Company Registration No. 06146224 (England and Wales)
Direct Cars (Lincoln) Limited
Unaudited accounts
for the year ended 31 March 2025
Direct Cars (Lincoln) Limited
Unaudited accounts
Contents
Direct Cars (Lincoln) Limited
Company Information
for the year ended 31 March 2025
Directors
Michael A. Crow
Deborah J. Crow
Company Number
06146224 (England and Wales)
Registered Office
32 Silver Street
Lincoln
Lincolnshire
LN2 1EW
UNITED KINGDOM
Accountants
M D Darby FCPA, CPAA, FIAB, ACCA/Cert:IFR, IFRS, IPSAS, IA
Templar Accounting & Business Support
Services Limited (Incorp: Blake and Co )
112 - 113 High Street,
Lincoln, Lincolnshire
LN5 7PY
Direct Cars (Lincoln) Limited
Statement of financial position
as at 31 March 2025
Intangible assets
154,439
171,599
Tangible assets
442,789
447,898
Cash at bank and in hand
1,803,901
1,299,261
Creditors: amounts falling due within one year
(530,627)
(369,459)
Net current assets
1,362,071
957,209
Total assets less current liabilities
1,959,299
1,576,706
Provisions for liabilities
Deferred tax
(136,621)
(109,057)
Other provisions
(200,000)
(125,000)
Net assets
1,622,678
1,342,649
Direct Cars (Lincoln) Limited
Statement of financial position
as at 31 March 2025 (continued)
Called up share capital
100
100
Revaluation reserve
63,250
63,250
Capital contribution reserve
450,000
350,000
Profit and loss account
1,109,328
929,299
Shareholders' funds
1,622,678
1,342,649
For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 19 August 2025 and were signed on its behalf by
Michael A. Crow
Director
Company Registration No. 06146224
Direct Cars (Lincoln) Limited
Notes to the Accounts
for the year ended 31 March 2025
Direct Cars (Lincoln) Limited is a private company, limited by shares, registered in England and Wales, registration number 06146224. The registered office is 32 Silver Street, Lincoln, Lincolnshire, LN2 1EW, UNITED KINGDOM.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% Reducing balance
Motor vehicles
25% Reducing balance
Fixtures & fittings
15% Reducing balance
Computer equipment
20% Reducing balance
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortization.
Goodwill is amortized at a fixed rate of 10% per annum
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Direct Cars (Lincoln) Limited
Notes to the Accounts
for the year ended 31 March 2025
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
4
Intangible fixed assets
Goodwill
Charge for the year
17,160
Goodwill is being amortized at a fixed rate of 10% per annum
5
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 April 2024
26,745
863,782
266,522
12,241
1,169,290
Additions
3,566
249,950
-
1,017
254,533
Disposals
-
(83,038)
(66,820)
-
(149,858)
At 31 March 2025
30,311
1,030,694
199,702
13,258
1,273,965
At 1 April 2024
6,797
471,542
240,605
2,448
721,392
Charge for the year
4,703
222,111
2,444
2,162
231,420
On disposals
-
(64,440)
(57,196)
-
(121,636)
At 31 March 2025
11,500
629,213
185,853
4,610
831,176
At 31 March 2025
18,811
401,481
13,849
8,648
442,789
At 31 March 2024
19,948
392,240
25,917
9,793
447,898
Raw materials comprise of vehicles at end of life, stripped of reusable parts to service the main fleet of vehicles/taxis
Direct Cars (Lincoln) Limited
Notes to the Accounts
for the year ended 31 March 2025
Amounts falling due within one year
Trade debtors
31,798
27,407
8
Creditors: amounts falling due within one year
2025
2024
Trade creditors
76,999
59,044
Taxes and social security
50,000
38,333
Other creditors
25,809
12,167
Loans from directors
184,069
102,678
The directors/shareholders have no personal guarantees in place joint or several
9
Provisions for liabilities
£
Additional provisions made during the period
75,000
In compliance re: health and safety rules a provision has been put in place to accommodate the removal of asbestos sheeting in the workshop. The re-levelling the surface area of the garage floor to ensure safe use of the vehicle lift/ramps and the introduction of the MOT (Ministry of Transport) testing facilities.
The provision has been increased to accommodate further costs in relation to asbestos removal of some £75,000
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
11
Average number of employees
During the year the average number of employees was 30 (2024: 30).