2022-02-012023-01-312023-01-31false11157255SELECT A CAR MIDLANDS 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SELECT A CAR MIDLANDS LIMITED

Registered Number
11157255
(England and Wales)

Unaudited Financial Statements for the Year ended
31 January 2023

SELECT A CAR MIDLANDS LIMITED
Company Information
for the year from 1 February 2022 to 31 January 2023

Director

Tarran Sanghera

Registered Address

109c Barkby Road
Leicester
LE4 9LG

Registered Number

11157255 (England and Wales)
SELECT A CAR MIDLANDS LIMITED
Balance Sheet as at
31 January 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets65,8246,607
5,8246,607
Current assets
Stocks7243,652243,943
Debtors85,3692,000
Cash at bank and on hand165,380143,169
414,401389,112
Creditors amounts falling due within one year9(83,946)(76,224)
Net current assets (liabilities)330,455312,888
Total assets less current liabilities336,279319,495
Creditors amounts falling due after one year10(199,532)(241,877)
Net assets136,74777,618
Capital and reserves
Called up share capital100100
Profit and loss account136,64777,518
Shareholders' funds136,74777,618
The financial statements were approved and authorised for issue by the Director on 24 September 2023, and are signed on its behalf by:
Tarran Sanghera
Director
Registered Company No. 11157255
SELECT A CAR MIDLANDS LIMITED
Notes to the Financial Statements
for the year ended 31 January 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
Sale of motor vehicles
4.Accounting policies
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:
Stocks policy
Stocks 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. 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.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Employee benefits policy
Contributions to defined contribution plans are expensed in the period to which they relate.
5.Employee information

20232022
Average number of employees during the year33
6.Property, plant and equipment

Plant & machinery

Vehicles

Office Equipment

Total

££££
Cost or valuation
At 01 February 22-5,4803,2498,729
Additions333-7501,083
At 31 January 233335,4803,9999,812
Depreciation and impairment
At 01 February 22-1,0961,0262,122
Charge for year678779221,866
At 31 January 23671,9731,9483,988
Net book value
At 31 January 232663,5072,0515,824
At 31 January 22-4,3842,2236,607
7.Stocks

2023

2022

££
Other stocks243,652243,943
Total243,652243,943
8.Debtors

2023

2022

££
Trade debtors / trade receivables1,000-
Other debtors4,3692,000
Total5,3692,000
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.
9.Creditors within one year

2023

2022

££
Taxation and social security45,24233,298
Other creditors36,85538,401
Accrued liabilities and deferred income1,8494,525
Total83,94676,224
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.
10.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts199,532241,877
Total199,532241,877