Caseware UK (AP4) 2024.0.164 2024.0.164 2025-03-312025-03-31providing parts, rental, servicing and sale of classic cars10true2024-04-01false12falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. OC347212 2024-04-01 2025-03-31 OC347212 2023-04-01 2024-03-31 OC347212 2025-03-31 OC347212 2024-03-31 OC347212 c:MotorVehicles 2024-04-01 2025-03-31 OC347212 c:MotorVehicles 2025-03-31 OC347212 c:MotorVehicles 2024-03-31 OC347212 c:MotorVehicles c:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 OC347212 c:FurnitureFittings 2024-04-01 2025-03-31 OC347212 c:FurnitureFittings 2025-03-31 OC347212 c:FurnitureFittings 2024-03-31 OC347212 c:FurnitureFittings c:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 OC347212 c:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 OC347212 c:CurrentFinancialInstruments 2025-03-31 OC347212 c:CurrentFinancialInstruments 2024-03-31 OC347212 c:CurrentFinancialInstruments 2 2025-03-31 OC347212 c:CurrentFinancialInstruments 2 2024-03-31 OC347212 c:Non-currentFinancialInstruments 2025-03-31 OC347212 c:Non-currentFinancialInstruments 2024-03-31 OC347212 c:CurrentFinancialInstruments c:WithinOneYear 2025-03-31 OC347212 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 OC347212 c:Non-currentFinancialInstruments c:AfterOneYear 2025-03-31 OC347212 c:Non-currentFinancialInstruments c:AfterOneYear 2024-03-31 OC347212 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2025-03-31 OC347212 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2024-03-31 OC347212 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2025-03-31 OC347212 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2024-03-31 OC347212 e:FRS102 2024-04-01 2025-03-31 OC347212 e:AuditExempt-NoAccountantsReport 2024-04-01 2025-03-31 OC347212 e:FullAccounts 2024-04-01 2025-03-31 OC347212 e:LimitedLiabilityPartnershipLLP 2024-04-01 2025-03-31 OC347212 c:HirePurchaseContracts c:WithinOneYear 2025-03-31 OC347212 c:HirePurchaseContracts c:WithinOneYear 2024-03-31 OC347212 c:HirePurchaseContracts c:BetweenOneFiveYears 2025-03-31 OC347212 c:HirePurchaseContracts c:BetweenOneFiveYears 2024-03-31 OC347212 e:PartnerLLP1 2024-04-01 2025-03-31 OC347212 c:FurtherSpecificReserve2ComponentTotalEquity 2025-03-31 OC347212 c:FurtherSpecificReserve2ComponentTotalEquity 2024-03-31 OC347212 c:FurtherSpecificReserve3ComponentTotalEquity 2025-03-31 OC347212 c:FurtherSpecificReserve3ComponentTotalEquity 2024-03-31 iso4217:GBP xbrli:pure
Registered number: OC347212














CLASSIC HEROES LLP

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

 
CLASSIC HEROES LLP
 

CONTENTS



Page
Balance sheet
 
1 - 2
Reconciliation of members' interests
 
3
Notes to the financial statements
 
4 - 10

 
CLASSIC HEROES LLP
REGISTERED NUMBER:OC347212

BALANCE SHEET
AS AT 31 MARCH 2025

2025
2024
Note
£
£

Fixed assets
  

Tangible assets
 4 
53,883
19,419

  
53,883
19,419

Current assets
  

Stocks
 5 
4,762
11,262

Debtors: amounts falling due within one year
 6 
596,127
497,469

Cash at bank and in hand
 7 
52,516
247,936

  
653,405
756,667

Creditors: Amounts Falling Due Within One Year
 8 
(664,504)
(711,631)

Net current (liabilities)/assets
  
 
 
(11,099)
 
 
45,036

Total assets less current liabilities
  
42,784
64,455

Creditors: amounts falling due after more than one year
 9 
(33,230)
(20,135)

  
9,554
44,320

  

Net assets
  
9,554
44,320


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 12 
44,320
44,320

  
44,320
44,320

Members' other interests
  

Other reserves classified as equity
  
(34,766)
-

  
 
(34,766)
 
-

  
9,554
44,320


Total members' interests
  

Amounts due from members (included in debtors)
 6 
(258,738)
(180,738)

Loans and other debts due to members
 12 
44,320
44,320

Members' other interests
  
(34,766)
-

  
(249,184)
(136,418)

1

 
CLASSIC HEROES LLP
REGISTERED NUMBER:OC347212
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2025

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.

The entity was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.

The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The entity has opted not to file the profit and loss account in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the members and were signed on their behalf by: 




J Jones
Designated member

Date: 17 July 2025

The notes on pages 4 to 10 form part of these financial statements.

Classic Heroes LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of changes in equity.
2

 
CLASSIC HEROES LLP
 

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2025






EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Other reserves
Total
Other amounts
Total
Total

£
£
£
£
£

Profit for the year available for discretionary division among members
 
87,291
87,291
-
-
87,291

Members' interests after profit for the year
87,291
87,291
(119,535)
(119,535)
(32,244)

Other division of profits
(87,291)
(87,291)
87,291
87,291
-

Drawings on account and distribution of profit
-
-
(104,174)
(104,174)
(104,174)

Other movements
 
-
-
-
-
-

Amounts due to members
44,320
44,320

Amounts due from members
 


(180,738)
(180,738)


Balance at 31 March 2024
-
-
(136,418)
(136,418)
(136,418)

Loss for the year available for discretionary division among members
 
(34,766)
(34,766)
-
-
(34,766)

Members' interests after profit for the year
(34,766)
(34,766)
(136,418)
(136,418)
(171,184)

Drawings on account and distribution of profit
-
-
(78,000)
(78,000)
(78,000)

Other movements
 
-
-
-
-
-

Amounts due to members
44,320
44,320

Amounts due from members
 


(258,738)
(258,738)


Balance at 31 March 2025 
(34,766)
(34,766)
(214,418)
(214,418)
(249,184)

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.

