Company No: 10524628 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	3	295		5,282
		295		5,282
Current assets
Stocks		0		7,000
Debtors	4	0		17,204
Cash at bank and in hand		7,524		5,043
		7,524		29,247
Creditors: amounts falling due within one year	5	( 68,605)		( 66,124)
Net current liabilities		(61,081)		(36,877)
Total assets less current liabilities		(60,786)		(31,595)
Net liabilities		( 60,786)		( 31,595)
Capital and reserves
Called-up share capital		100		100
Profit and loss account		( 60,886 )		( 31,695 )
Total shareholder's deficit		( 60,786)		( 31,595)

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.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Income Statement has not been delivered.

The financial statements of Performance and Classic Cars Ltd (registered number: 10524628) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

J Timewell Director

25 September 2025

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Performance and Classic Cars Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 6 Honing Row Honing Row, Worstead, North Walsham, NR28 9RH, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
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 financial statements. 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 carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Operating leases: the Company as lessee

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

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery	25 % reducing balance
Office equipment	5 years straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

3. Tangible assets

	Plant and machinery		Office equipment		Total
	£		£		£
Cost
At 01 January 2024	14,414		1,483		15,897
Disposals	( 14,414)		0		( 14,414)
At 31 December 2024	0		1,483		1,483
Accumulated depreciation
At 01 January 2024	9,724		891		10,615
Charge for the financial year	349		297		646
Disposals	( 10,073)		0		( 10,073)
At 31 December 2024	0		1,188		1,188
Net book value
At 31 December 2024	0		295		295
At 31 December 2023	4,690		592		5,282

4. Debtors

	2024		2023
	£		£
Trade debtors	0		7,113
Deferred tax asset	0		10,091
	0		17,204

5. Creditors: amounts falling due within one year

	2024		2023
	£		£
Trade creditors	350		0
Accruals	3,300		3,917
Other taxation and social security	0		1,208
Other creditors	64,955		60,999
	68,605		66,124

6. Deferred tax

	2024		2023
	£		£
At the beginning of financial year	10,091		6,795
(Charged)/credited to the Income Statement	( 10,091)		3,296
At the end of financial year	0		10,091

The deferred taxation balance is made up as follows:

	2024		2023
	£		£
Accelerated capital allowances	0		( 1,321)
Tax losses carry forward	0		11,412
	0		10,091

7. Financial commitments

Commitments

	2024		2023
	£		£
Total future minimum lease payments under non-cancellable operating lease	0		3,562

8. Related party transactions

Transactions with the entity's directors

	2024		2023
	£		£
Director's Loan Account	64,955		60,999

Included within other creditors at the year end was a balance owed to Directors shown above.