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COMPANY REGISTRATION NUMBER: 03319103
FORCES CARS DIRECT LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 December 2024
FORCES CARS DIRECT LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2024
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
FORCES CARS DIRECT LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
S P Thornton
S M Thornton
Registered office
Tower House
Lucy Tower Street
Lincoln
Lincolnshire
LN1 1XW
Accountants
Streets LLP
Chartered accountants
Tower House
Lucy Tower Street
Lincoln
Lincolnshire
LN1 1XW
FORCES CARS DIRECT LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
20,496
20,546
Current assets
Debtors
6
549,928
255,704
Cash at bank and in hand
614,868
332,854
--------------
-----------
1,164,796
588,558
Creditors: amounts falling due within one year
7
951,254
594,585
--------------
-----------
Net current assets/(liabilities)
213,542
( 6,027)
-----------
---------
Total assets less current liabilities
234,038
14,519
Provisions
Taxation including deferred tax
3,562
3,455
-----------
---------
Net assets
230,476
11,064
-----------
---------
FORCES CARS DIRECT LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
2,100
2,100
Profit and loss account
228,376
8,964
-----------
---------
Shareholders funds
230,476
11,064
-----------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 16 May 2025 , and are signed on behalf of the board by:
S P Thornton
Director
Company registration number: 03319103
FORCES CARS DIRECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Tower House, Lucy Tower Street, Lincoln, Lincolnshire, LN1 1XW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Tangible fixed assets are recognised at cost, less accumulated depreciation and any impairments. Depreciation takes place over the estimated useful life, down to the assessed residual value.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Furniture and Fittings
-
25% straight line
Office Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognized only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognized at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognized at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortized cost. Other financial instruments, including derivatives, are recognized at fair value, with any subsequent changes to fair value recognized in profit or loss.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 21 (2023: 23 ).
5. Tangible assets
Furniture and fittings
Office equipment
Total
£
£
£
Cost
At 1 January 2024
39,593
223,528
263,121
Additions
1,715
1,715
---------
-----------
-----------
At 31 December 2024
41,308
223,528
264,836
---------
-----------
-----------
Depreciation
At 1 January 2024
39,103
203,472
242,575
Charge for the year
491
1,274
1,765
---------
-----------
-----------
At 31 December 2024
39,594
204,746
244,340
---------
-----------
-----------
Carrying amount
At 31 December 2024
1,714
18,782
20,496
---------
-----------
-----------
At 31 December 2023
490
20,056
20,546
---------
-----------
-----------
6. Debtors
2024
2023
£
£
Trade debtors
430,050
181,619
Other debtors
119,878
74,085
-----------
-----------
549,928
255,704
-----------
-----------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
849,873
519,722
Corporation tax
73,929
39,335
Social security and other taxes
15,977
23,978
Other creditors
11,475
11,550
-----------
-----------
951,254
594,585
-----------
-----------
8. Related party transactions
No related party transactions subsisted during the period, such as are required to be disclosed under FRS102 (Section 1A).
9. Controlling party
During the year the ultimate controlling party was S P Thornton .