Registered number
10693955
SHREEJI CARS LIMITED
Unaudited Filleted Accounts
31 March 2023
SHREEJI CARS LIMITED
Registered number: 10693955
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 31,591 -
31,591 -
Current assets
Stocks 82,281 126,259
Debtors 4 31,037 29,853
Cash at bank and in hand 40,585 32,625
153,903 188,737
Creditors: amounts falling due within one year 5 (57,153) (40,946)
Net current assets 96,750 147,791
Total assets less current liabilities 128,341 147,791
Creditors: amounts falling due after more than one year 6 (107,184) (126,934)
Provisions for liabilities - -
Net assets 21,157 20,857
Capital and reserves
Called up share capital 100 100
Profit and loss account 21,057 20,757
Shareholders' funds 21,157 20,857
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
Vinit Patel
Director
Approved by the board on 6 November 2023
SHREEJI CARS LIMITED
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.
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:
Office Improvements Nil
Fixtures, fittings, tools and equipment over 10 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
Government Grants
Receipts under Government Assistance Schemes will be accounted for in the year of receipt.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Office Improvements Fixtures & Fittings Total
£ £ £
Cost
At 1 April 2022 - - -
Additions 25,375 6,375 31,750
Disposals - - -
At 31 March 2023 25,375 6,375 31,750
Depreciation
At 1 April 2022 - - -
Charge for the year - 159 159
On disposals - - -
At 31 March 2023 - 159 159
Net book value
At 31 March 2023 25,375 6,216 31,591
At 31 March 2022 - - -
4 Debtors 2023 2022
£ £
Trade debtors 26,670 24,394
Other debtors 4,367 5,459
31,037 29,853
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans 31,733 31,733
Trade creditors - -
Taxation and social security costs 7,061 6,445
Other creditors 18,359 2,768
57,153 40,946
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 107,184 126,934
107,184 126,934
7 Loans 2023 2022
£ £
Secured bank loans - -
These loans are Government backed Bounce Back Loan (BBL) and Business Interruption Loan (CBIL) under Government Covid-19 support scheme.
8 Capital commitments
There were no capital commitments at 31 March 2023.
9 Controlling party
The directors own 100% of the issued share capital.
10 Other information
SHREEJI CARS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
797a Harrow Road
Sudbury Town
Wembley
HA0 2LP
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