Registration number: 08009802

Independent Cars Torbay Limited

Contents

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

Independent Cars Torbay Limited

Company Information

Director

Mr Nick Holtom

Registered office

Bank Chambers 260-262 Union Street Torquay Devon TQ2 5QU

Accountants

Neil Wilson & Co Chartered Accountants Bank Chambers 260-262 Union Street Torquay Devon TQ2 5QU

Independent Cars Torbay Limited

(Registration number: 08009802)
Balance Sheet as at 31 March 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	51,712	61,931
Current assets
Stocks	5	10,105	14,369
Debtors	6	33,372	30,226
Cash at bank and in hand		145,180	160,080
		188,657	204,675
Creditors: Amounts falling due within one year	7	(151,594)	(170,773)
Net current assets		37,063	33,902
Total assets less current liabilities		88,775	95,833
Provisions for liabilities		(8,966)	(10,232)
Net assets		79,809	85,601
Capital and reserves
Called up share capital	8	3	3
Retained earnings		79,806	85,598
Shareholders' funds		79,809	85,601

For the financial year ending 31 March 2025 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 8 August 2025
 

......................................... Mr Nick Holtom Director

Independent Cars Torbay Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Bank Chambers
260-262 Union Street
Torquay
Devon
TQ2 5QU
United Kingdom

These financial statements were authorised for issue by the director on 8 August 2025.

2	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.

Independent Cars Torbay Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

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.

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
Fixtures and fittings	25% reducing balance
Motor vehicles	25% reducing balance
Office equipment	25% reducing balance
Leasehold	over period of lease
Plant and machinery	5% straight line basis

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.

Independent Cars Torbay Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

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.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2024 - 3).

Independent Cars Torbay Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Motor vehicles  £	Other tangible assets £
Cost or valuation
At 1 April 2024	4,520	33,192	119,734	17,917
Additions	-	1,033	-	-
At 31 March 2025	4,520	34,225	119,734	17,917
Depreciation
At 1 April 2024	-	29,446	83,090	896
Charge for the year	-	1,195	9,161	896
At 31 March 2025	-	30,641	92,251	1,792
Carrying amount
At 31 March 2025	4,520	3,584	27,483	16,125
At 31 March 2024	4,520	3,746	36,644	17,021

	Total £
Cost or valuation
At 1 April 2024	175,363
Additions	1,033
At 31 March 2025	176,396
Depreciation
At 1 April 2024	113,432
Charge for the year	11,252
At 31 March 2025	124,684
Carrying amount
At 31 March 2025	51,712
At 31 March 2024	61,931

Included within the net book value of land and buildings above is £4,520 (2024 - £4,520) in respect of long leasehold land and buildings.
 

Independent Cars Torbay Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

5

Stocks

	2025 £	2024 £
Work in progress	10,105	14,369

6

Debtors

Current	Note	2025 £	2024 £
Trade debtors		16,825	25,885
Amounts owed by related parties	11	16,046	2,846
Other debtors		501	1,495
		33,372	30,226

Independent Cars Torbay Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

7

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	9	16,239	21,975
Trade creditors		6,008	2,897
Taxation and social security		6,054	8,314
Accruals and deferred income		2,400	4,000
Other creditors		120,893	133,587
		151,594	170,773

8	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary of £1 each	3	3	3	3

9	Loans and borrowings

Current loans and borrowings

	2025 £	2024 £
Bank borrowings	12,556	21,975
Bank overdrafts	3,683	-
	16,239	21,975

10

Dividends

		2025		2024
		£		£
Interim dividend of £500.00 (2024 - £Nil) per ordinary share		1,500		-

Independent Cars Torbay Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

11	Related party transactions

Transactions with the director

2025	At 1 April 2024 £	Repayments by director £	At 31 March 2025 £
Mr Nick Holtom
Director loan	(57,286)	(10,125)	(67,411)

2024	At 1 April 2023 £	Advances to director £	At 31 March 2024 £
Mr Nick Holtom
Director loan	(55,012)	(2,274)	(57,286)

Director's remuneration

The director's remuneration for the year was as follows:

	2025 £	2024 £
Remuneration	12,570	12,570

Dividends paid to the director

		2025 £		2024 £
Mr Nick Holtom
Interim dividend		1,500		-