| Classic Automobiles Limited |
| Registered number: |
09719296 |
| Balance Sheet |
| as at 31 December 2024 |
|
| Notes |
|
|
2024 |
|
|
2023 |
| £ |
£ |
| Current assets |
| Stocks |
|
|
200,272 |
|
|
235,792 |
| Debtors |
2 |
|
214,196 |
|
|
178,654 |
| Cash at bank and in hand |
|
|
30 |
|
|
19 |
|
|
|
414,498 |
|
|
414,465 |
|
| Creditors: amounts falling due within one year |
3 |
|
(403,071) |
|
|
(403,271) |
|
| Net assets |
|
|
|
11,427 |
|
|
11,194 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
4 |
|
|
100 |
|
|
100 |
| Profit and loss account |
5 |
|
|
11,327 |
|
|
11,094 |
|
| Shareholders' funds |
|
|
|
11,427 |
|
|
11,194 |
|
|
|
|
|
|
|
|
| The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The member has not required the company to obtain an audit in accordance with section 476 of the Act. |
| The director acknowledges his 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. |
|
|
|
|
| A Kahn |
| Director |
| Approved by the board on 15 September 2025 |
|
| Classic Automobiles Limited |
| Notes to the Accounts |
| for the year ended 31 December 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). There are no material departures from the standard. |
|
|
Going concern |
|
The director has considered the going concern basis of preparation of the accounts.
The company has prepared cash flow forecasts for a period of twelve months following the date of approval of these accounts. Having reviewed the forecast information referred to above, the director is confident that the business can settle its debts as they fall due over the next 12 months. Accordingly, the director has concluded that no material uncertainty in relation to going concern exists and have prepared the accounts on a going concern basis. |
|
|
Turnover |
|
Turnover comprises the fair value of the consideration received for the sale of goods in the ordinary course of the company's activities. Turnover is shown net of value added tax and discounts and is recognised is probable that future economic benefits will flow to the entity. The sale of a vehicle is recognised on the date on which the customerwhen the amount of revenue can be reliably measured, and it takes possession of the vehicle. |
|
|
Stock |
|
Stocks are stated at the lower of cost and estimated selling price less cost to complete and sell.
The cost of finished goods and work in progress comprises direct material and, where applicable, direct labour cost 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 the selling price less cost to complete and sell; the impairment loss is recognised immediately in profit or loss.
|
|
|
Share Capital |
|
Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of direct costs of issuing equity instruments. |
|
|
Foreign exchange |
|
Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
|
|
|
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. |
|
|
Trade creditors |
|
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method. |
|
|
Cash and cash equivalent |
|
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. |
|
| 2 |
Debtors: amount falling due within one year |
2024 |
|
2023 |
| £ |
£ |
|
|
Amounts due from related undertakings |
183,509 |
|
160,452 |
|
Prepayments |
30,000 |
|
17,000 |
|
Taxation recoverable |
687 |
|
1,202 |
|
|
|
|
|
|
214,196 |
|
178,654 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
| £ |
£ |
|
|
Bank loans and overdrafts |
94 |
|
19 |
|
Trade creditors |
3,837 |
|
4,167 |
|
Taxation and social security costs |
55 |
|
- |
|
Accruals |
399,085 |
|
399,085 |
|
|
|
|
|
|
403,071 |
|
403,271 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Called-up share capital |
2024 |
|
2023 |
| £ |
£ |
|
The authorised and allotted share capital at 31 December 2024 and 31 December 2023 was: |
|
Equity shares |
|
Ordinary shares of £1 each |
100 |
|
100 |
|
|
|
|
|
|
100 |
|
100 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Reserves |
Profit & Loss account |
| £ |
|
As at 1 January 2024 |
11,094 |
|
Retained profit for the financial year |
288 |
|
As at 31 December 2024 |
11,382 |
|
|
|
|
|
|
|
|
|
| 6 |
Transaction with related parties |
|
Amount due from related undertakings represents amounts due from companies in which Mr A Kahn is controlling shareholder: |
|
|
|
|
|
|
2024 |
|
2023 |
| £ |
£ |
|
Project Kahn Limited |
183,384 |
|
160,452 |
|
Flying Huntsman Electric Limited |
125 |
|
- |
|
|
|
|
|
|
183,509 |
|
160,452 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Controlling party |
|
|
The ultimate controlling party is Mr A Kahn by virtue of his shareholding within the Company. |
|
|
| 8 |
Employees |
2024 |
|
2023 |
| Number |
Number |
|
Average number of persons employed by the company |
1 |
|
1 |
|
|
|
|
|
|
|
|
|
|
| 9 |
Other information |
|
|
Classic Automobiles Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is: |
|
|
240 Canal Road |
|
Bradford |
|
BD1 4SX |