Registered number |
Classic Automobiles Limited | |
Report and accounts | |
Contents | |
Page | |
Company information | 1 |
Balance sheet | 2 |
Policies | 3-4 |
Notes to the accounts | 5-6 |
Company Information |
Director |
Accountants |
Mayden Group Ltd |
114-116 Manningham Lane |
Bradford |
BD8 7JF |
Registered office |
240 Canal Road |
Bradford |
BD1 4SX |
Registered number |
Registered number: | |||||||
Balance Sheet | |||||||
as at |
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Notes | 2022 | 2021 | |||||
£ | £ | ||||||
Current assets | |||||||
Stocks | |||||||
Debtors | 2 | ||||||
Cash at bank and in hand | |||||||
Creditors: amounts falling due within one year | 3 | ( |
( |
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Net current assets/(liabilities) | ( |
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Net assets/(liabilities) | ( |
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Capital and reserves | |||||||
Called up share capital | 4 | ||||||
Profit and loss account | 5 | ( |
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Shareholders' funds | ( |
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A Kahn | |||||||
Director | |||||||
Approved by the board on |
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Notes to the Accounts | ||||||||
for the year ended |
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1 | Accounting policies | |||||||
Basis of preparation | ||||||||
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). There are no material departures from the standard. | ||||||||
Going concern | ||||||||
The Director has considered the going concern basis of preparation of the accounts. The Company has prepared cash flow forecasts for a period of twelve months following the date of approval of these accounts. Having reviewed the forecast information referred to above, the Director is confident that the business can settle its debts as they fall due over the next 12 months. Accordingly, the Director has concluded that no material uncertainty in relation to going concern exists and has prepared the accounts on a going concern basis. |
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Turnover | ||||||||
Turnover comprises the fair value of the consideration received for the sale of goods in the ordinary course of the company's activities. Turnover is shown net of value added tax and discounts and is recognised is probable that future economic benefits will flow to the entity. The sale of a vehicle is recognised on the date on which the customerwhen the amount of revenue can be reliably measured, and it takes possession of the vehicle. | ||||||||
Stock | ||||||||
Stocks are stated at the lower of cost and estimated selling price less cost to complete and sell. The cost of finished goods and work in progress comprises direct material and, where applicable, direct labour cost 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 the selling price less cost to complete and sell; the impairment loss is recognised immediately in profit or loss. |
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Share Capital | ||||||||
Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of direct costs of issuing equity instruments. | ||||||||
Financial instruments | ||||||||
Financial instruments are classified and accounted for as financial assets, financial liabilities or equity instruments according to the substance of the contractual arrangement. Equity instruments are those that entitle the holder to a residual interest in the company's assets after deducting all of its liabilities. Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss. |
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Foreign exchange | ||||||||
Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured. Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated. |
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Trade debtors | ||||||||
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. |
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Trade creditors | ||||||||
Cash and cash equivalent | ||||||||
2 | Debtors: amount falling due within one year | 2022 | 2021 | |||||
£ | £ | |||||||
Trade debtors | ||||||||
Amounts due from related undertakings | 507 | - | ||||||
Prepayments | 1,923 | - | ||||||
Taxation recoverable | ||||||||
3 | Creditors: amounts falling due within one year | 2022 | 2021 | |||||
£ | £ | |||||||
Trade creditors | ||||||||
Other creditors | - | |||||||
Taxation and social security costs | - | |||||||
Accruals | ||||||||
4 | Called-up share capital | 2022 | 2021 | |||||
£ | £ | |||||||
The authorised and allotted share capital at 31 December 2022 and 31 December 2021 was: | ||||||||
Equity shares | ||||||||
Ordinary shares of £1 each | 100 | 100 | ||||||
100 | 100 | |||||||
5 | Reserves | Profit and loss Account | ||||||
£ | ||||||||
At 1 January 2022 | (96,031) | |||||||
Retained profit for the financial year | 132,800 | |||||||
At 31 December 2022 | 36,769 | |||||||
6 | Transactions with related parties | 2022 | 2021 | |||||
£ | £ | |||||||
Other creditors represent funds provided by a company in which Mr A Kahn is the controlling shareholder: | ||||||||
Project Kahn Limited | - | 1,383,122 | ||||||
- | 1,383,122 | |||||||
7 | Controlling party | |||||||
8 | Employees | 2022 | 2021 | |||||
Number | Number | |||||||
Average number of persons employed by the company | ||||||||
9 | Other information | |||||||
Classic Automobiles Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is: | ||||||||
240 Canal Road | ||||||||
Bradford | ||||||||
BD1 4SX |