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COMPANY REGISTRATION NUMBER: 04876012
Allon White Sports Cars Ltd
Filleted Unaudited Financial Statements
30 November 2024
Allon White Sports Cars Ltd
Statement of Financial Position
30 November 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
5
6,300
Tangible assets
6
724,212
730,506
---------
---------
730,512
730,506
Current assets
Stocks
183,934
362,982
Debtors
7
20,309
57,386
Cash at bank and in hand
10,030
53,664
---------
---------
214,273
474,032
Creditors: amounts falling due within one year
8
276,384
436,281
---------
---------
Net current (liabilities)/assets
( 62,111)
37,751
---------
---------
Total assets less current liabilities
668,401
768,257
Creditors: amounts falling due after more than one year
9
123,429
181,521
Provisions
5,056
6,921
---------
---------
Net assets
539,916
579,815
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
539,816
579,715
---------
---------
Shareholders funds
539,916
579,815
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Allon White Sports Cars Ltd
Statement of Financial Position (continued)
30 November 2024
These financial statements were approved by the board of directors and authorised for issue on 26 March 2025 , and are signed on behalf of the board by:
Mr J D Bellenger
Director
Company registration number: 04876012
Allon White Sports Cars Ltd
Notes to the Financial Statements
Year ended 30 November 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 119 High Street, Cranfield, Bedfordshire, MK43 0BS.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
Over ten years
Website
-
25% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
33% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2023: 10 ).
5. Intangible assets
Goodwill
Website
Total
£
£
£
Cost
At 1 December 2023
132,411
132,411
Additions
8,400
8,400
---------
-------
---------
At 30 November 2024
132,411
8,400
140,811
---------
-------
---------
Amortisation
At 1 December 2023
132,411
132,411
Charge for the year
2,100
2,100
---------
-------
---------
At 30 November 2024
132,411
2,100
134,511
---------
-------
---------
Carrying amount
At 30 November 2024
6,300
6,300
---------
-------
---------
At 30 November 2023
---------
-------
---------
6. Tangible assets
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Dec 2023
694,079
96,495
39,582
11,500
24,595
866,251
Additions
3,750
3,750
---------
--------
--------
--------
--------
---------
At 30 Nov 2024
694,079
96,495
39,582
15,250
24,595
870,001
---------
--------
--------
--------
--------
---------
Depreciation
At 1 Dec 2023
61,443
39,582
10,125
24,595
135,745
Charge for the year
8,763
1,281
10,044
---------
--------
--------
--------
--------
---------
At 30 Nov 2024
70,206
39,582
11,406
24,595
145,789
---------
--------
--------
--------
--------
---------
Carrying amount
At 30 Nov 2024
694,079
26,289
3,844
724,212
---------
--------
--------
--------
--------
---------
At 30 Nov 2023
694,079
35,052
1,375
730,506
---------
--------
--------
--------
--------
---------
7. Debtors
2024
2023
£
£
Trade debtors
( 45)
39,403
Other debtors
20,354
17,983
--------
--------
20,309
57,386
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
111,827
70,576
Trade creditors
70,527
75,975
Corporation tax
1,818
Social security and other taxes
47,859
66,161
Other creditors
7,081
186,157
Pension fund
1,762
1,490
Other creditors
37,328
34,104
---------
---------
276,384
436,281
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
123,429
181,521
---------
---------