Company No: 10524628 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	0		295
		0		295
Current assets
Cash at bank and in hand		701		7,524
		701		7,524
Creditors: amounts falling due within one year	4	( 66,656)		( 68,605)
Net current liabilities		(65,955)		(61,081)
Total assets less current liabilities		(65,955)		(60,786)
Net liabilities		( 65,955)		( 60,786)
Capital and reserves
Called-up share capital		100		100
Profit and loss account		( 66,055 )		( 60,886 )
Total shareholder's deficit		( 65,955)		( 60,786)

For the financial year ending 31 December 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 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; 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 Income Statement has not been delivered.

The financial statements of Performance and Classic Cars Ltd (registered number: 10524628) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

J Timewell Director

15 June 2026

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

Performance and Classic Cars 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 6 Honing Row Honing Row, Worstead, North Walsham, NR28 9RH, 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 £.

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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Office equipment

5 years straight line

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.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

3. Tangible assets

	Office equipment		Total
	£		£
Cost
At 01 January 2025	1,483		1,483
At 31 December 2025	1,483		1,483
Accumulated depreciation
At 01 January 2025	1,188		1,188
Charge for the financial year	295		295
At 31 December 2025	1,483		1,483
Net book value
At 31 December 2025	0		0
At 31 December 2024	295		295

4. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	0		350
Accruals	1,200		3,300
Other creditors	65,456		64,955
	66,656		68,605

5. Related party transactions

Transactions with the entity's directors

	2025		2024
	£		£
Director's Loan Account	65,456		64,955

Included within other creditors at the year end was a balance owed to Directors shown above.