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
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
SMART WHEELS (SOUTHERN) LIMITED
Statement of financial position
as at 30 June 2023
Tangible assets
86,562
72,119
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
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
SMART WHEELS (SOUTHERN) LIMITED
Notes to the Accounts
for the year ended 30 June 2023
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.
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.
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:
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 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.
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
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
At 30 June 2023
37,321
49,241
86,562
At 30 June 2022
42,773
29,346
72,119
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Creditors: amounts falling due within one year
2023
2022
Taxes and social security
47,976
27,872
Other creditors
11,434
13,358
Loans from directors
3,275
10,611
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).