Ravensthorpe Car Sales Limited Filleted accounts for Companies House (small and micro)

RAVENSTHORPE CAR SALES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04214634

RAVENSTHORPE CAR SALES LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

30 March 2023

RAVENSTHORPE CAR SALES LIMITED

STATEMENT OF FINANCIAL POSITION

30 March 2023

	2023		2022
Note	£	£	£	£

FIXED ASSETS

Tangible assets	5		2,081		2,776

CURRENT ASSETS

Stocks	52,626	120,000
Cash at bank and in hand	72,229	31,080
	---------	---------
	124,855	151,080

CREDITORS: amounts falling due within one year	6	74,791		72,828
		---------		---------
NET CURRENT ASSETS			50,064		78,252
			--------		--------
TOTAL ASSETS LESS CURRENT LIABILITIES			52,145		81,028

CREDITORS: amounts falling due after more than one year	7	21,667	31,667
		--------	--------
NET ASSETS		30,478	49,361
		--------	--------

CAPITAL AND RESERVES

Called up share capital fully paid	2	2
Profit and loss account	30,476	49,359
	--------	--------
SHAREHOLDERS FUNDS	30,478	49,361
	--------	--------

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 30 March 2023 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 .

RAVENSTHORPE CAR SALES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

30 March 2023

These financial statements were approved by the board of directors and authorised for issue on 28 March 2024 , and are signed on behalf of the board by:

Mr D E Irons Director

Company registration number: 04214634

RAVENSTHORPE CAR SALES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 MARCH 2023

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Headlands House 1 Kings Court, Kettering Parkway, Kettering, Northamptonshire, NN15 6WJ.

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.The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

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:

Plant and Machinery	-	25% reducing balance
Computer Equipment	-	33% straight line
Motor vehicles	-	25% reducing balance

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.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).

5. TANGIBLE ASSETS

	Plant and machinery	Computer Equipment	Motor vehicles	Total
	£	£	£	£
Cost
At 31 March 2022 and 30 March 2023	4,510	830	3,907	9,247
	-------	----	-------	-------
Depreciation
At 31 March 2022	3,932	830	1,709	6,471
Charge for the year	145	–	550	695
	-------	----	-------	-------
At 30 March 2023	4,077	830	2,259	7,166
	-------	----	-------	-------
Carrying amount
At 30 March 2023	433	–	1,648	2,081
	-------	----	-------	-------
At 30 March 2022	578	–	2,198	2,776
	-------	----	-------	-------

6. CREDITORS: amounts falling due within one year

	2023	2022
	£	£
Bank loans and overdrafts	17,668	10,000
Corporation tax	–	12,074
Social security and other taxes	2,902	1,491
Other creditors	54,221	49,263
	--------	--------
	74,791	72,828
	--------	--------

7. CREDITORS: amounts falling due after more than one year

	2023	2022
	£	£
Bank loans and overdrafts	21,667	31,667
	--------	--------

8. RELATED PARTY TRANSACTIONS

During the year the company undertook the following transactions with related parties: The director has advanced monies to the company. At 31 March 2023 the balance owed by the company was £ 53,456 (2022 - £ 46,329 ).