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Registration number: 11233352

SJB Classic Cars Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

SJB Classic Cars Limited

Contents

Company Information

1

Director's Report

2

Profit and Loss Account

3

Statement of Comprehensive Income

4

Balance Sheet

5

Statement of Changes in Equity

6

Notes to the Unaudited Financial Statements

7 to 12

iXBRL Detailed Profit and Loss Account

13

 

SJB Classic Cars Limited

Company Information

Director

Mr Simon Ball

Registered office

166 Banks Road
West Kirby
Wirral
Merseyside
CH48 0RH

Accountants

GRC Accountants Limited
166 Banks Road
West Kirby
Wirral
Merseyside
CH48 0RH

 

SJB Classic Cars Limited

Director's Report for the Year Ended 31 March 2024

The director presents his report and the financial statements for the year ended 31 March 2024.

Director of the company

The director who held office during the year was as follows:

Mr Simon Ball

Principal activity

The principal activity of the company is car restoration services.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 21 March 2025
 

.........................................
Mr Simon Ball
Director

 

SJB Classic Cars Limited

Profit and Loss Account for the Year Ended 31 March 2024

Note

2024
£

2023
£

Turnover

 

182,133

215,047

Cost of sales

 

(117,679)

(91,210)

Gross profit

 

64,454

123,837

Administrative expenses

 

(114,752)

(109,755)

Operating (loss)/profit

 

(50,298)

14,082

Other interest receivable and similar income

 

5

-

Interest payable and similar expenses

 

(781)

(807)

   

(776)

(807)

(Loss)/profit before tax

4

(51,074)

13,275

Tax on (loss)/profit

 

-

(2,731)

(Loss)/profit for the financial year

 

(51,074)

10,544

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

SJB Classic Cars Limited

Statement of Comprehensive Income for the Year Ended 31 March 2024

2024
£

2023
£

(Loss)/profit for the year

(51,074)

10,544

Total comprehensive income for the year

(51,074)

10,544

 

SJB Classic Cars Limited

(Registration number: 11233352)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

2,667

3,429

Current assets

 

Stocks

6

10,000

46,050

Debtors

7

9,591

4,002

Cash at bank and in hand

 

625

649

 

20,216

50,701

Creditors: Amounts falling due within one year

8

(73,836)

(54,009)

Net current liabilities

 

(53,620)

(3,308)

Net (liabilities)/assets

 

(50,953)

121

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

(51,053)

21

Shareholders' (deficit)/funds

 

(50,953)

121

For the financial 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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 21 March 2025
 

.........................................
Mr Simon Ball
Director

 

SJB Classic Cars Limited

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Retained earnings
£

Total
£

At 1 April 2023

100

21

121

Loss for the year

-

(51,074)

(51,074)

At 31 March 2024

100

(51,053)

(50,953)

Share capital
£

Retained earnings
£

Total
£

At 1 April 2022

100

547

647

Profit for the year

-

10,544

10,544

Dividends

-

(11,070)

(11,070)

At 31 March 2023

100

21

121

 

SJB Classic Cars Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
166 Banks Road
West Kirby
Wirral
Merseyside
CH48 0RH
United Kingdom

These financial statements were authorised for issue by the director on 21 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

SJB Classic Cars Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & Machinery

25% reducing balance

Office equipment

33.33% straight line

Fixtures & fittings

20% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

SJB Classic Cars Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2023 - 3).

4

Loss/profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

763

1,097

 

SJB Classic Cars Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

7,481

6,465

13,946

At 31 March 2024

7,481

6,465

13,946

Depreciation

At 1 April 2023

5,594

4,923

10,517

Charge for the year

377

385

762

At 31 March 2024

5,971

5,308

11,279

Carrying amount

At 31 March 2024

1,510

1,157

2,667

At 31 March 2023

1,887

1,542

3,429

6

Stocks

2024
£

2023
£

Work in progress

10,000

46,050

7

Debtors

Current

2024
£

2023
£

Trade debtors

9,591

4,002

 

9,591

4,002

 

SJB Classic Cars Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

35,531

26,148

Trade creditors

 

15,737

19,146

Taxation and social security

 

7,370

8,478

Other creditors

 

15,198

237

 

73,836

54,009

Creditors: amounts falling due after more than one year

2024
£

2023
£

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

10

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

10,266

1,619

Other borrowings

25,265

24,529

35,531

26,148

11

Related party transactions

 

SJB Classic Cars Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

12,000

12,000

 

SJB Classic Cars Limited

iXBRL Detailed Profit and Loss Account for the Year Ended 31 March 2024

2024
£

2023
£

Turnover/revenue

182,133

215,047

Cost of sales

Opening work in progress

(46,050)

(37,500)

Purchase of raw materials and consumables

(71,618)

(90,047)

Closing work in progress

10,000

46,050

Freight and haulage costs

(1,673)

(1,671)

Insurance costs

(8,338)

(8,042)

Gross profit

64,454

123,837

Distribution costs

Administrative expenses

Audit and accountancy other services

(1,420)

(1,386)

Advertising, promotions and marketing costs

(129)

(99)

Rent, rates and services costs

(43,108)

(38,499)

Utilities costs

(2,336)

(2,230)

Other repairs and maintenance costs

(155)

(542)

Depreciation of fixed assets

(763)

(1,097)

Wages and salaries excluding directors

(47,838)

(47,504)

Pension costs defined contribution schemes excluding directors

(960)

(950)

Staff costs excluding directors

(48,798)

(48,454)

Salaries and fees, directors

(12,000)

(12,000)

Travel and subsistence

(103)

(9)

Bank charges

(1,252)

(576)

Insurance costs

(2,289)

(2,136)

IT and computing

(80)

(126)

Telecommunications

(647)

(404)

Printing, postage and stationery

(302)

(549)

Other costs

(1,370)

(1,648)

Other operating income

Other items

(Loss)/profit on ordinary activities before finance charges and interest

(50,298)

14,082

Bank interest and similar income receivable

5

-

Non-bank interest and similar charges

(781)

(807)

(Loss)/profit on ordinary activities before taxation

(51,074)

13,275

Tax on profit or loss on ordinary activities

-

(2,731)

(Loss)/profit for the financial year

(51,074)

10,544