Quayside Cars Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 13018196 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 November 2023

for

Quayside Cars Ltd

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

J Pritchard

T J Rudge

REGISTERED OFFICE:

20 Hempsted Lane

Gloucester

Gloucestershire

GL2 5JA

REGISTERED NUMBER:

13018196 (England and Wales)

ACCOUNTANTS:

HATS Gloucester Ltd

48 Hucclecote Road

Gloucester

Gloucestershire

GL3 3RS

FIXED ASSETS

Tangible assets

4

3,215

4,748

CURRENT ASSETS

Stocks

95,888

114,510

Debtors

5

20,777

25,745

Cash at bank and in hand

17,701

18,283

134,366

158,538

CREDITORS

Amounts falling due within one year

6

136,909

162,688

NET CURRENT LIABILITIES

(2,543

)

(4,150

)

TOTAL ASSETS LESS CURRENT LIABILITIES

672

598

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

572

498

SHAREHOLDERS' FUNDS

672

598

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 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 23 May 2024 and were signed on its behalf by:

T J Rudge - Director

J Pritchard - Director

1.	STATUTORY INFORMATION

Quayside Cars Ltd 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.

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.

Fixtures and fittings

-

33% on reducing balance

Computer equipment

-

Straight line over 3 years

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 statement of financial position date.

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 2 (2022 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

Cost

At 1 December 2022

2,118

6,854

674

9,646

Additions

-

-

289

289

At 30 November 2023

2,118

6,854

963

9,935

Depreciation

At 1 December 2022

1,177

3,272

449

4,898

Charge for year

313

1,187

322

1,822

At 30 November 2023

1,490

4,459

771

6,720

Net book value

At 30 November 2023

628

2,395

192

3,215

At 30 November 2022

941

3,582

225

4,748

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/11/23

30/11/22

£

£

Trade debtors

12,200

16,612

Other debtors

8,577

9,133

20,777

25,745

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/11/23

30/11/22

£

£

Trade creditors

21,494

35,826

Taxation and social security

14,010

17,917

Other creditors

101,405

108,945

136,909

162,688

7.	RELATED PARTY DISCLOSURES

At 30 November 2023, the company owed the directors T J Rudge and Mr J Pritchard £13,672 and £45,925 respectively (2022 - £34,665 and £69,481 respectively). The balance owed, included within other creditors, is made of business expenses not yet reimbursed and capital introduced. The loan balances are repayable to the directors on demand except for a loan of £50,000 which is being repaid over seven years.

Pritchard Motor Services Ltd - a company controlled by the director owes Quayside Cars Ltd £6,670.40 at the year end. All transactions are on a commercial basis.