Company Registration No. 10098170 (England and Wales)
Specialist Cars Of Southsea Limited
Unaudited accounts
for the year ended 31 March 2023
Specialist Cars Of Southsea Limited
Unaudited accounts
Contents
Specialist Cars Of Southsea Limited
Company Information
for the year ended 31 March 2023
Directors
Gary Davey
Clifford Loud
Company Number
10098170 (England and Wales)
Registered Office
18 Brandon Road
Southsea
Hampshire
PO5 2LY
Accountants
TaxSense Accountants Ltd
203 West Street
Fareham
Hants
PO16 0EN
Specialist Cars Of Southsea Limited
Accountants' report
Accountants' report to the board of directors of Specialist Cars Of Southsea Limited on the preparation of the unaudited statutory accounts for the year ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Specialist Cars Of Southsea Limited for the year ended
31 March 2023 as set out on pages
5 -
7 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Specialist Cars Of Southsea Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Specialist Cars Of Southsea Limited and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Specialist Cars Of Southsea Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Specialist Cars Of Southsea Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Specialist Cars Of Southsea Limited. You consider that Specialist Cars Of Southsea Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Specialist Cars Of Southsea Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
TaxSense Accountants Ltd
203 West Street
Fareham
Hants
PO16 0EN
3 October 2023
Specialist Cars Of Southsea Limited
Statement of financial position
as at 31 March 2023
Cash at bank and in hand
12,167
30,086
Creditors: amounts falling due within one year
(25,439)
(23,613)
Net current assets
603
6,473
Called up share capital
2
2
Profit and loss account
601
6,471
Shareholders' funds
603
6,473
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 3 October 2023 and were signed on its behalf by
Gary Davey
Director
Company Registration No. 10098170
Specialist Cars Of Southsea Limited
Notes to the Accounts
for the year ended 31 March 2023
Specialist Cars Of Southsea Limited is a private company, limited by shares, registered in England and Wales, registration number 10098170. The registered office is 18 Brandon Road, Southsea, Hampshire, PO5 2LY.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
25 % on Straight line method
4
Tangible fixed assets
Computer equipment
Specialist Cars Of Southsea Limited
Notes to the Accounts
for the year ended 31 March 2023
Amounts falling due within one year
6
Creditors: amounts falling due within one year
2023
2022
Trade creditors
7,000
4,000
Loans from directors
17,757
19,540
Allotted, called up and fully paid:
2 Ordinary shares of £1 each
2
2
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Directors Loan Account
(19,540)
5,239
3,456
(17,757)
(19,540)
5,239
3,456
(17,757)
9
Average number of employees
During the year the average number of employees was 0 (2022: 0).