Central Classics Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10487628 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2021

FOR

CENTRAL CLASSICS LIMITED

Page

Balance Sheet

1

Notes to the Financial Statements

2

FIXED ASSETS

Tangible assets

4

625

695

CURRENT ASSETS

Cash in hand

33,290

33,290

CREDITORS

Amounts falling due within one year

5

122,038

148,300

NET CURRENT LIABILITIES

(88,748

)

(115,010

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(88,123

)

(114,315

)

CAPITAL AND RESERVES

Called up share capital

6

100

100

Retained earnings

(88,223

)

(114,415

)

SHAREHOLDERS' FUNDS

(88,123

)

(114,315

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 August 2022 and were signed on its behalf by:

C M Arnold - Director

1.	STATUTORY INFORMATION

Central Classics Limited is a private limited company, limited by shares, registered in England. The company's registered number is 10487628. The company's registered office is Bridge Business Park, Bridge Street, Wednesbury, West Midlands, England, WS10 0AW.

The financial statements are presented in Sterling, which is the functional currency of the company.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

10% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Going concern

The accounts have been drawn up on the going concern basis. The company's ongoing activities are dependent upon the continued financial support of a company in which one of the directors has a controlling interest, which has undertaken that this support will be given for the foreseeable future.

If the going concern basis were not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that might arise and to reclassify fixed assets as current assets.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 December 2020

and 30 November 2021

1,059

DEPRECIATION

At 1 December 2020

364

Charge for year

70

At 30 November 2021

434

NET BOOK VALUE

At 30 November 2021

625

At 30 November 2020

695

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.21

30.11.20

£

£

Trade creditors

-

600

Other creditors

122,038

147,700

122,038

148,300

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.11.21

30.11.20

value:

£

£

100

Ordinary

£1

100

100

7.	RELATED PARTY DISCLOSURES

There is an ongoing loan from a company controlled by one of the directors. At the balance sheet date Central Classics Limited owed that company £114,425 (2020 - 140,762).