500 12,189 3,971
Net Book Value
As at 31 March 2024 34,093 34,038 15,618 2,699
As at 1 April 2023 - 42,548 19,523 3,374
Computer Equipment Total
£ £
Cost
As at 1 April 2023 999 140,014
Additions - 34,813
As at 31 March 2024 999 174,827
Depreciation
As at 1 April 2023 937 74,507
Provided during the period 12 13,822
As at 31 March 2024 949 88,329
Net Book Value
As at 31 March 2024 50 86,498
As at 1 April 2023 62 65,507
Page 4
Page 5
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 15,658 15,106
Prepayments and accrued income 333 -
Director's loan account - 8,480
Amounts owed by connected company 62,609 -
78,600 23,586
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 10,491 22,989
Bank loans and overdrafts 10,197 -
Corporation tax 24,031 12,637
Other taxes and social security 1,493 6,058
VAT 21,645 9,447
Other creditors 258 884
Credit card 85 3,727
Accruals and deferred income 3,720 -
Director's loan account 26,690 -
98,610 55,742
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 20,926 40,225
8. Directors Advances, Credits and Guarantees
Included within Debtors is the following loans to the director:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mr Ben Ballardie 8,480 - (8,480 ) - -
9. Related Party Transactions
The director maintained a loan account with the company. The loan is interest free and repayable on demand. At the balance sheet date the amount due to the director was £26,690 (2023: (£8,480)).
The company maintained a loan account with a company owned by the director. The loan is interest free and repayable on demand. At the balance sheet date the amount due to the company was £62,609 (2023: £nil).
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