Registered number
05293988
Charing Motors Limited
Filleted Accounts
30 November 2024
Charing Motors Limited
Registered number: 05293988
Balance Sheet
as at 30 November 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 - 3,750
Tangible assets 4 88,406 88,406
88,406 92,156
Current assets
Stocks 3,985 33,964
Debtors 5 21,622 16,127
Cash at bank and in hand 76,749 113,553
102,356 163,644
Creditors: amounts falling due within one year 6 (138,769) (195,635)
Net current liabilities (36,413) (31,991)
Net assets 51,993 60,165
Capital and reserves
Called up share capital 100 100
Profit and loss account 51,893 60,065
Shareholders' funds 51,993 60,165
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.
D Blake
Director
Approved by the board on 18 June 2025
Charing Motors Limited
Notes to the Accounts
for the year ended 30 November 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 sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Plant and machinery over 4 years
Fixtures, fittings, tools and equipment over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
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 11 13
3 Intangible fixed assets £
Goodwill:
Cost
At 1 December 2023 75,000
At 30 November 2024 75,000
Amortisation
At 1 December 2023 71,250
Provided during the year 3,750
At 30 November 2024 75,000
Net book value
At 30 November 2024 -
At 30 November 2023 3,750
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 December 2023 88,406 21,923 5,899 116,228
At 30 November 2024 88,406 21,923 5,899 116,228
Depreciation
At 1 December 2023 - 21,923 5,899 27,822
At 30 November 2024 - 21,923 5,899 27,822
Net book value
At 30 November 2024 88,406 - - 88,406
At 30 November 2023 88,406 - - 88,406
5 Debtors 2024 2023
£ £
Trade debtors 21,622 16,127
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 58,736 142,115
Taxation and social security costs 79,213 52,954
Other creditors 820 566
138,769 195,635
7 Other information
Charing Motors Limited is a private company limited by shares and incorporated in England. Its registered office is:
Northdown Service Station
Maidstone Road
Charing
Ashford
TN27 0JS
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