2022-06-012023-05-312023-05-31false10749393SMARTWAY CARS 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SMARTWAY CARS LIMITED

Registered Number
10749393
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2023

SMARTWAY CARS LIMITED
Company Information
for the year from 1 June 2022 to 31 May 2023

Director

James Parsons

Registered Address

1 Burgess Close
Odiham
Hook
RG29 1PG

Registered Number

10749393 (England and Wales)
SMARTWAY CARS LIMITED
Balance Sheet as at
31 May 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets723,05525,188
23,05525,188
Current assets
Debtors8198,088177,247
Cash at bank and on hand188,750193,790
386,838371,037
Creditors amounts falling due within one year9(104,558)(236,938)
Net current assets (liabilities)282,280134,099
Total assets less current liabilities305,335159,287
Creditors amounts falling due after one year10(38,819)(45,406)
Net assets266,516113,881
Capital and reserves
Called up share capital11
Profit and loss account266,515113,880
Shareholders' funds266,516113,881
The financial statements were approved and authorised for issue by the Director on 4 October 2023, and are signed on its behalf by:
James Parsons
Director
Registered Company No. 10749393
SMARTWAY CARS LIMITED
Notes to the Financial Statements
for the year ended 31 May 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Principal activities
The principal activity of the company in the year under review was that of an seller of used cars and light motor vehicles .
4.Basis of measurement used in financial statements
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).
5.Accounting policies
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Vehicles8
Office Equipment4
Stocks policy
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Revenue recognition policy
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Taxation policy
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.
6.Employee information

20232022
Average number of employees during the year21
7.Property, plant and equipment

Vehicles

Office Equipment

Total

£££
Cost or valuation
At 01 June 2229,683-29,683
Additions-1,9751,975
At 31 May 2329,6831,97531,658
Depreciation and impairment
At 01 June 224,495-4,495
Charge for year3,7113974,108
At 31 May 238,2063978,603
Net book value
At 31 May 2321,4771,57823,055
At 31 May 2225,188-25,188
8.Debtors

2023

2022

££
Trade debtors / trade receivables195,333173,695
Other debtors39-
Prepayments and accrued income2,7163,552
Total198,088177,247
9.Creditors within one year

2023

2022

££
Trade creditors / trade payables1,9873,388
Bank borrowings and overdrafts50,073166,714
Taxation and social security47,09665,111
Accrued liabilities and deferred income5,4021,725
Total104,558236,938
10.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts38,81945,406
Total38,81945,406