Registered number
07788885
Universal Classic Cars Limited
Filleted Accounts
30 September 2024
Universal Classic Cars Limited
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 3,531,706 3,555,836
3,531,706 3,555,836
Current assets
Debtors 4 223,786 244,397
Cash at bank and in hand (95,177) (31,365)
128,609 213,032
Creditors: amounts falling due within one year 5 (497,728) (522,097)
Net current liabilities (369,119) (309,065)
Total assets less current liabilities 3,162,587 3,246,771
Creditors: amounts falling due after more than one year 6 (2,571,329) (2,762,648)
Net assets 591,258 484,123
Capital and reserves
Called up share capital 100 100
Profit and loss account 591,158 484,023
Shareholders' funds 591,258 484,123
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
H Allaway
Director
Approved by the board on 19 June 2025
Universal Classic Cars Limited
Notes to the Accounts
for the year ended 30 September 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 25% Straight Line
Leasehold improvement 10% Straight Line
Plant and machinery 25% Straight Line
Fixtures, fittings and equipment 25% Straight Line
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets and hire purchases
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 5 5
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 October 2023 3,515,284 2,833 153,532 3,671,649
Additions - - - -
Disposals - - (16,000) (16,000)
At 30 September 2024 3,515,284 2,833 137,532 3,655,649
Depreciation
At 1 October 2023 - 2,833 146,314 149,147
Charge for the year - - 2,406 2,406
On disposals - - (8,000) (8,000)
At 30 September 2024 - 2,833 140,720 143,553
Net book value
At 30 September 2024 3,515,284 - (3,188) 3,512,096
At 30 September 2023 3,515,284 - 7,218 3,522,502
Tangible fixed assets continued Fixtures, fittings and equipment Leasehold improvements Total
£ £ £
Cost
At 1 October 2023 12,944 157,162 3,841,755
Additions - - -
At 30 September 2024 12,944 157,162 3,825,755
Depreciation
At 1 October 2023 12,944 123,828 285,919
Charge for the year - 13,724 16,130
On disposals - - (8,000)
At 30 September 2024 12,944 137,552 294,049
Net book value
At 30 September 2024 - 19,610 3,531,706
At 30 September 2023 - 33,335 3,555,836
4 Debtors 2024 2023
£ £
Trade debtors 57,607 69,081
Other debtors 57,152 175,316
223,786 244,397
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 200,000 200,000
Obligations under finance lease and hire purchase contracts - 11,139
Trade creditors 80,263 57,745
Corporation tax 121,728 103,919
Other taxes and social security costs 29,759 42,936
Other creditors 65,978 106,358
497,728 522,097
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 2,482,454 2,682,454
Obligations under finance lease and hire purchase contracts - -
Other creditors 88,875 80,194
2,571,329 2,762,648
7 Share Capital 2024 2023
£ £
Allotted, Called up and fully paid
100 Ordinary shares of £1 each 100 100
100 100
8 Controlling party
The company is under the control of the director by virtue of their majority ownership of the issued share capital. The breakdown of the ordinary share capital is as follows: 66 ordinary shares H Allaway, 17 ordinary shares R Allaway, 17 ordinary shares S Allaway.
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