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Company No: 06383788 (England and Wales)

CHERISHED CAR INSURANCE SERVICES LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 01 MARCH 2025
PAGES FOR FILING WITH THE REGISTRAR

CHERISHED CAR INSURANCE SERVICES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 01 MARCH 2025

Contents

CHERISHED CAR INSURANCE SERVICES LIMITED

COMPANY INFORMATION

FOR THE FINANCIAL YEAR ENDED 01 MARCH 2025
CHERISHED CAR INSURANCE SERVICES LIMITED

COMPANY INFORMATION (continued)

FOR THE FINANCIAL YEAR ENDED 01 MARCH 2025
DIRECTORS D Chamberlin
H C Chamberlin
A M Chamberlin
SECRETARY D Chamberlin
REGISTERED OFFICE 10 The Enterprise Centre
Coxbridge Business Park
Coxbridge
Farnham
Surrey
GU10 5EH
United Kingdom
COMPANY NUMBER 06383788 (England and Wales)
ACCOUNTANT Shaw Gibbs Limited
Wey Court West
Union Road
Farnham
Surrey
GU9 7PT
CHERISHED CAR INSURANCE SERVICES LIMITED

BALANCE SHEET

AS AT 01 MARCH 2025
CHERISHED CAR INSURANCE SERVICES LIMITED

BALANCE SHEET (continued)

AS AT 01 MARCH 2025
Note 2025 2024
£ £
Fixed assets
Tangible assets 3 12,108 16,093
Investments 4 100 100
12,208 16,193
Current assets
Debtors 5 23,431 23,719
Cash at bank and in hand 74,826 85,590
98,257 109,309
Creditors: amounts falling due within one year 6 ( 89,918) ( 79,656)
Net current assets 8,339 29,653
Total assets less current liabilities 20,547 45,846
Net assets 20,547 45,846
Capital and reserves
Called-up share capital 5,000 5,000
Profit and loss account 15,547 40,846
Total shareholders' funds 20,547 45,846

For the financial year ending 01 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Cherished Car Insurance Services Limited (registered number: 06383788) were approved and authorised for issue by the Board of Directors on 23 May 2025. They were signed on its behalf by:

D Chamberlin
Director
CHERISHED CAR INSURANCE SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 01 MARCH 2025
CHERISHED CAR INSURANCE SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 01 MARCH 2025
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Cherished Car Insurance Services Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 10 The Enterprise Centre , Coxbridge Business Park, Coxbridge, Farnham, Surrey, GU10 5EH,, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 3 years straight line
Plant and machinery etc. 20 % reducing balance

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

2025 2024
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 3

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 02 March 2024 31,086 38,261 69,347
At 01 March 2025 31,086 38,261 69,347
Accumulated depreciation
At 02 March 2024 31,086 22,168 53,254
Charge for the financial year 0 3,985 3,985
At 01 March 2025 31,086 26,153 57,239
Net book value
At 01 March 2025 0 12,108 12,108
At 01 March 2024 0 16,093 16,093

4. Fixed asset investments

Investments in subsidiaries

2025
£
Cost
At 02 March 2024 100
At 01 March 2025 100
Carrying value at 01 March 2025 100
Carrying value at 01 March 2024 100

5. Debtors

2025 2024
£ £
Amounts owed by Group undertakings 6,801 9,482
Prepayments 15,213 12,820
Other debtors 1,417 1,417
23,431 23,719

6. Creditors: amounts falling due within one year

2025 2024
£ £
Accruals 3,900 3,900
Deferred tax liability 3,027 4,023
Taxation and social security 35,410 32,074
Other creditors 47,581 39,659
89,918 79,656

7. Deferred tax

2025 2024
£ £
At the beginning of financial year ( 4,023) ( 2,690)
Credited/(charged) to the Statement of Income and Retained Earnings 996 ( 1,333)
At the end of financial year ( 3,027) ( 4,023)

8. Financial commitments

Commitments

2025 2024
£ £
Total future minimum lease payments under non-cancellable operating lease 34,000 58,000