8 8 Norfolk Cars Limited 04977287 false 2024-03-01 2025-02-28 2025-02-28 The principal activity of the company is that of second hand car sales and providing repair services. Digita Accounts Production Advanced 6.30.9574.0 true 04977287 2024-03-01 2025-02-28 04977287 2025-02-28 04977287 bus:OrdinaryShareClass1 2025-02-28 04977287 bus:OrdinaryShareClass2 2025-02-28 04977287 core:CurrentFinancialInstruments 2025-02-28 04977287 core:CurrentFinancialInstruments core:WithinOneYear 2025-02-28 04977287 core:Non-currentFinancialInstruments core:AfterOneYear 2025-02-28 04977287 core:FurnitureFittingsToolsEquipment 2025-02-28 04977287 core:LandBuildings 2025-02-28 04977287 bus:SmallEntities 2024-03-01 2025-02-28 04977287 bus:AuditExemptWithAccountantsReport 2024-03-01 2025-02-28 04977287 bus:FilletedAccounts 2024-03-01 2025-02-28 04977287 bus:SmallCompaniesRegimeForAccounts 2024-03-01 2025-02-28 04977287 bus:RegisteredOffice 2024-03-01 2025-02-28 04977287 bus:CompanySecretary1 2024-03-01 2025-02-28 04977287 bus:Director1 2024-03-01 2025-02-28 04977287 bus:Director3 2024-03-01 2025-02-28 04977287 bus:OrdinaryShareClass1 2024-03-01 2025-02-28 04977287 bus:OrdinaryShareClass2 2024-03-01 2025-02-28 04977287 bus:PrivateLimitedCompanyLtd 2024-03-01 2025-02-28 04977287 bus:Agent1 2024-03-01 2025-02-28 04977287 core:Buildings 2024-03-01 2025-02-28 04977287 core:FurnitureFittingsToolsEquipment 2024-03-01 2025-02-28 04977287 core:LandBuildings 2024-03-01 2025-02-28 04977287 core:MotorVehicles 2024-03-01 2025-02-28 04977287 countries:EnglandWales 2024-03-01 2025-02-28 04977287 2024-02-29 04977287 core:FurnitureFittingsToolsEquipment 2024-02-29 04977287 core:LandBuildings 2024-02-29 04977287 2023-03-01 2024-02-29 04977287 2024-02-29 04977287 bus:OrdinaryShareClass1 2024-02-29 04977287 bus:OrdinaryShareClass2 2024-02-29 04977287 core:CurrentFinancialInstruments 2024-02-29 04977287 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 04977287 core:Non-currentFinancialInstruments core:AfterOneYear 2024-02-29 04977287 core:FurnitureFittingsToolsEquipment 2024-02-29 04977287 core:LandBuildings 2024-02-29 xbrli:pure iso4217:GBP xbrli:shares

Registration number: 04977287

Norfolk Cars Limited

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2025

 

Norfolk Cars Limited

Contents

Company Information

1

Statement of financial position

2

Notes to the Unaudited Financial Statements

3 to 8

 

Norfolk Cars Limited

Company Information

Directors

Mr ND Clarke

Mr G Papworth

Company secretary

M Clarke

Registered office

19 King Street
King's Lynn
Norfolk
PE30 1HB

Accountants

Hayhow & Co
Chartered Certified Accountants & Business Advisers19 King Street
King's Lynn
Norfolk
PE30 1HB

 

Norfolk Cars Limited

(Registration number: 04977287)
Statement of financial position as at 28 February 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

4

411,542

411,636

Current assets

 

Stocks

5

442,445

432,626

Debtors

6

10,981

10,619

Cash at bank and in hand

 

20,936

17,417

 

474,362

460,662

Creditors: Amounts falling due within one year

7

(567,365)

(508,104)

Net current liabilities

 

(93,003)

(47,442)

Total assets less current liabilities

 

318,539

364,194

Creditors: Amounts falling due after more than one year

7

(84,688)

(116,606)

Provisions for liabilities

(3,527)

(4,580)

Net assets

 

230,324

243,008

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

230,224

242,908

Shareholders' funds

 

230,324

243,008

For the financial year ending 28 February 2025 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of comprehensive income.

Approved and authorised by the Board on 4 June 2025 and signed on its behalf by:
 

.........................................
Mr ND Clarke
Director

 

Norfolk Cars Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
19 King Street
King's Lynn
Norfolk
PE30 1HB

These financial statements were authorised for issue by the Board on 4 June 2025.

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 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 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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Norfolk Cars Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

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:

Asset class

Depreciation method and rate

Freehold Property

Not depreciated

F&F and Equipment

25% Reducing balance

Motor Vehicles

25% Reducing balance

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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.

 

Norfolk Cars Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

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.

 

Norfolk Cars Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

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 statement of comprehensive income 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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2024 - 8).

 

Norfolk Cars Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2024

390,818

56,178

446,996

Additions

3,091

3,065

6,156

Disposals

-

(2,978)

(2,978)

At 28 February 2025

393,909

56,265

450,174

Depreciation

At 1 March 2024

-

35,360

35,360

Charge for the year

-

5,878

5,878

Eliminated on disposal

-

(2,606)

(2,606)

At 28 February 2025

-

38,632

38,632

Carrying amount

At 28 February 2025

393,909

17,633

411,542

At 29 February 2024

390,818

20,818

411,636

The freehold land and buildings value has been arrived at on the basis of a valuation carried out by the directors of the company who are not professionally qualified valuers. The valuation which does not differ from the valuation at the end of the previous reporting period, was arrived at by reference to market evidence of transactions for similar properties in its location.

5

Stocks

2025
£

2024
£

Finished goods and goods for resale

442,445

432,626

6

Debtors

Current

2025
£

2024
£

Trade debtors

6,076

6,039

Prepayments

4,905

4,580

 

10,981

10,619

 

Norfolk Cars Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

7

Creditors

Creditors: amounts falling due within one year

Note

2025
£

2024
£

Due within one year

 

Loans and borrowings

35,364

37,739

Trade creditors

 

19,013

23,591

Amounts due to related parties

230,305

251,534

Social security and other taxes

 

45,729

32,012

Other payables

 

221,063

124,821

Accruals

 

3,079

2,777

Tax liability

12,812

20,881

Payments on account

 

-

14,749

 

567,365

508,104

Due after one year

 

Loans and borrowings

84,688

116,606


Creditors include mortgage's of £13,049 (2024 - £12,949), which are secured on the property.

Creditors: amounts falling due after more than one year

Creditors include mortgage's of £55,987 (2024 : £68,533), which are secured on the property.

The mortgage falling due within one year and after more than one year is repayable in monthly instalments.

8

Share capital

Allotted, called up and fully paid shares

2025

2024

No.

£

No.

£

Ordinary A of £1 each

76

76

76

76

Ordinary B of £1 each

24

24

24

24

100

100

100

100

Each share is entitled to one vote in any circumstances and each share is also entitled pari passu to dividend payments or any other distribution, including a distribution arising from a winding up of the company.