Electric Avenue Cars Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10034239 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2021

for

Electric Avenue Cars Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Accountants' Report

5

DIRECTORS:

D V Persaud

Miss B Giulieri

REGISTERED OFFICE:

First Floor, West Barn

North Frith Farm, Ashes Lane

Hadlow

Tonbridge

Kent

TN11 9QU

BUSINESS ADDRESS:

Hoe Cross Barn

Hoe Cross

Hambledon

Waterlooville

Hampshire

PO7 4RG

REGISTERED NUMBER:

10034239 (England and Wales)

ACCOUNTANTS:

Deeks Evans

Chartered Accountants

First Floor, West Barn

North Frith Farm, Ashes Lane

Hadlow

Tonbridge

Kent

TN11 9QU

FIXED ASSETS

Tangible assets

4

156,694

169,655

CURRENT ASSETS

Debtors

5

18,056

39,511

Cash at bank

45,929

10,203

63,985

49,714

CREDITORS

Amounts falling due within one year

6

210,020

253,897

NET CURRENT LIABILITIES

(146,035

)

(204,183

)

TOTAL ASSETS LESS CURRENT LIABILITIES

10,659

(34,528

)

CREDITORS

Amounts falling due after more than one year

7

42,094

-

NET LIABILITIES

(31,435

)

(34,528

)

CAPITAL & RESERVES

Called up share capital

8

324

324

Retained earnings

(31,759

)

(34,852

)

SHAREHOLDERS' FUNDS

(31,435

)

(34,528

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 December 2021 and were signed on its behalf by:

Miss B Giulieri - Director

1.	STATUTORY INFORMATION

Electric Avenue Cars Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

The company is financed via loans from directors and shareholders. The accounts have been prepared on a going concern basis on the assumption of the continued support of the directors and shareholders.

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 & machinery

-

20% on cost

Motor vehicles

-

33% on cost

Computer equipment

-

33% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Plant &

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2020

17,545

668,099

4,710

690,354

Additions

-

-

5,490

5,490

At 31 March 2021

17,545

668,099

10,200

695,844

DEPRECIATION

At 1 April 2020

13,406

504,348

2,945

520,699

Charge for year

3,505

12,175

2,771

18,451

At 31 March 2021

16,911

516,523

5,716

539,150

NET BOOK VALUE

At 31 March 2021

634

151,576

4,484

156,694

At 31 March 2020

4,139

163,751

1,765

169,655

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

4,440

1,806

Deferred tax asset

6,576

7,409

Prepayments

7,040

30,296

18,056

39,511

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans & overdrafts

7,906

-

Trade creditors

-

2,849

Social security & other taxes

1,664

2,318

Other creditors

164,265

202,505

Directors' current accounts

34,185

44,225

Accrued expenses

2,000

2,000

210,020

253,897

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans - 1-2 years

9,707

-

Bank loans - 2-5 years

32,387

-

42,094

-

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

324

Ordinary

£1

324

324

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Electric Avenue Cars Limited for the year ended 31 March 2021 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Electric Avenue Cars Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Electric Avenue Cars Limited and state those matters that we have agreed to state to the Board of Directors of Electric Avenue Cars Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Electric Avenue Cars Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Electric Avenue Cars Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Electric Avenue Cars Limited. You consider that Electric Avenue Cars Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Electric Avenue Cars Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Deeks Evans

Chartered Accountants

First Floor, West Barn

North Frith Farm, Ashes Lane

Hadlow

Tonbridge

Kent

TN11 9QU

8 December 2021