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 2023

Classic Restorations (Sales) Ltd

Statement of Financial Position

31 August 2023

	2023		2022
Note	£	£	£

Fixed assets

Tangible assets	5		302,600	375,597

Current assets

Stocks		446,000	741,000
Debtors	6	10,796	11,198
Cash at bank and in hand		65,530	–
		---------	---------
		522,326	752,198

Creditors: amounts falling due within one year	7	503,848		573,633
		---------		---------
Net current assets			18,478	178,565
			---------	---------
Total assets less current liabilities			321,078	554,162

Creditors: amounts falling due after more than one year	8		52,500	85,370

Provisions

Taxation including deferred tax	38,112	42,317
	---------	---------
Net assets	230,466	426,475
	---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	230,366	426,375
	---------	---------
Shareholders funds	230,466	426,475
	---------	---------

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 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 .

Classic Restorations (Sales) Ltd

Statement of Financial Position (continued)

31 August 2023

These financial statements were approved by the board of directors and authorised for issue on 7 May 2024 , 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 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 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

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Deferred taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. 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.

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.

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.

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 (2022: 8 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost or valuation
At 1 September 2022	355,827	67,555	80,344	17,459	521,185
Revaluations	( 65,000)	–	–	–	( 65,000)
	---------	--------	--------	--------	---------
At 31 August 2023	290,827	67,555	80,344	17,459	456,185
	---------	--------	--------	--------	---------
Depreciation
At 1 September 2022	10,827	66,125	51,266	17,370	145,588
Charge for the year	–	690	7,269	38	7,997
	---------	--------	--------	--------	---------
At 31 August 2023	10,827	66,815	58,535	17,408	153,585
	---------	--------	--------	--------	---------
Carrying amount
At 31 August 2023	280,000	740	21,809	51	302,600
	---------	--------	--------	--------	---------
At 31 August 2022	345,000	1,430	29,078	89	375,597
	---------	--------	--------	--------	---------

The investment property was originally 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 was based on the knowledge of that agency and was the value that the property was marketed for sale on the open market. Following that action, the directors have become aware that the value has subsequently decreased due to market forces and the valuation has been impaired accordingly at the balance sheet date .

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 2023
Aggregate cost	–
Aggregate depreciation	–
	----
Carrying value	–
	----

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

6. Debtors

	2023	2022
	£	£
Trade debtors	876	2,339
Other debtors	9,920	8,859
	--------	--------
	10,796	11,198
	--------	--------

7. Creditors: amounts falling due within one year

	2023	2022
	£	£
Bank loans and overdrafts	30,000	81,727
Trade creditors	19,956	22,399
Social security and other taxes	48,842	57,576
Other creditors	405,050	411,931
	---------	---------
	503,848	573,633
	---------	---------

The hire purchase liability falling due within one year of £2,870 (2022: £4,306) is secured on the assets they relate to .

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

	2023	2022
	£	£
Bank loans and overdrafts	52,500	82,500
Other creditors	–	2,870
	--------	--------
	52,500	85,370
	--------	--------

The hire purchase liability falling due after more than one year of £nil (2022: £2,870) 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 £94,544 (2022: £156,841).

10. Other financial commitments

The company had outstanding commitments at the year end under rental lease agreements of £30,000 (2022 - £32,000 ).