Company No: 12922557 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	3	6,838		8,499
		6,838		8,499
Current assets
Stocks	4	1,462,935		1,162,955
Debtors	5	32,124		92,290
Cash at bank and in hand		3,475		11,149
		1,498,534		1,266,394
Creditors: amounts falling due within one year	6	( 1,739,471)		( 1,437,705)
Net current liabilities		(240,937)		(171,311)
Total assets less current liabilities		(234,099)		(162,812)
Provision for liabilities	7	( 1,710)		0
Net liabilities		( 235,809)		( 162,812)
Capital and reserves
Called-up share capital	8	50		50
Profit and loss account		( 235,859 )		( 162,862 )
Total shareholder's deficit		( 235,809)		( 162,812)

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 member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements of Cars of Lusso Ltd (registered number: 12922557) were approved and authorised for issue by the Director on 30 September 2025. They were signed on its behalf by:

Stephen Wells Director

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

Cars of Lusso 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 The New Works, Roughmoor Industrial Estate, Williton, TA4 4RF, 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 £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director notes that the business has net current liabilities of £240,937. The Company is supported through loans from other Group Companies. The director has received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the other group Companies will continue to support the Company. After making enquiries, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Tools and equipment

7 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessor
Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.

Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	1		1

3. Tangible assets

	Tools and equipment		Total
	£		£
Cost
At 01 January 2024	11,625		11,625
At 31 December 2024	11,625		11,625
Accumulated depreciation
At 01 January 2024	3,126		3,126
Charge for the financial year	1,661		1,661
At 31 December 2024	4,787		4,787
Net book value
At 31 December 2024	6,838		6,838
At 31 December 2023	8,499		8,499

4. Stocks

	2024		2023
	£		£
Finished goods (pledged as security - £217,376 )	1,462,935		1,162,955

Included within stock is £217,376 relating to goods which are currently held on HP by the Director. The HP liability is reflected in through the Director's loan account, in line with the legal agreement. The HP liabilities are secured against the assets to which they relate, which are currently held as stock in Cars of Lusso Ltd.

5. Debtors

	2024		2023
	£		£
Amounts owed by Group undertakings	50		67,290
VAT recoverable	2,074		0
Other debtors	30,000		25,000
	32,124		92,290

6. Creditors: amounts falling due within one year

	2024		2023
	£		£
Trade creditors	3,368		1,776
Amounts owed to Group undertakings	1,732,428		1,425,993
Accruals	3,675		3,415
Other taxation and social security	0		6,521
	1,739,471		1,437,705

7. Deferred tax

	2024		2023
	£		£
At the beginning of financial year	0		0
Charged to the Statement of Income and Retained Earnings	( 1,710)		0
At the end of financial year	( 1,710)		0

The deferred taxation balance is made up as follows:

	2024		2023
	£		£
Accelerated capital allowances	( 1,710)		0

8. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
50 Ordinary shares of £ 1.00 each	50		50

9. Financial commitments

Commitments

	2024		2023
	£		£
Total future minimum lease payments under non-cancellable operating lease	25,000		25,000

10. Related party transactions

During the year the Company has taken advantage of the exemption in section 1AC.35 of FRS 102 to not disclose related party transactions with wholly owned subsidiaries within the group.