ACCOUNTS - Final Accounts

Cash and cash equivalents

Registered number: 05180074

QUIRKS CAR COMPANY LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024


QUIRKS CAR COMPANY LIMITED REGISTERED NUMBER:05180074

BALANCE SHEET

AS AT 31 DECEMBER 2024

	Period ended 31 December	Year ended 31 August
	2024	2023
Note	£	£

Fixed assets
Tangible assets	4		70,499		23,875
Investments	5		3,950		3,950
			74,449		27,825
Current assets
Stocks		2,472,786		3,200,631
Debtors: amounts falling due within one year	6	521,747		568,100
Cash at bank and in hand	7	139,334		42,097
		3,133,867		3,810,828
Creditors: amounts falling due within one year	8	(3,015,962)		(3,366,414)
Net current assets			117,905		444,414
Total assets less current liabilities			192,354		472,239
Creditors: amounts falling due after more than one year	9		(84,637)		(27,460)
Provisions for liabilities
Deferred tax		-		(2,410)
			-		(2,410)
Net assets			107,717		442,369

Capital and reserves
Called up share capital	100,000	100,000
Profit and loss account	7,717	342,369
	107,717	442,369

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QUIRKS CAR COMPANY LIMITED REGISTERED NUMBER:05180074

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2024

The director considers 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 period in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his 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 statement of income and retained earnings 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 by:

R A Quirk

Director

Date: 22 July 2025

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QUIRKS CAR COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

1.	General information

Quirks Car Company Ltd is a private company limited by shares incorporated in England and Wales. Its registered office is Millhouse, 32-38 East Street, Rochford, Essex, SS4 1DB.
The principal activity continued to be that of the retail of executive vehicles.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of 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 Director has considered the impact of the losses made during the period which have resulted from specific non-recurring events. Taking into account a period exceeding 12 months from the date of approval of these financial statements, the Director has a reasonable expectation that it has adequate resources to continue in operational existence for the foreseeable future, and for this reason will continue to adopt the going concern basis in the preparation of its financial statements

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. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.4

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.

2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

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QUIRKS CAR COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.6

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.

2.7

Borrowing costs

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

2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.9

Current and deferred taxation

The tax expense for the period 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.

2.10

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.

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QUIRKS CAR COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.10

Tangible fixed assets (continued)

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

Depreciation is provided on the following basis:

Long-term leasehold property	-		Straight line over the life of the lease
Plant and machinery	-	20%	Straight line
Motor vehicles	-	20%	Reducing balance
Fixtures and fittings	-	20%	Straight line

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 profit or loss.

2.11

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

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.

2.13

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.

2.14

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.

2.15

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.

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QUIRKS CAR COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.16

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

2.17

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.

2.18

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 financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Basic financial liabilities

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

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QUIRKS CAR COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Employees

The average monthly number of employees, including directors, during the period was 16 (2023 - 17).

4.	Tangible fixed assets

	Long-term leasehold property	Plant and machinery	Motor vehicles	Fixtures and fittings	Total
	£	£	£	£	£
Cost or valuation
At 1 September 2023	152,414	14,149	8,362	70,976	245,901
Additions	-	911	54,082	6,982	61,975
At 31 December 2024	152,414	15,060	62,444	77,958	307,876
Depreciation
At 1 September 2023	141,223	13,716	7,704	59,383	222,026
Charge for the period on owned assets	3,311	284	6,485	5,271	15,351
At 31 December 2024	144,534	14,000	14,189	64,654	237,377
Net book value
At 31 December 2024	7,880	1,060	48,255	13,304	70,499
At 31 August 2023	11,191	433	658	11,593	23,875

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QUIRKS CAR COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

5.	Fixed asset investments

		Unlisted investments
		£
	Cost or valuation
	At 1 September 2023	3,950
	At 31 December 2024	3,950

	Net book value
	At 31 December 2024	3,950
	At 31 August 2023	3,950

Debtors

					31 December	31 August
					2024	2023
					£	£


Trade debtors	48,451	136,431
Amounts owed by group undertakings	122,406	69,139
Other debtors	301,630	359,004
Prepayments and accrued income	1,354	3,526
Deferred taxation	47,906	-
	521,747	568,100

Cash at bank and in hand	139,334	42,097
Less: bank overdrafts	(7)	(17)
	139,327	42,080

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QUIRKS CAR COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

Bank overdrafts	7	17
Bank loans	2,267,098	2,652,075
Payments received on account	65,340	47,341
Trade creditors	273,298	464,437
Other taxation and social security	89,043	58,385
Obligations under finance lease and hire purchase contracts	16,807	-
Other creditors	287,751	88,531
Accruals and deferred income	16,618	55,628
	3,015,962	3,366,414

Included within bank loans is a stocking loan of £2,210,297 (2023: £2,631,213) which is secured against the stock items to which they relate.

Bank loans	13,957	27,460
Net obligations under finance leases and hire purchase contracts	70,680	-
	84,637	27,460

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QUIRKS CAR COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

Amounts falling due within one year
Bank loans	2,267,098	2,652,075
Amounts falling due 1-2 years
Bank loans	10,425	10,085
Amounts falling due 2-5 years
Bank loans	3,532	17,375

	2,281,055	2,679,535

Within one year	16,807	-
Between 1-5 years	70,680	-
	87,487	-

12.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £11,013 (2023: £8,514). Contributions totalling £1,529 (2023: £1,745) were payable to the fund at the balance sheet date and are included in creditors.

13.	Transactions with directors

During the period the Director repaid in full an interest free loan from the company. The balance on the loan, included within other creditors, at the 31 December 2024 was £210 (2023: £124,434 debtor). During the year the company advanced £294,472 to the director and the company was repaid £419,116.

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QUIRKS CAR COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

14.

Related party transactions

Included within other creditors is an interest free loan of £11,290 (2023: £24,649) owed to Quirks Service Centre Limited, a company under common control.
Included within other debtors is an interest free loan of £192,320 (2023: £50,266) due from Quirks Construction Company Limited, a company under common control.
Included within other debtors is an interest free loan of £30,945 (2023: £58,192) to a close family member of the company director.
At the balance sheet date the company was owed £122,406 (2023: £69,139) from its parent company, Quirks Holdings Limited, no interst is charged on the balance.

15.	Controlling party

The ultimate parent is Quirks Holdings Limited, a company incorporated in England and Wales. Its registered office is Millhouse, 32-38 East Street, Rochford, Essex SS4 1DB.

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