Classic Restorations (Sales) Ltd Filleted accounts for Companies House (small and micro)

CLASSIC RESTORATIONS (SALES) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04066024

Classic Restorations (Sales) Ltd

Filleted Unaudited Financial Statements

31 August 2022

Classic Restorations (Sales) Ltd

Statement of Financial Position

31 August 2022

	2022		2021
Note	£	£	£

Fixed assets

Tangible assets	5		375,597	196,620

Current assets

Stocks		741,000	771,500
Debtors	6	11,198	33,400
		---------	---------
		752,198	804,900

Creditors: amounts falling due within one year	7	573,633		489,472
		---------		---------
Net current assets			178,565	315,428
			---------	---------
Total assets less current liabilities			554,162	512,048

Creditors: amounts falling due after more than one year	8		85,370	119,676

Provisions

Taxation including deferred tax	42,317	8,293
	---------	---------
Net assets	426,475	384,079
	---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	426,375	383,979
	---------	---------
Shareholders funds	426,475	384,079
	---------	---------

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 31 August 2022 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 .

Classic Restorations (Sales) Ltd

Statement of Financial Position (continued)

31 August 2022

These financial statements were approved by the board of directors and authorised for issue on 22 December 2022 , and are signed on behalf of the board by:

Mr W B Kennedy
Director

Company registration number: 04066024

Classic Restorations (Sales) Ltd

Notes to the Financial Statements

Year ended 31 August 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 40 Kimbolton Road, Bedford, MK40 2NR.

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

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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.

Deferred taxation

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more, tax, except deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

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 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:

Improvements to property	-	10 Years Straight line
Plant and machinery	-	20% straight line
Motor vehicles	-	25% reducing balance
Equipment	-	25% straight line

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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 8 (2021: 10 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost or valuation
At 1 September 2021	162,196	67,555	90,225	17,459	337,435
Disposals	–	–	( 9,881)	–	( 9,881)
Revaluations	193,631	–	–	–	193,631
	---------	--------	--------	--------	---------
At 31 August 2022	355,827	67,555	80,344	17,459	521,185
	---------	--------	--------	--------	---------
Depreciation
At 1 September 2021	10,827	64,341	48,327	17,320	140,815
Charge for the year	–	1,784	9,694	50	11,528
Disposals	–	–	( 6,755)	–	( 6,755)
	---------	--------	--------	--------	---------
At 31 August 2022	10,827	66,125	51,266	17,370	145,588
	---------	--------	--------	--------	---------
Carrying amount
At 31 August 2022	345,000	1,430	29,078	89	375,597
	---------	--------	--------	--------	---------
At 31 August 2021	151,369	3,214	41,898	139	196,620
	---------	--------	--------	--------	---------

The investment property was valued in 2022 by an independent estate agency, Beasley & Partners of Woburn Sands, which has significant experience in valuing commercial properties in the area in which it is located. The valuation is based on the knowledge of that agency and is the value that the property would be marketed for sale on the open market.

Tangible assets held at valuation

In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

	Freehold property
	£
At 31 August 2022
Aggregate cost	151,369
Aggregate depreciation	–
	---------
Carrying value	151,369
	---------

At 31 August 2021
Aggregate cost	151,369
Aggregate depreciation	–
	---------
Carrying value	151,369
	---------

6. Debtors

	2022	2021
	£	£
Trade debtors	2,339	25,097
Other debtors	8,859	8,303
	--------	--------
	11,198	33,400
	--------	--------

7. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	81,727	67,144
Trade creditors	22,399	28,521
Corporation tax	–	4,078
Social security and other taxes	57,576	24,086
Other creditors	411,931	365,643
	---------	---------
	573,633	489,472
	---------	---------

The hire purchase liability falling due within one year of £4,306 (2021: £4,306) is secured on the assets they relate to.

8. Creditors: amounts falling due after more than one year

	2022	2021
	£	£
Bank loans and overdrafts	82,500	112,500
Other creditors	2,870	7,176
	--------	---------
	85,370	119,676
	--------	---------

The hire purchase liability falling due after more than one year of £2,870 (2021: £7,176) is secured on the assets they relate to.

9. Reserves

The revaluation reserve has historically been used to record the value of asset revaluations and fair value movements on assets recognised in other comprehensive income and are non-distributable. The reserves held in the revaluation reserve have been moved to the profit and loss reserve to avoid confusion with the legacy revaluation reserve which existed prior to the adoption of the current accounting standards and for which the value is nil. A separate record is retained in the company's books and records of the distributable and non-distributable reserves.

The balance of the non-distributable reserves which has arisen due to the revaluation of investment property at the year end is £156,841 (2021: £nil).

10. Other financial commitments

The company had outstanding commitments at the year end under rental lease agreements of £32,000 (2021 - £44,000).