Company registration number 05784036 (England and Wales)
Northover Cars Limited
Annual report and unaudited financial statements
For the year ended 31 May 2024
Pages for filing with registrar
Northover Cars Limited
Contents
Page
Directors' report
1
Balance sheet
2
Notes to the financial statements
3 - 5
Northover Cars Limited
Directors' report
For the year ended 31 May 2024
- 1 -

The directors present their annual report and financial statements for the year ended 31 May 2024.

Principal activities
The principal activity of the company is that of second hand car sales.
Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

M A Northover
J T Trinkwon
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
M A Northover
Director
30 May 2025
Northover Cars Limited
Balance sheet
As at 31 May 2024
31 May 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
25,000
37,500
Tangible assets
4
104,080
-
0
129,080
37,500
Current assets
Stocks
1,432,089
1,366,708
Debtors
5
15,883
23,077
Cash at bank and in hand
163,365
417,159
1,611,337
1,806,944
Creditors: amounts falling due within one year
6
(285,875)
(419,188)
Net current assets
1,325,462
1,387,756
Total assets less current liabilities
1,454,542
1,425,256
Creditors: amounts falling due after more than one year
7
(11,667)
(21,667)
Net assets
1,442,875
1,403,589
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
1,442,775
1,403,489
Total equity
1,442,875
1,403,589

For the financial year ended 31 May 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 30 May 2025 and are signed on its behalf by:
M A Northover
Director
Company registration number 05784036 (England and Wales)
Northover Cars Limited
Notes to the financial statements
For the year ended 31 May 2024
- 3 -
1
Accounting policies
Company information

Northover Cars Limited is a private company limited by shares incorporated in England and Wales. The registered office is 125 John Wilson Business Park, Chestfield, Whitstable, Kent, CT5 3QT.

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 have been prepared under the historical cost convention. 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, net of discounts and value added taxes.

1.3
Intangible fixed assets - goodwill

Acquired goodwill is written off in equal instalments over its estimated useful life of 20 years,

1.4
Tangible fixed assets

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:

Land and buildings Freehold
Nil
Fixtures, fittings & equipment
25% straight line basis

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

1.5
Stocks

Stock and work in progress are valued at the lower of cost and net realisable value.

1.6
Taxation

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

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.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Northover Cars Limited
Notes to the financial statements (continued)
For the year ended 31 May 2024
- 4 -
2
Employees

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

2024
2023
Number
Number
Total
8
7
3
Intangible fixed assets
Goodwill
£
Cost
At 1 June 2023 and 31 May 2024
250,000
Amortisation
At 1 June 2023
212,500
Amortisation charged for the year
12,500
At 31 May 2024
225,000
Net book value
At 31 May 2024
25,000
At 31 May 2023
37,500
4
Tangible fixed assets
Land and buildings Freehold
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 June 2023
-
0
17,977
17,977
Additions
103,120
1,281
104,401
At 31 May 2024
103,120
19,258
122,378
Depreciation and impairment
At 1 June 2023
-
0
17,977
17,977
Depreciation charged in the year
-
0
321
321
At 31 May 2024
-
0
18,298
18,298
Carrying amount
At 31 May 2024
103,120
960
104,080
At 31 May 2023
-
0
-
0
-
0
Northover Cars Limited
Notes to the financial statements (continued)
For the year ended 31 May 2024
- 5 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
6,471
10,569
Other debtors
6,599
9,975
Prepayments and accrued income
2,813
2,533
15,883
23,077
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
19,030
19,427
Trade creditors
59,166
134,873
Corporation tax
151,576
190,201
Other taxation and social security
38,634
33,686
Director's loan account
1,272
25,400
Other creditors
1,105
387
Accruals and deferred income
15,092
15,214
285,875
419,188

The bank overdraft is secured by fixed and floating charge over the company's assets and by a personal guarantee of the director, M A Northover.

7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
11,667
21,667
8
Directors' transactions

Dividends totalling £162,500 (2023 - £152,425) were paid in the year in respect of shares held by the company's directors.

Loans to directors

 

Transactions in relation to loans with the director during the year are outlined in the table below:

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Directors loan
2.25
(25,400)
202,002
1,109
(178,983)
(1,272)
(25,400)
202,002
1,109
(178,983)
(1,272)

The loan is repayable on demand.

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