Registered number
08455424
Smart Automotive Specialists Ltd
Unaudited Filleted Accounts
31 March 2023
Smart Automotive Specialists Ltd
Registered number: 08455424
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 170,743 124,157
Current assets
Stocks 6,000 2,830
Debtors 5 205,352 173,450
Cash at bank and in hand 145,864 205,675
357,216 381,955
Creditors: amounts falling due within one year 6 (184,208) (145,027)
Net current assets 173,008 236,928
Total assets less current liabilities 343,751 361,085
Creditors: amounts falling due after more than one year 7 (102,630) (60,169)
Provisions for liabilities (26,279) (18,198)
Net assets 214,842 282,718
Capital and reserves
Called up share capital 2 2
Profit and loss account 214,840 282,716
Shareholder's funds 214,842 282,718
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
James Belam
Director
Approved by the board on 30 August 2023
Smart Automotive Specialists Ltd
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
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).
Turnover
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 and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over the lease term
Plant and machinery over 4 years
Fixtures, fittings, tools and equipment over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 12 11
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2022 59,000
At 31 March 2023 59,000
Amortisation
At 1 April 2022 59,000
At 31 March 2023 59,000
Net book value
At 31 March 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Leasehold improvements Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 - 135,246 136,149 271,395
Additions 30,000 6,000 92,827 128,827
Disposals - (2,571) - (2,571)
At 31 March 2023 30,000 138,675 228,976 397,651
Depreciation
At 1 April 2022 - 70,452 76,786 147,238
Charge for the year 933 42,838 37,360 81,131
On disposals - (1,461) - (1,461)
At 31 March 2023 933 111,829 114,146 226,908
Net book value
At 31 March 2023 29,067 26,846 114,830 170,743
At 31 March 2022 - 64,794 59,363 124,157
5 Debtors 2023 2022
£ £
Trade debtors 188,102 154,700
Other debtors 17,250 18,750
205,352 173,450
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,654 10,620
Obligations under finance lease and hire purchase contracts 39,897 13,385
Trade creditors 32,259 24,271
Taxation and social security costs 69,192 67,597
Other creditors 32,206 29,154
184,208 145,027
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 21,841 32,033
Obligations under finance lease and hire purchase contracts 80,789 28,136
102,630 60,169
8 Other information
Smart Automotive Specialists Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit B Rio Works
Polesdon Lane
Ripley, Woking
Surrey
GU23 6JX
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