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Registration number: 07242830

Car Mod Shop Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Car Mod Shop Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Car Mod Shop Ltd

(Registration number: 07242830)
Balance Sheet as at 31 December 2023

Note

31 December
2023
£

31 December
2022
£

Fixed assets

 

Tangible assets

5

1,607

2,095

Current assets

 

Stocks

6

87,873

148,580

Debtors

7

65,259

37,123

Cash at bank and in hand

 

26

1,311

 

153,158

187,014

Creditors: Amounts falling due within one year

8

(132,440)

(166,321)

Net current assets

 

20,718

20,693

Total assets less current liabilities

 

22,325

22,788

Creditors: Amounts falling due after more than one year

8

(11,945)

(21,917)

Provisions for liabilities

(109)

(522)

Net assets

 

10,271

349

Capital and reserves

 

Called up share capital

9

1

1

Retained earnings

10,270

348

Shareholders' funds

 

10,271

349

 

Car Mod Shop Ltd

(Registration number: 07242830)
Balance Sheet as at 31 December 2023

For the financial year ending 31 December 2023 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 accounts for the year in question in accordance with section 476; and

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 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 5 June 2025
 

.........................................
J E Swift
Director

 

Car Mod Shop Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company, registered number 07242830, is a private company limited by share capital, incorporated in England and Wales. The address of its registered office is Unit 6 Dotton Farm, Colaton Raleigh, Sidmouth, EX10 0JY, United Kingdom

These financial statements were authorised for issue by the director on 5 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.

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

Going concern

The financial statements have been prepared on a going concern basis. The director has assessed the company's ability to continue trading for the foreseeable future and has a reasonable expectation that the company has adequate resources to meet its obligations as they fall due. Accordingly, the director considers it appropriate to prepare the financial statements on a going concern basis.

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.

Sale of goods - Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.


 

Car Mod Shop Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the balance sheet 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

Fixtures and fittings

20% Reducing balance

Office equipment

25% Reducing balance

 

Car Mod Shop Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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:

Asset class

Amortisation method and rate

Goodwill

10% 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.

Trade debtors

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

Trade debtors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and appropriate proportion of fixed and variable overheads. Work in progress is reflect in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

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 with no stated interest rate and payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses.

 

Car Mod Shop Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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 profit and loss account 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 the director) during the year, was 4 (2022 - 4).

 

Car Mod Shop Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

50,000

50,000

At 31 December 2023

50,000

50,000

Amortisation

At 1 January 2023

50,000

50,000

At 31 December 2023

50,000

50,000

Carrying amount

At 31 December 2023

-

-

At 31 December 2022

-

-

5

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 January 2023

2,955

6,705

9,660

At 31 December 2023

2,955

6,705

9,660

Depreciation

At 1 January 2023

2,237

5,328

7,565

Charge for the year

144

344

488

At 31 December 2023

2,381

5,672

8,053

Carrying amount

At 31 December 2023

574

1,033

1,607

At 31 December 2022

718

1,377

2,095

6

Stocks

31 December
2023
£

31 December
2022
£

Stocks

87,873

148,580

 

Car Mod Shop Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Debtors

Current

31 December
2023
£

31 December
2022
£

Trade debtors

3,919

1,522

Prepayments

719

-

Other debtors

60,621

35,601

 

65,259

37,123

8

Creditors

Creditors: amounts falling due within one year

Note

31 December
2023
£

31 December
2022
£

Due within one year

 

Loans and borrowings

10

27,780

41,455

Trade creditors

 

51,609

73,688

Taxation and social security

 

37,255

43,934

Accruals and deferred income

 

9,982

4,522

Other creditors

 

5,814

2,722

 

132,440

166,321

Creditors: amounts falling due after more than one year

Note

31 December
2023
£

31 December
2022
£

Due after one year

 

Loans and borrowings

10

11,945

21,917

9

Share capital

Allotted, called up and fully paid shares

31 December
2023

31 December
2022

No.

£

No.

£

Ordinary shares of £0.01 each

100

1

100

1

       
 

Car Mod Shop Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

10

Loans and borrowings

Non-current loans and borrowings

31 December
2023
£

31 December
2022
£

Bank borrowings

11,945

21,917

Current loans and borrowings

31 December
2023
£

31 December
2022
£

Bank borrowings

13,738

11,161

Bank overdrafts

14,042

30,294

27,780

41,455

11

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

31 December
2023
£

31 December
2022
£

Not later than one year

8,700

-

Later than one year and not later than five years

15,950

-

24,650

-

The amount of non-cancellable operating lease payments recognised as an expense during the year was £1,450 (2022 - £Nil).

12

Financial commitments, guarantees and contingencies

Amounts disclosed in the balance sheet

Included in the balance sheet are financial commitments of £66 (2022 - £46). The company operates a defined contribution pension scheme for the employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date, unpaid contributions are included in other creditors.

 

Car Mod Shop Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

13

Related party transactions

Loans to related parties

Included within other debtors are the following loans to directors:

2023

Directors
£

Total
£

At start of period

24,688

24,688

Advanced

29,713

29,713

Repaid

(2,112)

(2,112)

At end of period

52,289

52,289

2022

Directors
£

Total
£

At start of period

2,395

2,395

Advanced

29,100

29,100

Repaid

(6,807)

(6,807)

At end of period

24,688

24,688

The above loans are unsecured, repayable on demand and interest is charged at 2.25% (2022: 0%) per annum.