Registration number:
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Light Car Company Limited
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Light Car Company Limited
Contents
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Company Information |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Light Car Company Limited
Company Information
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Director |
C V Holley |
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Registered office |
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Accountants |
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Light Car Company Limited
Statement of Financial Position as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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( |
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Creditors: Amounts falling due after more than one year |
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Net liabilities |
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Capital and reserves |
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Called up share capital |
128 |
128 |
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Share premium reserve |
99,923 |
99,923 |
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Retained earnings |
(4,445,230) |
(4,250,797) |
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Shareholders' deficit |
(4,345,179) |
(4,150,746) |
For the financial 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.
Director's responsibilities:
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The director acknowledges his 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 in accordance with the provisions applicable to companies subject to the small companies regime within part 15 of Companies Act 2006 and in accordance with FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
Light Car Company Limited
Statement of Financial Position as at 31 December 2024
Approved and authorised by the
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C V Holley
Director
Company registration number: 02613361
Light Car Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
The principal activity of the company is that of classic car restoration and storage.
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Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' Section 1A and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Summary of significant accounting policies
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.
Going concern
The company made a loss for the year ended 31 December 2024 and had net liabilities of £4,345,179 at that date. At 31 December 2024 an amount of £5,578,478 was due to two related parties who have agreed to continue to support the company and have confirmed they will not call for repayment of the respective amounts due until such time as the company has sufficient working capital.
On the basis of the above, and after making enquiries, the directors have reasonable expectation that the company had adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.
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 turnover arising from classic car restoration based upon the stage of completion of ongoing contractual works with smaller service and maintenance work recognised upon completion. Turnover in respect of storage is recognised evenly over the related period.
Light Car Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
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:
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Asset class |
Depreciation method and rate |
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Plant and machinery |
15% reducing balance |
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Furniture, fixtures & equipment |
15% reducing balance |
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Motor vehicles |
25% reducing balance |
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Freehold Buildings |
2%-10% straight line |
Intangible assets
Separately acquired trademarks are shown at historical cost. Trademarks have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
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Asset class |
Amortisation method and rate |
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Trademarks |
3 to 6 years straight line |
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.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
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.
Light Car Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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 income statement 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.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
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.
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Staff numbers |
The average number of persons employed by the company during the year, was
Light Car Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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Intangible assets |
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Trademarks |
Total |
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Cost or valuation |
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At 1 January 2024 |
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Additions |
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At 31 December 2024 |
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Amortisation |
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At 1 January 2024 |
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Amortisation charge |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Tangible assets |
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Freehold land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Plant and Machinery |
Total |
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Cost or valuation |
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At 1 January 2024 |
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Additions |
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- |
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Disposals |
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At 31 December 2024 |
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Depreciation |
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At 1 January 2024 |
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Charge for the year |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Light Car Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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Stocks |
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2024 |
2023 |
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Stock |
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Debtors |
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2024 |
2023 |
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Trade debtors |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
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2024 |
2023 |
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Bank loans |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
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2024 |
2023 |
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Bank loans |
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Financial commitments, guarantees and contingencies |
The total amount of financial commitments not included in the statement of financial position is £38,133 (2023 - £Nil).