3

 
CLASSIC HEROES LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

1.


General information

Classic Heroes LLP is a limited liability partnership, registered in England and Wales, registration number OC347212. The registered office address is Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE and the trading address is Lower Totease Farm, Framfield Road, Buxted, TN22 4LF.

The principal activity of the LLP continued to be that of providing parts, rental, servicing and sale of classic cars.  

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

The functional and presentational currency of the LLP is pound sterling.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The LLP's functional and presentational currency is pound sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and loss account within 'administration expenses'. 

 
2.3

Turnover

Turnover comprises revenue recognised by the LLP in respect of providing parts, rental, servicing and sale of classic cars during the year, exclusive of value added tax and trade discounts.  Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 

 
2.4

 Operating leases

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

 Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

4

 
CLASSIC HEROES LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

 
2.6

 Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

 Pensions

Defined contribution pension plan

The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the LLP in independently administered funds.

 
2.8

 Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense' in.

In the event of the LLP making losses, the loss is recognised as a credit amount of 'Members' remuneration charged as an expense' where it is automatically divided or as a debit within equity under 'Other reserves' if not divided automatically.
5

 
CLASSIC HEROES LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

 
2.9

 Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis..

Depreciation is provided on the following basis:

Motor vehicles
-
25% reducing balance method
Fixtures and fittings
-
25% reducing balance method

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

 Stocks

Stocks related  to classic cars are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.11

 Debtors

Short-term debtors are measured at transaction price, less any impairment. 

 
2.12

 Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.13

 Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

 Financial instruments

The LLP only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

6

 
CLASSIC HEROES LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

3.


Employees

The average monthly number of employees, including members, during the year was 12 (2024 - 10).


4.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 April 2024
6,140
43,230
49,370


Additions
40,561
9,376
49,937



At 31 March 2025

46,701
52,606
99,307



Depreciation


At 1 April 2024
4,484
25,467
29,951


Charge for the year
9,711
5,762
15,473



At 31 March 2025

14,195
31,229
45,424



Net book value



At 31 March 2025
32,506
21,377
53,883



At 31 March 2024
1,656
17,763
19,419


5.


Stocks

2025
2024
£
£

Finished goods and goods for resale
4,762
11,262



6.


Debtors

2025
2024
£
£


Trade debtors
336,072
315,398

Prepayments
1,318
1,333

Amounts due from members
258,738
180,738

596,128
497,469


7

 
CLASSIC HEROES LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

7.


Cash and cash equivalents

2025
2024
£
£

Cash at bank and in hand
52,516
247,936



8.


Creditors: amounts falling due within one year

2025
2024
£
£

Bank loans
15,968
22,940

Other loans
50,000
25,000

Trade creditors
142,789
150,358

Other taxation and social security
23,420
29,009

Obligations under finance lease and hire purchase contracts
6,726
-

Other creditors
22,646
30,815

Accruals and deferred income
402,955
453,509

664,504
711,631


Included in creditors due within one year is a loan of £5,135 (2024 - £11,273) from Royal Bank of Scotland, which has a fixed and floating charge held over the fixed assets of the company.
Included in creditors due within one year is a Coronavirus Bounce Back Loan of £10,833 (2024 - £11,667), 100% guranteed by the government.


9.


Creditors: Amounts falling due after more than one year

2025
2024
£
£

Bank loans
5,000
20,135

Net obligations under finance leases and hire purchase contracts
28,231
-

33,231
20,135


Included in creditors due after more one year is a loan of £NIL (2024 - 5,135) from Royal Bank of Scotland, which has a fixed and floting charge held over the fixed asstes of the company.
Included in creditors due after more one year is a Coronavirus Bounce Back Loan of £5,000 (2024 - £15,000), 100% guranteed by the government.

8

 
CLASSIC HEROES LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

10.


Loans


Analysis of the maturity of loans is given below:


2025
2024
£
£

Amounts falling due within one year

Bank loans
15,968
22,940

Other loans
50,000
25,000


65,968
47,940

Amounts falling due 1-2 years

Bank loans
5,000
15,135


5,000
15,135

Amounts falling due 2-5 years

Bank loans
-
5,000


-
5,000


70,968
68,075



11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2025
2024
£
£


Within one year
6,726
-

Between 1-5 years
28,230
-

34,956
-

9

 
CLASSIC HEROES LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

12.


Loans and other debts due to members


2025
2024
£
£



Other amounts due to members
44,320
44,320

Loans and other debts due to members may be further analysed as follows:

2025
2024
£
£



Falling due within one year
44,320
44,320

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.


13.


Pension commitments

The LLP operates a defined contribution scheme. The assets of the scheme are held seperately from those of the LLP in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £6,252 (2024 - £5,698). Included in other creditors at the year end there is an amount payable of £1,435 (2024 - £1,401).

 
10