Havanna Cars Limited - Filleted accounts

Havanna Cars Limited - Filleted accounts

HAVANNA CARS LIMITED - Company Information

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Registered number
06449730
Havanna Cars Limited
Unaudited Filleted Accounts
31 January 2023
Havanna Cars Limited
Registered number: 06449730
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 250,922 194,946
250,922 194,946
Current assets
Debtors 4 35,204 64,883
Cash at bank and in hand 78,451 20,352
113,655 85,235
Creditors: amounts falling due within one year 5 (227,778) (160,559)
Net current liabilities (114,123) (75,324)
Total assets less current liabilities 136,799 119,622
Creditors: amounts falling due after more than one year 6 (24,243) (34,243)
Provisions for liabilities (11,551) (14,785)
Net assets 101,005 70,594
Capital and reserves
Called up share capital 1 1
Profit and loss account 101,004 70,593
Shareholders' funds 101,005 70,594
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr. M. Ajaz
Director
Approved by the board on 13 October 2023
Havanna Cars Limited
Notes to the Accounts
for the year ended 31 January 2023
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).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Motor vehicles 25% straight line
Plant and machinery 15% straight line
Fixtures, fittings, tools and equipment 15% straight line
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 22 21
3 Tangible fixed assets
Land and buildings Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 February 2022 87,778 67,397 300,489 455,664
Additions - 499 143,759 144,258
Surplus on revaluation - - - -
Disposals - - (116,824) (116,824)
At 31 January 2023 87,778 67,896 327,424 483,098
Depreciation
At 1 February 2022 5,267 60,819 194,632 260,718
Charge for the year 1,755 1,532 72,987 76,274
Surplus on revaluation - - - -
On disposals - - (104,816) (104,816)
At 31 January 2023 7,022 62,351 162,803 232,176
Net book value
At 31 January 2023 80,756 5,545 164,621 250,922
At 31 January 2022 82,511 6,578 105,857 194,946
4 Debtors 2023 2022
£ £
Trade debtors 18,604 57,383
Deferred tax asset - -
Other debtors 16,600 7,500
35,204 64,883
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 14,745 10,648
Trade creditors 82,246 7,051
Taxation and social security costs 65,523 69,299
Other creditors 65,264 73,561
227,778 160,559
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 24,243 34,243
24,243 34,243
7 Other information
Havanna Cars Limited is a private company limited by shares and incorporated in England. Its registered office is:
290a Ampthill Road
Bedford
MK42 9QL
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