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COMPANY REGISTRATION NUMBER: 04066024
Classic Restorations (Sales) Ltd
Filleted Unaudited Financial Statements
31 August 2024
Classic Restorations (Sales) Ltd
Statement of Financial Position
31 August 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
38,502
302,600
Current assets
Stocks
413,000
446,000
Debtors
6
13,569
10,796
Cash at bank and in hand
273,029
65,530
---------
---------
699,598
522,326
Creditors: amounts falling due within one year
7
547,558
503,848
---------
---------
Net current assets
152,040
18,478
---------
---------
Total assets less current liabilities
190,542
321,078
Creditors: amounts falling due after more than one year
8
36,309
52,500
Provisions
Taxation including deferred tax
38,112
---------
---------
Net assets
154,233
230,466
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
154,133
230,366
---------
---------
Shareholders funds
154,233
230,466
---------
---------
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 August 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Classic Restorations (Sales) Ltd
Statement of Financial Position (continued)
31 August 2024
These financial statements were approved by the board of directors and authorised for issue on 27 May 2025 , and are signed on behalf of the board by:
Mr W B Kennedy
Director
Company registration number: 04066024
Classic Restorations (Sales) Ltd
Notes to the Financial Statements
Year ended 31 August 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 40 Kimbolton Road, Bedford, MK40 2NR.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Deferred 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 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 .
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Improvements to property
-
10 Years Straight line
Plant and machinery
-
20% straight line
Motor vehicles
-
25% reducing balance
Equipment
-
25% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised 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 amortised cost.
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 8 (2023: 8 ).
5. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 September 2023
290,827
67,555
80,344
17,459
456,185
Additions
42,990
790
43,780
Disposals
( 280,000)
( 30,790)
( 310,790)
---------
--------
--------
--------
---------
At 31 August 2024
10,827
67,555
92,544
18,249
189,175
---------
--------
--------
--------
---------
Depreciation
At 1 September 2023
10,827
66,815
58,535
17,408
153,585
Charge for the year
448
11,336
218
12,002
Disposals
( 14,914)
( 14,914)
---------
--------
--------
--------
---------
At 31 August 2024
10,827
67,263
54,957
17,626
150,673
---------
--------
--------
--------
---------
Carrying amount
At 31 August 2024
292
37,587
623
38,502
---------
--------
--------
--------
---------
At 31 August 2023
280,000
740
21,809
51
302,600
---------
--------
--------
--------
---------
6. Debtors
2024
2023
£
£
Trade debtors
4,692
876
Other debtors
8,877
9,920
--------
--------
13,569
10,796
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
43,333
30,000
Trade creditors
28,715
19,956
Social security and other taxes
38,294
48,842
Other creditors
437,216
405,050
---------
---------
547,558
503,848
---------
---------
The hire purchase liability falling due within one year of £6,628 (2023: £2,870) is secured on the assets to which it relates.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
22,500
52,500
Other creditors
13,809
--------
--------
36,309
52,500
--------
--------
The hire purchase liability falling due after more than one year of £13,809 (2023: £nil) is secured on the asset to which it relates.
9. Other financial commitments
The company had outstanding commitments at the year end under rental lease agreements of £12,000 (2023 - £30,000).