1 July 2022 false Taxfiler 2023.10 07674414business:PrivateLimitedCompanyLtd2022-07-012023-06-30 076744142022-06-30 076744142022-07-012023-06-30 07674414business:AuditExemptWithAccountantsReport2022-07-012023-06-30 07674414business:FilletedAccounts2022-07-012023-06-30 076744142023-06-30 07674414business:Director12022-07-012023-06-30 07674414business:RegisteredOffice2022-07-012023-06-30 076744142022-06-30 07674414core:WithinOneYear2023-06-30 07674414core:WithinOneYear2022-06-30 07674414core:AfterOneYear2023-06-30 07674414core:AfterOneYear2022-06-30 07674414core:ShareCapitalcore:PreviouslyStatedAmount2023-06-30 07674414core:ShareCapitalcore:PreviouslyStatedAmount2022-06-30 07674414core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2023-06-30 07674414core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2022-06-30 07674414core:PreviouslyStatedAmount2023-06-30 07674414core:PreviouslyStatedAmount2022-06-30 07674414business:SmallEntities2022-07-012023-06-30 07674414countries:EnglandWales2022-07-012023-06-30 07674414core:PlantMachinery2022-06-30 07674414core:MotorVehicles2022-06-30 07674414core:PlantMachinery2022-07-012023-06-30 07674414core:MotorVehicles2022-07-012023-06-30 07674414core:PlantMachinery2023-06-30 07674414core:MotorVehicles2023-06-30 076744142021-07-012022-06-30 iso4217:GBP xbrli:pure
Company Registration No. 07674414 (England and Wales)
SMART WHEELS (SOUTHERN) LIMITED Unaudited accounts for the year ended 30 June 2023
SMART WHEELS (SOUTHERN) LIMITED Unaudited accounts Contents
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SMART WHEELS (SOUTHERN) LIMITED Company Information for the year ended 30 June 2023
Director
SUNDEEP SINGH BHANOT
Company Number
07674414 (England and Wales)
Registered Office
2 Mayfield Road Farnborough Hampshire GU14 8RS ENGLAND
Accountants
Asmita & Associates Ltd 114-116 Plumstead High Street Plumstead London SE18 1SJ
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SMART WHEELS (SOUTHERN) LIMITED Statement of financial position as at 30 June 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
86,562 
72,119 
Current assets
Cash at bank and in hand
382,657 
254,452 
Creditors: amounts falling due within one year
(96,260)
(75,809)
Net current assets
286,397 
178,643 
Total assets less current liabilities
372,959 
250,762 
Creditors: amounts falling due after more than one year
(29,308)
(50,625)
Provisions for liabilities
Deferred tax
(9,998)
(13,630)
Net assets
333,653 
186,507 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
333,553 
186,407 
Shareholders' funds
333,653 
186,507 
For the year ending 30 June 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 director acknowledges his 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 and authorised for issue on 1 November 2023 and were signed on its behalf by
SUNDEEP SINGH BHANOT Director Company Registration No. 07674414
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SMART WHEELS (SOUTHERN) LIMITED Notes to the Accounts for the year ended 30 June 2023
1
Statutory information
SMART WHEELS (SOUTHERN) LIMITED is a private company, limited by shares, registered in England and Wales, registration number 07674414. The registered office is 2 Mayfield Road, Farnborough, Hampshire, GU14 8RS, ENGLAND.
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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.
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:
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
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SMART WHEELS (SOUTHERN) LIMITED Notes to the Accounts for the year ended 30 June 2023
4
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 July 2022
50,917 
77,856 
128,773 
Additions
3,800 
28,970 
32,770 
At 30 June 2023
54,717 
106,826 
161,543 
Depreciation
At 1 July 2022
8,144 
48,510 
56,654 
Charge for the year
9,252 
9,075 
18,327 
At 30 June 2023
17,396 
57,585 
74,981 
Net book value
At 30 June 2023
37,321 
49,241 
86,562 
At 30 June 2022
42,773 
29,346 
72,119 
5
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
VAT
33,775 
23,523 
Trade creditors
(200)
415 
Taxes and social security
47,976 
27,872 
Other creditors
11,434 
13,358 
Loans from directors
3,275 
10,611 
Accruals
- 
30 
96,260 
75,809 
6
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Obligations under finance leases and hire purchase contracts
29,308 
50,625 
7
Transactions with related parties
The Director Mr Sundeep Singh Bhanot has been paid a dividend of £30,514 and salary of £20,000 in the year ended 30/06/2023.
8
Average number of employees
During the year the average number of employees was 6 (2022: 6).
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