Half Scale Cars Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 13864564

Half Scale Cars Limited

Filleted Unaudited Financial Statements

30 April 2025

Half Scale Cars Limited

Statement of Financial Position

30 April 2025

	2025	2024
Note	£	£

Fixed assets

Intangible assets	6	14,108	16,021
Tangible assets	7	16,353	20,055
		--------	--------
		30,461	36,076

Current assets

Stocks		15,000	61,400
Debtors	8	96,930	44,529
Cash at bank and in hand		15,642	11,197
		---------	---------
		127,572	117,126

Creditors: amounts falling due within one year	9	123,326	93,165
		---------	---------
Net current assets		4,246	23,961
		--------	--------
Total assets less current liabilities		34,707	60,037
		--------	--------
Net assets		34,707	60,037
		--------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	34,607	59,937
	--------	--------
Shareholders funds	34,707	60,037
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30 April 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 financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Half Scale Cars Limited

Statement of Financial Position (continued)

30 April 2025

These financial statements were approved by the board of directors and authorised for issue on 2 April 2026 , and are signed on behalf of the board by:

S Murphy Esq
Director

Company registration number: 13864564

Half Scale Cars Limited

Notes to the Financial Statements

Year ended 30 April 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is TML House, 1a The Anchorage, Gosport, PO12 1LY, Hampshire.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Goodwill	-	10% straight line
Other intangible assets	-	10 % straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	15% reducing balance
Motor vehicles	-	25% reducing balance
Equipment	-	25 % reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2024: 1 ).

5. Tax on (loss)/profit

Major components of tax (income)/expense

		Period from
	Year to	1 Feb 23 to
	30 Apr 25	30 Apr 24
	£	£

Current tax:

UK current tax expense	4,048	13,776
Adjustments in respect of prior periods	( 6,083)	–
	-------	--------
Total current tax	( 2,035)	13,776
	-------	--------
	-------	--------
Tax on (loss)/profit	( 2,035)	13,776
	-------	--------

6. Intangible assets

	Goodwill	Other intangible assets	Total
	£	£	£
Cost
At 1 May 2024 and 30 April 2025	12,000	7,134	19,134
	--------	-------	--------
Amortisation
At 1 May 2024	2,400	713	3,113
Charge for the year	1,913	–	1,913
	--------	-------	--------
At 30 April 2025	4,313	713	5,026
	--------	-------	--------
Carrying amount
At 30 April 2025	7,687	6,421	14,108
	--------	-------	--------
At 30 April 2024	9,600	6,421	16,021
	--------	-------	--------

7. Tangible assets

	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 May 2024	3,850	17,450	5,492	26,792
Additions	–	–	1,329	1,329
	-------	--------	-------	--------
At 30 April 2025	3,850	17,450	6,821	28,121
	-------	--------	-------	--------
Depreciation
At 1 May 2024	705	4,363	1,669	6,737
Charge for the year	472	3,271	1,288	5,031
	-------	--------	-------	--------
At 30 April 2025	1,177	7,634	2,957	11,768
	-------	--------	-------	--------
Carrying amount
At 30 April 2025	2,673	9,816	3,864	16,353
	-------	--------	-------	--------
At 30 April 2024	3,145	13,087	3,823	20,055
	-------	--------	-------	--------

8. Debtors

	2025	2024
	£	£
Trade debtors	42,081	–
Other debtors	54,849	44,529
	--------	--------
	96,930	44,529
	--------	--------

9. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	16,929	20,079
Corporation tax	11,742	22,836
Social security and other taxes	481	–
Other creditors	94,174	50,250
	---------	--------
	123,326	93,165
	---------	--------

10. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2025
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
S Murphy Esq	( 48,040)	( 43,798)	( 91,838)
	--------	--------	--------

	2024
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
S Murphy Esq	51,844	( 99,884)	( 48,040)
	--------	--------	--------

11. Related party transactions

During the year the company entered into the following transactions with related parties:

	Transaction value		Balance owed by/(owed to)
	2025	2024	2025	2024
	£	£	£	£
EliteMurphy Developments Limited	–	25,000	25,000	25,000
EliteMurphy Holdings Limited	8,700	–	8,700	–
Legacy Investments South Limited	13,849	–	13,849	–
	--------	--------	--------	--------

EliteMurphy Developments Limited is under the control of the directors father, D Murphy Esq. EliteMurphy Holdings Limited is under the control of the directors father, D Murphy Esq. Legacy Investments South Limited is wholly owned by the director.