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REGISTERED NUMBER: 06484316 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

MASTERCARS (BIGGLESWADE) LIMITED

MASTERCARS (BIGGLESWADE) LIMITED (REGISTERED NUMBER: 06484316)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MASTERCARS (BIGGLESWADE) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: R D Masters
S W Walker





SECRETARY: C R Coleman





REGISTERED OFFICE: 1-2 Bunyan Road
Hitchin
Hertfordshire
SG5 1NL





REGISTERED NUMBER: 06484316 (England and Wales)





ACCOUNTANTS: Rawlinson Pryde & Partners
Chartered Certified Accountants
Argent House
5 Goldington Road
Bedford
Bedfordshire
MK40 3JY

MASTERCARS (BIGGLESWADE) LIMITED (REGISTERED NUMBER: 06484316)

BALANCE SHEET
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 9,827 9,464

CURRENT ASSETS
Stocks 505,456 455,254
Debtors 5 29,431 28,021
Cash at bank and in hand 154,871 200,227
689,758 683,502
CREDITORS
Amounts falling due within one year 6 186,232 186,834
NET CURRENT ASSETS 503,526 496,668
TOTAL ASSETS LESS CURRENT
LIABILITIES

513,353

506,132

CREDITORS
Amounts falling due after more than one
year

7

(11,967

)

(71,683

)

PROVISIONS FOR LIABILITIES (2,297 ) (2,614 )
NET ASSETS 499,089 431,835

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 498,989 431,735
SHAREHOLDERS' FUNDS 499,089 431,835

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MASTERCARS (BIGGLESWADE) LIMITED (REGISTERED NUMBER: 06484316)

BALANCE SHEET - continued
31 MARCH 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 March 2025 and were signed on its behalf by:





S W Walker - Director


MASTERCARS (BIGGLESWADE) LIMITED (REGISTERED NUMBER: 06484316)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Mastercars (Biggleswade) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales, servicing and repairs of motor vehicles, excluding value added tax.

Turnover is recognised on delivery of the motor vehicle to the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 15% on cost
Fixtures and fittings - 15% on cost
Motor vehicles - 20% on cost

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all liabilities.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

If an arrangement constitutes a financing transaction it is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. The present value of a financial asset or financial liability that is repayable on demand is equal to the undiscounted cash amount expected to be paid or received.


MASTERCARS (BIGGLESWADE) LIMITED (REGISTERED NUMBER: 06484316)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

MASTERCARS (BIGGLESWADE) LIMITED (REGISTERED NUMBER: 06484316)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 April 2023 14,585 8,858 10,050 33,493
Additions - 3,612 - 3,612
At 31 March 2024 14,585 12,470 10,050 37,105
DEPRECIATION
At 1 April 2023 11,008 4,201 8,820 24,029
Charge for year 2,182 657 410 3,249
At 31 March 2024 13,190 4,858 9,230 27,278
NET BOOK VALUE
At 31 March 2024 1,395 7,612 820 9,827
At 31 March 2023 3,577 4,657 1,230 9,464

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 25,709 24,454
Prepayments and accrued income 3,722 3,567
29,431 28,021

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 58,686 18,713
Trade creditors 18,803 43,514
Tax 27,972 32,156
Social security and other taxes 2,068 2,504
VAT 16,183 27,092
Other creditors and accruals 28,100 33,237
Directors' current accounts 34,420 29,618
186,232 186,834

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans - 2-5 years 11,967 59,937
Bank loans more 5 yr by instal - 11,746
11,967 71,683

MASTERCARS (BIGGLESWADE) LIMITED (REGISTERED NUMBER: 06484316)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
31.3.24 31.3.23
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 11,746

8. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans 70,653 90,396

The bank loan and overdraft are secured by the owned assets of the company together with personal guarantees given by the directors.