Registration number: 05803084

IAC Cars Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 8

IAC Cars Limited

Company Information

Directors

Mr Ian Andrew Cockram Mrs Jessica Cockram

Registered office

Mornhill Garage Alresford Road Winchester Hampshire England and Wales SO21 1HH

Accountants

Matthews Hanton Limited Chartered Certified Accountants93 Aldwick Road Bognor Regis West Sussex PO21 2NW

IAC Cars Limited

(Registration number: 05803084)
Balance Sheet as at 30 April 2026

	Note	2026 £	2025 £
Fixed assets
Tangible assets	4	640,671	634,363
Current assets
Stocks	5	858,066	1,026,320
Debtors	6	371,917	389,218
Cash at bank and in hand		161,366	21,898
		1,391,349	1,437,436
Creditors: Amounts falling due within one year	7	(178,781)	(224,713)
Net current assets		1,212,568	1,212,723
Total assets less current liabilities		1,853,239	1,847,086
Creditors: Amounts falling due after more than one year	7	(269,633)	(334,300)
Net assets		1,583,606	1,512,786
Capital and reserves
Called up share capital	8	200	200
Retained earnings		1,583,406	1,512,586
Shareholders' funds		1,583,606	1,512,786

For the financial year ending 30 April 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 14 September 2026 and signed on its behalf by:
 

......................................... Mr Ian Andrew Cockram Director

IAC Cars Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2026

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:
Mornhill Garage
Alresford Road
Winchester
Hampshire
SO21 1HH
England and Wales

The principal place of business is:
Mornhill Garage
Alresford Road
Winchester
Hampshire
SO21 1HH
England and Wales

These financial statements were authorised for issue by the Board on 14 September 2026.

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 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.

IAC Cars Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2026

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.

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
Plant and Machinery etc	25% reducing balance

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.

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

IAC Cars Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2026

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2025 - 2).

IAC Cars Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2026

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Other tangible assets £	Total £
Cost or valuation
At 1 May 2025	632,012	7,543	13,231	652,786
Additions	-	2,638	5,424	8,062
At 30 April 2026	632,012	10,181	18,655	660,848
Depreciation
At 1 May 2025	-	6,239	12,184	18,423
Charge for the year	-	675	1,079	1,754
At 30 April 2026	-	6,914	13,263	20,177
Carrying amount
At 30 April 2026	632,012	3,267	5,392	640,671
At 30 April 2025	632,012	1,304	1,047	634,363

Included within the net book value of land and buildings above is £632,012 (2025 - £632,012) in respect of freehold land and buildings.
 

5

Stocks

	2026 £	2025 £
Other inventories	858,066	1,026,320

6

Debtors

Current	2026 £	2025 £
Trade debtors	-	7,427
Prepayments	7,241	5,775
Other debtors	364,676	376,016
	371,917	389,218

IAC Cars Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2026

7

Creditors

Creditors: amounts falling due within one year

	Note	2026 £	2025 £
Due within one year
Loans and borrowings	9	14,400	14,400
Trade creditors		26,604	1,297
Taxation and social security		43,526	90,851
Accruals and deferred income		2,525	2,525
Other creditors		91,726	115,640
		178,781	224,713

Creditors: amounts falling due after more than one year

	Note	2026 £	2025 £
Due after one year
Loans and borrowings	9	269,633	334,300

8	Share capital

Allotted, called up and fully paid shares

	2026		2025
	No.	£	No.	£
Ordinary A of £1 each	100	100	100	100
Ordinary B of £1 each	100	100	100	100
	200	200	200	200

9	Loans and borrowings

Non-current loans and borrowings

	2026 £	2025 £
Bank borrowings	269,633	334,300

Current loans and borrowings

	2026 £	2025 £
Bank borrowings	14,400	14,400

IAC Cars Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2026

10

Dividends

		2026		2025
		£		£
Interim dividend of £240.00 (2025 - £240.00) per ordinary share		48,000		48,000