ACCOUNTS - Final Accounts

Registered number: 04986217

FELTHORPE MOTOR COMPANY LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2025

FELTHORPE MOTOR COMPANY LIMITED

REGISTERED NUMBER: 04986217

BALANCE SHEET

AS AT 31 MARCH 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	4		879		1,035
Current assets
Stocks		476,011		854,062
Debtors: amounts falling due within one year	5	947		16,369
Cash at bank and in hand		4,117		-
		481,075		870,431
Creditors: amounts falling due within one year	6	(730,655)		(1,016,045)
Net current liabilities			(249,580)		(145,614)
Total assets less current liabilities			(248,701)		(144,579)
Creditors: amounts falling due after more than one year	7		(499)		(2,499)
Provisions for liabilities
Deferred tax		(145)		-
			(145)		-
Net liabilities			(249,345)		(147,078)

Capital and reserves
Called up share capital	100	100
Profit and loss account	(249,445)	(147,178)
	(249,345)	(147,078)

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FELTHORPE MOTOR COMPANY LIMITED

REGISTERED NUMBER: 04986217

BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2025

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 December 2025.

I L Pearson

Director

The notes on pages 3 to 7 form part of these financial statements.

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FELTHORPE MOTOR COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1.	General information

Felthorpe Motor Company Limited is a private company, limited by shares, domiciled in England and Wales, registration number 04986217. The registered office is Teal Lodge, 14 Holt Road, Felthorpe, Norwich, Norfolk, NR10 4DB.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements and the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

2.2

Going concern

The company meets its day to day working capital requirements through third party borrowings secured on development land and buildings and from funds introduced by the directors.

The third party loans of £340,000 as at 31 March 2025 have since been repaid from the proceeds of developed and sold land and buildings.

In forming their decision on going concern the directors have considered a period of no less than 12 months from the date of accounts approval and concluded that the company will receive sufficient funds to continue trading for the foreseeable future.

On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of borrowings.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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.

2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

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FELTHORPE MOTOR COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

				Plant & machinery	-	15% reducing balance
				Office equipment	-	15% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Profit and Loss Account.

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FELTHORPE MOTOR COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic fnancial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs.

Basic financial liabilities

Basic financial liabilities, which include trade and other payables are initially measured at their transaction price after transaction costs.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year.

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FELTHORPE MOTOR COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Employees

The average monthly number of employees, including directors, during the year was 2 (2024 - 2).

4.	Tangible fixed assets

		Plant, machinery and office equipment
		£
	Cost or valuation
	At 1 April 2024	17,654
	At 31 March 2025	17,654
	Depreciation
	At 1 April 2024	16,619
	Charge for the year on owned assets	156
	At 31 March 2025	16,775
	Net book value
	At 31 March 2025	879
	At 31 March 2024	1,035

Debtors

					2025	2024
					£	£


Trade debtors	-	159
Other debtors	947	3,256
Deferred taxation	-	12,954
	947	16,369

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FELTHORPE MOTOR COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

6.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Bank overdrafts	-	29,970
Bank loans	2,001	2,001
Other loans	340,000	580,000
Trade creditors	245	4,474
Other taxation and social security	-	2,071
Other creditors	313,913	324,540
Accruals and deferred income	74,496	72,989
	730,655	1,016,045

Creditors totalling £340,000 (2024 - £609,970) are secured.

7.	Creditors: Amounts falling due after more than one year
		2025	2024
		£	£

	Bank loans	499	2,499

8.	Post balance sheet events

The Company had previously written down the value of some development land and buildings to its recoverable amount due to planning consent not being agreed.

Since the year end, planning permission has since been granted and so the previous impairment of £145,815 will be reinstated in the accounts for the year ended 31 March 2026.

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