Company registration number 06980569 (England and Wales)
NEXT CAR 4 LESS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
NEXT CAR 4 LESS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
NEXT CAR 4 LESS LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
359,789
357,978
Investment property
4
395,000
395,000
754,789
752,978
Current assets
Stocks
107,219
102,263
Debtors
5
20,294
11,395
Cash at bank and in hand
87,328
139,526
214,841
253,184
Creditors: amounts falling due within one year
6
(85,857)
(102,590)
Net current assets
128,984
150,594
Total assets less current liabilities
883,773
903,572
Creditors: amounts falling due after more than one year
7
(84,002)
(100,886)
Provisions for liabilities
(36,993)
(37,103)
Net assets
762,778
765,583
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
762,678
765,483
Total equity
762,778
765,583
NEXT CAR 4 LESS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2024
31 August 2024
- 2 -

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

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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 28 March 2025 and are signed on its behalf by:
Mr K J McNicholas
Director
Company registration number 06980569 (England and Wales)
NEXT CAR 4 LESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
1
Accounting policies
Company information

Next Car 4 Less Limited is a private company limited by shares incorporated in England and Wales. The registered office is c/o Streets Whittle & Partners LLP, The Old Exchange, 64 West Stockwell Street, Colchester, Essex, CO1 1HE. The business address is Moors Farm, Assington, Suffolk, CO10 5NE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
5% straight line, no depreciation for holiday lets
Plant and equipment
15% reducing balance
Fixtures and fittings
15% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

NEXT CAR 4 LESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 4 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and bank deposits.

1.8
Financial instruments

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost.

 

Financial assets comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt.

 

Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital

 

Financial liabilities held at amortised cost comprise all creditors except social security and other taxes, deferred income and provisions.

 

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

NEXT CAR 4 LESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
3
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 September 2023
354,297
25,448
379,745
Additions
-
0
3,450
3,450
At 31 August 2024
354,297
28,898
383,195
Depreciation and impairment
At 1 September 2023
3,793
17,974
21,767
Depreciation charged in the year
-
0
1,639
1,639
At 31 August 2024
3,793
19,613
23,406
Carrying amount
At 31 August 2024
350,504
9,285
359,789
At 31 August 2023
350,504
7,474
357,978
NEXT CAR 4 LESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 6 -
4
Investment property
2024
£
Fair value
At 1 September 2023 and 31 August 2024
395,000

Investment property comprises Eight Ash Green Trade Centre, Halstead Road, Eight Ash Green, Colchester, CO6 3QH. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the Directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
13,974
727
Other debtors
6,320
10,668
20,294
11,395
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
16,700
16,700
Trade creditors
789
571
Corporation tax
7,259
17,925
Other taxation and social security
7,363
6,208
Other creditors
53,746
61,186
85,857
102,590
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
84,002
100,886

The long-term loan is secured by fixed charge over a freehold property owned by the company.

Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
17,202
34,086
NEXT CAR 4 LESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 7 -
8
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
624
734
Revaluations
36,369
36,369
36,993
37,103
2024
Movements in the year:
£
Liability at 1 September 2023
37,103
Credit to profit or loss
(110)
Liability at 31 August 2024
36,993

The deferred tax liability set out above relates to accelerated capital allowances on fixed assets and on revalued investment property.

9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
10
Related party transactions

At the year end the company owed the directors £47,352 (2023: £54,398), the loan is interest free and repayable on demand.

2024-08-312023-09-01falsefalsefalse28 March 2025CCH SoftwareCCH Accounts Production 2025.100No description of principal activityMr K J McNicholasMrs J McNicholas069805692023-09-012024-08-31069805692024-08-31069805692023-08-3106980569core:LandBuildings2024-08-3106980569core:OtherPropertyPlantEquipment2024-08-3106980569core:LandBuildings2023-08-3106980569core:OtherPropertyPlantEquipment2023-08-3106980569core:CurrentFinancialInstrumentscore:WithinOneYear2024-08-3106980569core:CurrentFinancialInstrumentscore:WithinOneYear2023-08-3106980569core:Non-currentFinancialInstrumentscore:AfterOneYear2024-08-3106980569core:Non-currentFinancialInstrumentscore:AfterOneYear2023-08-3106980569core:CurrentFinancialInstruments2024-08-3106980569core:CurrentFinancialInstruments2023-08-3106980569core:ShareCapital2024-08-3106980569core:ShareCapital2023-08-3106980569core:RetainedEarningsAccumulatedLosses2024-08-3106980569core:RetainedEarningsAccumulatedLosses2023-08-3106980569core:ShareCapitalOrdinaryShareClass12024-08-3106980569core:ShareCapitalOrdinaryShareClass12023-08-3106980569bus:Director12023-09-012024-08-3106980569core:LandBuildingscore:OwnedOrFreeholdAssets2023-09-012024-08-3106980569core:PlantMachinery2023-09-012024-08-3106980569core:FurnitureFittings2023-09-012024-08-31069805692022-09-012023-08-3106980569core:LandBuildings2023-08-3106980569core:OtherPropertyPlantEquipment2023-08-31069805692023-08-3106980569core:LandBuildings2023-09-012024-08-3106980569core:OtherPropertyPlantEquipment2023-09-012024-08-3106980569core:WithinOneYear2024-08-3106980569core:WithinOneYear2023-08-3106980569core:Non-currentFinancialInstruments2024-08-3106980569core:Non-currentFinancialInstruments2023-08-3106980569bus:OrdinaryShareClass12023-09-012024-08-3106980569bus:OrdinaryShareClass12024-08-3106980569bus:OrdinaryShareClass12023-08-3106980569bus:PrivateLimitedCompanyLtd2023-09-012024-08-3106980569bus:SmallCompaniesRegimeForAccounts2023-09-012024-08-3106980569bus:FRS1022023-09-012024-08-3106980569bus:AuditExemptWithAccountantsReport2023-09-012024-08-3106980569bus:Director22023-09-012024-08-3106980569bus:FullAccounts2023-09-012024-08-31xbrli:purexbrli:sharesiso4217:GBP