Carl Rosner Automobiles Limited - Accounts to registrar (filleted) - small 23.2.5

Unaudited Financial Statements

for the Year Ended 28 February 2023

for

Carl Rosner Automobiles Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J A Church

C A Rosner

R C J Rosner

SECRETARY:

Mrs A Rosner

REGISTERED OFFICE:

Station Garage

Station Approach

Sanderstead

Surrey

CR2 0PL

REGISTERED NUMBER:

01245266 (England and Wales)

ACCOUNTANTS:

Williams & Co Epsom LLP

Chartered Accountants

8-10 South Street

Epsom

Surrey

KT18 7PF

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

116,759

63,002

116,759

63,002

CURRENT ASSETS

Stocks

6

1,473,243

979,687

Debtors

7

88,003

41,816

Cash at bank and in hand

857,990

1,032,242

2,419,236

2,053,745

CREDITORS

Amounts falling due within one year

8

1,011,915

701,579

NET CURRENT ASSETS

1,407,321

1,352,166

TOTAL ASSETS LESS CURRENT LIABILITIES

1,524,080

1,415,168

PROVISIONS FOR LIABILITIES

9

29,190

11,971

NET ASSETS

1,494,890

1,403,197

CAPITAL AND RESERVES

Called up share capital

10

1,000

1,000

Retained earnings

1,493,890

1,402,197

SHAREHOLDERS' FUNDS

1,494,890

1,403,197

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 October 2023 and were signed on its behalf by:

C A Rosner - Director

1.	STATUTORY INFORMATION

Carl Rosner Automobiles 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.

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.

Turnover is recognised on bike sales at the point of completion, when ownership is transferred. Deposits received in advance of sale are recognised in current liabilities on initial receipt.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

10% on cost

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% 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 Statement of Income and Retained Earnings, 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.

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 12 (2022 - 14 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 March 2022

5,000

Disposals

(5,000

)

At 28 February 2023

-

AMORTISATION

At 1 March 2022

5,000

Eliminated on disposal

(5,000

)

At 28 February 2023

-

NET BOOK VALUE

At 28 February 2023

-

At 28 February 2022

-

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 March 2022

29,281

179,460

135,078

5,719

349,538

Additions

68,122

-

-

-

68,122

At 28 February 2023

97,403

179,460

135,078

5,719

417,660

DEPRECIATION

At 1 March 2022

20,650

165,498

95,389

4,999

286,536

Charge for year

2,928

2,793

7,938

706

14,365

At 28 February 2023

23,578

168,291

103,327

5,705

300,901

NET BOOK VALUE

At 28 February 2023

73,825

11,169

31,751

14

116,759

At 28 February 2022

8,631

13,962

39,689

720

63,002

6.

STOCKS

2023

2022

£

£

Stocks

1,473,243

979,687

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

34,389

7,879

Amounts owed by group undertakings

6,481

6,285

Other debtors

7,402

2,618

VAT

27,735

15,154

Prepayments

11,996

9,880

88,003

41,816

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

831,156

536,646

Tax

72,329

73,092

Social security and other taxes

12,074

11,063

Other creditors

87,911

73,441

Pension fund

699

723

Directors' current accounts

450

731

Accrued expenses

7,296

5,883

1,011,915

701,579

9.	PROVISIONS FOR LIABILITIES

2023

2022

£

£

Deferred tax

29,190

11,971

Deferred

tax

£

Balance at 1 March 2022

11,971

Provided during year

17,219

Balance at 28 February 2023

29,190

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

1,000

Ordinary

£1

1,000

1,000

11.	RELATED PARTY DISCLOSURES

During the year rent of £50,880 (2022: £48,720) was paid to Carl Rosner Holdings Limited, the ultimate parent company.

12.	ULTIMATE CONTROLLING PARTY

The company is under the control of Carl Rosner Holdings Limited. There is no overall control of the holding company.