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Registered number: 02193614
L.C. Motors Limited
Unaudited Financial Statements
For The Year Ended 31 December 2024
Ellis Lloyd Jones LLP
Contents
Page
Accountant's Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Accountant's Report
Chartered Accountant's report to the directors on the preparation of the unaudited statutory accounts of L.C. Motors Limited for the year ended 31 December 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of L.C. Motors Limited for the year ended 31 December 2024 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the directors of L.C. Motors Limited , as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of L.C. Motors Limited and state those matters that we have agreed to state to the directors of L.C. Motors Limited , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than L.C. Motors Limited and its directors, as a body, for our work or for this report.
It is your duty to ensure that L.C. Motors Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of L.C. Motors Limited . You consider that L.C. Motors Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of L.C. Motors Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
29/09/2025
Ellis Lloyd Jones LLP
Chartered Accountants
11 Park Square
Newport
NP20 4EL
Page 1
Page 2
Balance Sheet
Registered number: 02193614
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 11,320 3,722
Investments 5 224,254 201,140
235,574 204,862
CURRENT ASSETS
Stocks 6 376,958 407,353
Debtors 7 36,235 161,852
Cash at bank and in hand 211,566 134,915
624,759 704,120
Creditors: Amounts Falling Due Within One Year 8 (441,237 ) (378,665 )
NET CURRENT ASSETS (LIABILITIES) 183,522 325,455
TOTAL ASSETS LESS CURRENT LIABILITIES 419,096 530,317
Creditors: Amounts Falling Due After More Than One Year 9 (4,657 ) (14,771 )
NET ASSETS 414,439 515,546
CAPITAL AND RESERVES
Called up share capital 10 50,000 50,000
Revaluation reserve 11 62,291 89,129
Profit and Loss Account 302,148 376,417
SHAREHOLDERS' FUNDS 414,439 515,546
Page 2
Page 3
For the 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.
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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr M U Cervi
Director
29/09/2025
The notes on pages 4 to 6 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
L.C. Motors Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02193614 . The registered office is 121 Corporation Road, Newport, Gwent, NP19 0BG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
The presentational currency is pound sterling and the figures have been rounded to the nearest pound.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to the profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 20% straight line
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
Computer Equipment 25% reducing balance
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 12 (2023: 14)
12 14
Page 4
Page 5
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 January 2024 20,979 178,212 10,813 35,254 245,258
Additions - - 10,000 - 10,000
As at 31 December 2024 20,979 178,212 20,813 35,254 255,258
Depreciation
As at 1 January 2024 20,979 174,490 10,813 35,254 241,536
Provided during the period - 1,152 1,250 - 2,402
As at 31 December 2024 20,979 175,642 12,063 35,254 243,938
Net Book Value
As at 31 December 2024 - 2,570 8,750 - 11,320
As at 1 January 2024 - 3,722 - - 3,722
5. Investments
Listed
£
Cost or Valuation
As at 1 January 2024 201,140
Revaluations 23,114
As at 31 December 2024 224,254
Provision
As at 1 January 2024 -
As at 31 December 2024 -
Net Book Value
As at 31 December 2024 224,254
As at 1 January 2024 201,140
6. Stocks
2024 2023
£ £
Finished goods 376,958 407,353
Page 5
Page 6
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 35,733 44,370
Prepayments and accrued income 502 438
Other debtors - 17,005
Directors' loan accounts - 100,039
36,235 161,852
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 297,931 279,484
Bank loans and overdrafts 10,127 10,140
Other taxes and social security 6,915 5,353
VAT 14,205 18,800
Other creditors 17,275 31,447
Accruals and deferred income 44,823 33,441
Directors' loan accounts 49,961 -
441,237 378,665
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 4,657 14,771
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 50,000 50,000
11. Reserves
Revaluation Reserve
£
As at 1 January 2024 89,129
Surplus on revaluation (26,838 )
As at 31 December 2024 62,291
Page 6