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Registered Number: 13701190
England and Wales

 

 

 


Abridged Accounts

for the year ended 31 October 2024

for

LOWRATECARFINANCE LIMITED

Accountants report

You consider that the company is exempt from an audit for the year ended 31 October 2024 . You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.

In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.

We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts. 



....................................................

Roxy Laing Limited

15 Hearle Way
Hatfield Business Park
Hatfield
AL10 9EW
07 March 2025
1
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 8,032    889 
8,032    889 
Current assets      
Stocks 318,063    169,110 
Debtors 238,485    9,124 
Cash at bank and in hand 265,033    7,951 
821,581    186,185 
Creditors: amount falling due within one year (620,364)   (179,536)
Net current assets 201,217    6,649 
 
Total assets less current liabilities 209,249    7,538 
Net assets 209,249    7,538 
 

Capital and reserves
     
Called up share capital 4 200    102 
Profit and loss account 209,049    7,436 
Shareholders' funds 209,249    7,538 
 


For the year ended 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 07 March 2025 and were signed on its behalf by:


-------------------------------
J Haring
Director
2
General Information
Lowratecarfinance Limited is a private company, limited by shares, registered in England and Wales, registration number 13701190, registration address Long Barn, 2 Folly Farm, Tickenham, Clevedon, Somerset, BS21 6RY.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Share Capital 
Ordinary shares have full rights in the company with respect to voting, dividends and distributions. 
B Ordinary shares have full rights in the company with respect to dividends and distributions, but do not carry any voting rights. 
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Computer Equipment 25% Straight Line
Plant and Machinery 25% Straight Line
Fixtures and Fittings 12% Straight Line
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.

Average number of employees

Average number of employees during the year was 5 (2023 : 2).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £
At 01 November 2023 1,264        1,264 
Additions   5,690    2,613    8,303 
Disposals      
At 31 October 2024 1,264    5,690    2,613    9,567 
Depreciation
At 01 November 2023 375        375 
Charge for year 316    489    355    1,160 
On disposals      
At 31 October 2024 691    489    355    1,535 
Net book values
Closing balance as at 31 October 2024 573    5,201    2,258    8,032 
Opening balance as at 01 November 2023 889        889 


4.

Share Capital

Authorised
100 Ordinary shares of £1.00 each
100 B Ordinary shares of £1.00 each
Allotted, called up and fully paid
2024
£
  2023
£
100 Ordinary shares of £1.00 each 100   
100 B Ordinary shares of £1.00 each 100    100 
200    102 

3