Registered number
01300279
Chagcroft Motors Limited
Filleted Accounts
31 July 2024
Chagcroft Motors Limited
Registered number: 01300279
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 199,718 202,325
Current assets
Stocks 225,856 242,849
Debtors 4 33,248 42,421
Cash at bank and in hand 141,075 118,884
400,179 404,154
Creditors: amounts falling due within one year 5 (133,944) (146,142)
Net current assets 266,235 258,012
Net assets 465,953 460,337
Capital and reserves
Called up share capital 29,962 29,962
Revaluation reserve 6 131,617 131,617
Profit and loss account 304,374 298,758
Shareholders' funds 465,953 460,337
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.
J K Palmer
Director
Approved by the board on 20 April 2025
Chagcroft Motors Limited
Notes to the Accounts
for the year ended 31 July 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 are not depreciated.
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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 Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 August 2023 180,291 95,637 23,569 299,497
At 31 July 2024 180,291 95,637 23,569 299,497
Depreciation
At 1 August 2023 - 77,645 19,527 97,172
Charge for the year - 1,799 808 2,607
At 31 July 2024 - 79,444 20,335 99,779
Net book value
At 31 July 2024 180,291 16,193 3,234 199,718
At 31 July 2023 180,291 17,992 4,042 202,325
Freehold land and buildings: 2024 2023
£ £
Historical cost 48,674 48,674
Cumulative depreciation based on historical cost - -
48,674 48,674
4 Debtors 2024 2023
£ £
Trade debtors 22,614 26,511
Other debtors 10,634 15,910
33,248 42,421
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 38,189 48,804
Taxation and social security costs 14,573 10,874
Other creditors 81,182 86,464
133,944 146,142
6 Revaluation reserve 2024 2023
£ £
At 1 August 2023 131,617 131,617
At 31 July 2024 131,617 131,617
7 Other information
Chagcroft Motors Limited is a private company limited by shares and incorporated in England. Its registered office is:
43 Mornington Road
Chingford
London
E4 7DT
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