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Registration number: 12879452

Camelot Trading Co Ltd

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 30 September 2024

 

Camelot Trading Co Ltd

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Abridged Profit and Loss Account

4

Statement of Comprehensive Income

5

Abridged Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Abridged Financial Statements

8 to 10

 

Camelot Trading Co Ltd

Company Information

Director

Mr Joel Alexander Chandler

Company secretary

Mr Joel Alexander Chandler

Registered office

32 Beatty Road
Gret Yarmouth
Norfolk
NR30 4BW

Accountants

M P Watson & Co 1 Bath Hilll
Great Yarmouth
Norfolk
NR30 2LQ

 

Camelot Trading Co Ltd

Director's Report for the Year Ended 30 September 2024

The director presents his report and the abridged financial statements for the year ended 30 September 2024.

Director of the company

The director who held office during the year was as follows:

Mr Joel Alexander Chandler - Company secretary and director

Principal activity

The principal activity of the company is Sale of used motor vehicles

Going concern

The Company is a going concern.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 30 September 2024
 

.........................................
Mr Joel Alexander Chandler
Company secretary and director

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Camelot Trading Co Ltd
for the Year Ended 30 September 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Camelot Trading Co Ltd for the year ended 30 September 2024 as set out on pages 4 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Camelot Trading Co Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Camelot Trading Co Ltd and state those matters that we have agreed to state to the Board of Directors of Camelot Trading Co Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Camelot Trading Co Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Camelot Trading Co Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Camelot Trading Co Ltd. You consider that Camelot Trading Co Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Camelot Trading Co Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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

M P Watson & Co
1 Bath Hilll
Great Yarmouth
Norfolk
NR30 2LQ

30 September 2024

 

Camelot Trading Co Ltd

Abridged Profit and Loss Account for the Year Ended 30 September 2024

Note

2024
£

2023
£

Gross profit

 

5,527

4,943

Administrative expenses

 

(5,423)

(5,800)

Profit/(loss) before tax

4

104

(857)

Profit/(loss) for the financial year

 

104

(857)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Camelot Trading Co Ltd

Statement of Comprehensive Income for the Year Ended 30 September 2024

2024
£

2023
£

Profit/(loss) for the year

104

(857)

Total comprehensive income for the year

104

(857)

 

Camelot Trading Co Ltd

(Registration number: 12879452)
Abridged Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

4,090

4,812

Current assets

 

Stocks

6

2,300

4,650

Cash at bank and in hand

 

3,501

4,744

 

5,801

9,394

Total assets less current liabilities

 

9,891

14,206

Creditors: Amounts falling due after more than one year

(16,800)

(21,220)

Accruals and deferred income

 

(673)

(673)

Net liabilities

 

(7,582)

(7,687)

Capital and reserves

 

Called up share capital

7

1

-

Retained earnings

(7,583)

(7,687)

Shareholders' deficit

 

(7,582)

(7,687)

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the director on 30 September 2024
 

.........................................
Mr Joel Alexander Chandler
Company secretary and director

 

Camelot Trading Co Ltd

Statement of Changes in Equity for the Year Ended 30 September 2024

Share capital
£

Retained earnings
£

Total
£

At 1 October 2023

-

(7,687)

(7,687)

Profit for the year

-

104

104

New share capital subscribed

1

-

1

At 30 September 2024

1

(7,583)

(7,582)

Retained earnings
£

Total
£

At 1 October 2022

(6,830)

(6,830)

Loss for the year

(857)

(857)

At 30 September 2023

(7,687)

(7,687)

 

Camelot Trading Co Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2024

1

General information

The address of its registered office is:
32 Beatty Road
Gret Yarmouth
Norfolk
NR30 4BW
England

These financial statements were authorised for issue by the director on 30 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Camelot Trading Co Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Furniture, fittings & equipment - 15% reducing balance method
Motor vehicle - 15% reducing balance method
Plant & machinery - 15% reducing balance method

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Camelot Trading Co Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2023 - 0).

4

Profit/loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

722

850

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 October 2023

100

7,000

738

7,838

At 30 September 2024

100

7,000

738

7,838

Depreciation

At 1 October 2023

39

2,702

285

3,026

Charge for the year

9

645

68

722

At 30 September 2024

48

3,347

353

3,748

Carrying amount

At 30 September 2024

52

3,653

385

4,090

At 30 September 2023

61

4,298

453

4,812

6

Stocks

2024
£

2023
£

Other inventories

2,300

4,650

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

1

1

1

1