Registration number: 08317510

Carnatics Motor Company Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 9

Carnatics Motor Company Limited

Company Information

Director

Ross Hathaway

Registered office

7 Blacksmiths Road Longwick Princes Risborough Buckinghamshire HP27 9TB

Accountants

SKP Tax & Accounting Services Ltd t/a AIMS Accountants for Business17 Mileway Gardens Headington Oxford OX3 7XH

Carnatics Motor Company Limited

(Registration number: 08317510)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	3	1,781	1,227
Current assets
Stocks	4	274,714	245,934
Debtors	5	(250)	9,650
Cash at bank and in hand		2,507	9,308
		276,971	264,892
Creditors: Amounts falling due within one year	6	(226,897)	(234,249)
Net current assets		50,074	30,643
Total assets less current liabilities		51,855	31,870
Creditors: Amounts falling due after more than one year	6	(25,000)	(30,556)
Provisions for liabilities		(346)	-
Net assets		26,509	1,314
Capital and reserves
Called up share capital		1	1
Retained earnings		26,508	1,313
Shareholders' funds		26,509	1,314

For the financial year ending 31 December 2024 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 23 September 2025
 

Carnatics Motor Company Limited

(Registration number: 08317510)
Balance Sheet as at 31 December 2024

......................................... Ross Hathaway Director

Carnatics Motor Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1	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 current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Carnatics Motor Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

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.

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
Office Equipment	Straight Line 25%
Plant and Machinery	Straight Line 25%
Furniture and Fittings	Straight Line 25%

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.

Carnatics Motor Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

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

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

2	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

Carnatics Motor Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

3	Tangible assets

	Fixtures and fittings £	Plant and machinery £	Office equipment £	Total £
Cost
At 1 January 2024	1,059	1,601	1,701	4,361
Additions	673	201	291	1,165
At 31 December 2024	1,732	1,802	1,992	5,526
Depreciation
At 1 January 2024	603	924	1,606	3,133
Charge for the year	290	249	73	612
At 31 December 2024	893	1,173	1,679	3,745
Net Book Value
At 31 December 2024	839	629	313	1,781
At 31 December 2023	456	677	94	1,227

4

Stocks

	2024 £	2023 £
Other inventories	274,714	245,934

5

Debtors

Current	2024 £	2023 £
Trade debtors	(500)	2,083
Other debtors	250	7,567
	(250)	9,650

Carnatics Motor Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

6

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Loans and borrowings	7	74,977	5,556
Trade creditors		26,299	32,980
Taxation and social security		8,756	3,638
Accruals and deferred income		1,170	878
Other creditors		115,695	191,197
		226,897	234,249

 

Other creditors of £115,665 represents secured loan facilities due to RateSetter (see note 9)

Creditors: amounts falling due after more than one year

	Note	2024 £	2023 £
Due after one year
Loans and borrowings	7	25,000	30,556

7	Loans and borrowings

Non-current loans and borrowings

	2024 £	2023 £
Bank borrowings	25,000	30,556

Current loans and borrowings

	2024 £	2023 £
Bank borrowings	5,555	5,556
Bank overdrafts	29,422	-
Other borrowings	40,000	-
	74,977	5,556

Carnatics Motor Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

8	Financial commitments and guarantees

The total amount of guarantees not included in the balance sheet is £230,000 (2023 - £230,000).
Carnatics Motor Company Limited use finance companies to assist in funding vehicle stock purchases.

At 31st December 2024 stock at cost of £115,665 is subject to one of these secured finance facilities, provided by LE Capital. The stock funding facilities are secured by a charge over the vehicles concerned, and further by a guarantee from Mr R Hathaway, a director of the company, up to the value of £230,000

9	Related party transactions

2024	At 1 January 2024 £	Repayments by director £	At 31 December 2024 £
Ross Hathaway
Director Loan	3,068	(3,068)	-

2023	At 1 January 2023 £	Repayments by director £	At 31 December 2023 £
Ross Hathaway
Director Loan	9,247	(6,179)	3,068

Dividends paid to the director

		2024 £		2023 £
Ross Hathaway
Dividends		6,000		17,000