Registered number
09310131
Car Mart (UK) Limited
Report and Accounts
30 November 2024
Car Mart (UK) Limited
Registered number: 09310131
Balance Sheet
as at 30 November 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 7,625 7,781
Current assets
Stocks 401,565 532,151
Debtors 4 11,495 13,500
Cash at bank and in hand 305,231 92,453
718,291 638,104
Creditors: amounts falling due within one year 5 (81,681) (71,401)
Net current assets 636,610 566,703
Total assets less current liabilities 644,235 574,484
Creditors: amounts falling due after more than one year 6 (458,069) (412,338)
Net assets 186,166 162,146
Capital and reserves
Called up share capital 1 1
Profit and loss account 186,165 162,145
Shareholders' funds 186,166 162,146
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mohammed Junaid
Director
Approved by the board on 13 February 2025
Car Mart (UK) Limited
Notes to the Accounts
for the year ended 30 November 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 December 2023 9,026
At 30 November 2024 9,026
Depreciation
At 1 December 2023 1,245
Charge for the year 156
At 30 November 2024 1,401
Net book value
At 30 November 2024 7,625
At 30 November 2023 7,781
4 Debtors 2024 2023
£ £
Trade debtors 11,495 13,500
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 54,782 56,435
Taxation and social security costs 26,899 14,966
81,681 71,401
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 15,566 25,637
Other creditors 442,503 386,701
458,069 412,338
7 Loans 2024 2023
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 442,503 386,701
8 Other information
Car Mart (UK) Limited is a private company limited by shares and incorporated in England. Its registered office is:
Car Mart (UK) Limited
Station Bridge Road
Yaxley, Peterborough
PE7 3EL
Car Mart (UK) Limited 09310131 false 2023-12-01 2024-11-30 2024-11-30 VT Final Accounts July 2024 Mohammed Junaid No description of principal activity 09310131 2022-12-01 2023-11-30 09310131 core:WithinOneYear 2023-11-30 09310131 core:AfterOneYear 2023-11-30 09310131 core:ShareCapital 2023-11-30 09310131 core:RetainedEarningsAccumulatedLosses 2023-11-30 09310131 2023-12-01 2024-11-30 09310131 bus:PrivateLimitedCompanyLtd 2023-12-01 2024-11-30 09310131 bus:AuditExempt-NoAccountantsReport 2023-12-01 2024-11-30 09310131 bus:Director40 2023-12-01 2024-11-30 09310131 1 2023-12-01 2024-11-30 09310131 2 2023-12-01 2024-11-30 09310131 core:LandBuildings 2023-12-01 2024-11-30 09310131 countries:England 2023-12-01 2024-11-30 09310131 bus:FRS102 2023-12-01 2024-11-30 09310131 bus:FilletedAccounts 2023-12-01 2024-11-30 09310131 2024-11-30 09310131 core:WithinOneYear 2024-11-30 09310131 core:AfterOneYear 2024-11-30 09310131 core:ShareCapital 2024-11-30 09310131 core:RetainedEarningsAccumulatedLosses 2024-11-30 09310131 core:LandBuildings 2024-11-30 09310131 2023-11-30 09310131 core:LandBuildings 2023-11-30 iso4217:GBP xbrli:pure