Dowsetts Classic Car Co Limited - Accounts to registrar (filleted) - small 23.1

REGISTERED NUMBER: 09862734 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 November 2022

for

Dowsetts Classic Car Co Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A R Anstead

C D Hackett

J W Grono

REGISTERED OFFICE:

Dowsetts Farm

Dowsetts Lane

Colliers End

Nr Ware

Hertfordshire

SG11 1EF

REGISTERED NUMBER:

09862734 (England and Wales)

ACCOUNTANTS:

Philip T. Chave & Co

Belfry House

Bell Lane

Hertford

Hertfordshire

SG14 1BP

FIXED ASSETS

Tangible assets

4

113,278

138,701

CURRENT ASSETS

Stocks

20,601

180,325

Debtors

61,315

100,901

Cash at bank and in hand

14,007

21,915

95,923

303,141

CREDITORS

Amounts falling due within one year

531,460

939,890

NET CURRENT LIABILITIES

(435,537

)

(636,749

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(322,259

)

(498,048

)

CREDITORS

Amounts falling due after more than one year

25,421

35,000

NET LIABILITIES

(347,680

)

(533,048

)

CAPITAL AND RESERVES

Called up share capital

6

600

600

Retained earnings

(348,280

)

(533,648

)

SHAREHOLDERS' FUNDS

(347,680

)

(533,048

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2022 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 30 November 2022 in accordance with Section 444(2A) of the Companies Act 2006.

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 20 June 2023 and were signed on its behalf by:

A R Anstead - Director

1.	STATUTORY INFORMATION

Dowsetts Classic Car Co 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 financial statements have been prepared on a going concern basis, despite the company's current insolvent position, as in the directors opinion the company will revert to profitable trading in the near future.

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.

Long leasehold

-

Over 20 years

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Office equipment

-

20% on reducing balance

Government grants

Government grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Research and development

Expenditure on research and development is written off to the Income Statement in the year in which it is incurred. The resulting tax credit is included within the tax charge for the year on a receivable basis.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2021 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 December 2021

and 30 November 2022

264,857

DEPRECIATION

At 1 December 2021

126,156

Charge for year

25,423

At 30 November 2022

151,579

NET BOOK VALUE

At 30 November 2022

113,278

At 30 November 2021

138,701

5.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

30.11.22

30.11.21

£

£

Within one year

42,000

42,000

Between one and five years

21,000

63,000

63,000

105,000

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.11.22

30.11.21

value:

£

£

100

Ordinary

£1

100

100

100

A

£1

100

100

100

B

£1

100

100

100

C

£1

100

100

100

D

£1

100

100

100

E

£1

100

100

600

600