Second Chance Car Finance Limited 08836335 false 2024-02-01 2025-01-31 2025-01-31 The principal activity of the company is the sale of used cars. Digita Accounts Production Advanced 6.30.9574.0 true 08836335 2024-02-01 2025-01-31 08836335 2025-01-31 08836335 bus:OrdinaryShareClass1 2025-01-31 08836335 core:CurrentFinancialInstruments 2025-01-31 08836335 core:CurrentFinancialInstruments core:WithinOneYear 2025-01-31 08836335 core:Non-currentFinancialInstruments core:AfterOneYear 2025-01-31 08836335 core:FurnitureFittingsToolsEquipment 2025-01-31 08836335 core:MotorVehicles 2025-01-31 08836335 core:OtherPropertyPlantEquipment 2025-01-31 08836335 bus:SmallEntities 2024-02-01 2025-01-31 08836335 bus:AuditExemptWithAccountantsReport 2024-02-01 2025-01-31 08836335 bus:FilletedAccounts 2024-02-01 2025-01-31 08836335 bus:SmallCompaniesRegimeForAccounts 2024-02-01 2025-01-31 08836335 bus:RegisteredOffice 2024-02-01 2025-01-31 08836335 bus:Director1 2024-02-01 2025-01-31 08836335 bus:OrdinaryShareClass1 2024-02-01 2025-01-31 08836335 bus:PrivateLimitedCompanyLtd 2024-02-01 2025-01-31 08836335 core:FurnitureFittings 2024-02-01 2025-01-31 08836335 core:FurnitureFittingsToolsEquipment 2024-02-01 2025-01-31 08836335 core:MotorVehicles 2024-02-01 2025-01-31 08836335 core:OtherPropertyPlantEquipment 2024-02-01 2025-01-31 08836335 core:PlantMachinery 2024-02-01 2025-01-31 08836335 countries:EnglandWales 2024-02-01 2025-01-31 08836335 2024-01-31 08836335 core:FurnitureFittingsToolsEquipment 2024-01-31 08836335 core:MotorVehicles 2024-01-31 08836335 core:OtherPropertyPlantEquipment 2024-01-31 08836335 2023-02-01 2024-01-31 08836335 2024-01-31 08836335 bus:OrdinaryShareClass1 2024-01-31 08836335 core:CurrentFinancialInstruments 2024-01-31 08836335 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 08836335 core:Non-currentFinancialInstruments core:AfterOneYear 2024-01-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 08836335

Second Chance Car Finance Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2025

 

Second Chance Car Finance Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 6

 

Second Chance Car Finance Limited

Company Information

Directors

Mr Robert Page

Registered office

Unit 1
Hall Farm
Wetherby
West Yorkshire
LS23 7AW

 

Second Chance Car Finance Limited

(Registration number: 08836335)
Balance Sheet as at 31 January 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

4

5,246

-

Current assets

 

Stocks

5

750,000

610,000

Debtors

6

49,463

159,605

Cash at bank and in hand

 

130,940

172,023

 

930,403

941,628

Creditors: Amounts falling due within one year

7

(354,448)

(341,993)

Net current assets

 

575,955

599,635

Total assets less current liabilities

 

581,201

599,635

Creditors: Amounts falling due after more than one year

7

(28,915)

(34,177)

Net assets

 

552,286

565,458

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

552,285

565,457

Shareholders' funds

 

552,286

565,458

For the financial year ending 31 January 2025 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 16 May 2025
 

.........................................
Mr Robert Page
Director

 

Second Chance Car Finance Limited

Notes to the Financial Statements for the Year Ended 31 January 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:
Unit 1
Hall Farm
Wetherby
West Yorkshire
LS23 7AW

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 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.

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.

 

Second Chance Car Finance Limited

Notes to the Financial Statements for the Year Ended 31 January 2025

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

Motor vehicles

20% on cost

Furniture and fittings

15% on cost

Plant and machinery

25% on cost

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. 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.

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.

Borrowings

 

Second Chance Car Finance Limited

Notes to the Financial Statements for the Year Ended 31 January 2025

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2024 - 4).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 February 2024

700

3,750

2,450

6,900

Additions

-

-

6,995

6,995

At 31 January 2025

700

3,750

9,445

13,895

Depreciation

At 1 February 2024

700

3,750

2,450

6,900

Charge for the year

-

-

1,749

1,749

At 31 January 2025

700

3,750

4,199

8,649

Carrying amount

At 31 January 2025

-

-

5,246

5,246

5

Stocks

2025
£

2024
£

Merchandise

750,000

610,000

 

Second Chance Car Finance Limited

Notes to the Financial Statements for the Year Ended 31 January 2025

6

Debtors

Current

2025
£

2024
£

Trade debtors

49,463

159,605

 

49,463

159,605

7

Creditors

Creditors: amounts falling due within one year

Note

2025
£

2024
£

Due within one year

 

Bank loans and overdrafts

9

254,720

272,425

trade creditors

 

54,619

17,774

Taxation and social security

 

38,245

51,794

Other creditors

 

6,864

-

 

354,448

341,993

8

Share capital

Allotted, called up and fully paid shares

2025

2024

No.

£

No.

£

Ordinary of £0.01 each

100

1

100

1

       

9

Loans and borrowings

Current loans and borrowings

2025
£

2024
£

Bank borrowings

6,243

6,209

Other borrowings

248,477

266,216

254,720

272,425