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Registration number: 02613361








 

Light Car Company Limited

Unaudited Financial Statements

for the Year Ended 31 December 2024

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Light Car Company Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Light Car Company Limited

Company Information

Director

C V Holley

Registered office

Unit 1 White Horse Business Park
Stanford In The Vale
Faringdon
Oxfordshire
SN7 8NY

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Light Car Company Limited

Statement of Financial Position as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

2,694

3,750

Tangible assets

5

1,158,277

1,237,148

 

1,160,971

1,240,898

Current assets

 

Stocks

6

12,420

10,780

Debtors

7

376,285

341,940

Cash at bank and in hand

 

69,871

81,516

 

458,576

434,236

Creditors: Amounts falling due within one year

8

(5,959,441)

(5,811,074)

Net current liabilities

 

(5,500,865)

(5,376,838)

Total assets less current liabilities

 

(4,339,894)

(4,135,940)

Creditors: Amounts falling due after more than one year

8

(5,285)

(14,806)

Net liabilities

 

(4,345,179)

(4,150,746)

Capital and reserves

 

Called up share capital

128

128

Share premium reserve

99,923

99,923

Retained earnings

(4,445,230)

(4,250,797)

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:

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 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 director on 2 April 2025
 

.........................................

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

1

General information

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

The address of its registered office is:
Unit 1 White Horse Business Park
Stanford In The Vale
Faringdon
Oxfordshire
SN7 8NY

The principal activity of the company is that of classic car restoration and storage.

2

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

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.

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

Plant and machinery

15% reducing balance

Furniture, fixtures & equipment

15% reducing balance

Motor vehicles

25% reducing balance

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:

Asset class

Amortisation method and rate

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.

3

Staff numbers

The average number of persons employed by the company during the year, was 6 (2023 - 6).

 

Light Car Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4

Intangible assets

Trademarks
 £

Total
£

Cost or valuation

At 1 January 2024

5,000

5,000

Additions

300

300

At 31 December 2024

5,300

5,300

Amortisation

At 1 January 2024

1,250

1,250

Amortisation charge

1,356

1,356

At 31 December 2024

2,606

2,606

Carrying amount

At 31 December 2024

2,694

2,694

At 31 December 2023

3,750

3,750

5

Tangible assets

Freehold land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and Machinery
£

Total
£

Cost or valuation

At 1 January 2024

1,278,083

25,332

102,545

171,391

1,577,351

Additions

18,902

875

-

1,900

21,677

Disposals

(42,023)

-

-

(1,925)

(43,948)

At 31 December 2024

1,254,962

26,207

102,545

171,366

1,555,080

Depreciation

At 1 January 2024

155,893

18,693

76,658

88,959

340,203

Charge for the year

37,000

1,029

6,472

12,099

56,600

At 31 December 2024

192,893

19,722

83,130

101,058

396,803

Carrying amount

At 31 December 2024

1,062,069

6,485

19,415

70,308

1,158,277

At 31 December 2023

1,122,190

6,639

25,887

82,432

1,237,148

 

Light Car Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

6

Stocks

2024
£

2023
£

Stock

12,420

10,780

7

Debtors

2024
£

2023
£

Trade debtors

110,744

139,331

Other debtors

265,541

202,609

376,285

341,940

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Bank loans

9,521

10,140

Trade creditors

319,618

235,425

Taxation and social security

27,176

49,929

Accruals and deferred income

11,086

22,192

Other creditors

5,592,040

5,493,388

5,959,441

5,811,074

Creditors: amounts falling due after more than one year

2024
£

2023
£

Bank loans

5,285

14,806

9

Financial commitments, guarantees and contingencies

The total amount of financial commitments not included in the statement of financial position is £38,133 (2023 - £Nil).