Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-28falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-02-28No description of principal activity1010truetrue 07171537 2022-02-28 2023-02-28 07171537 2021-02-28 2022-02-27 07171537 2023-02-28 07171537 2022-02-27 07171537 2021-02-28 07171537 c:Director4 2022-02-28 2023-02-28 07171537 d:Buildings d:ShortLeaseholdAssets 2022-02-28 2023-02-28 07171537 d:Buildings d:ShortLeaseholdAssets 2023-02-28 07171537 d:Buildings d:ShortLeaseholdAssets 2022-02-27 07171537 d:PlantMachinery 2022-02-28 2023-02-28 07171537 d:PlantMachinery 2023-02-28 07171537 d:PlantMachinery 2022-02-27 07171537 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-02-28 2023-02-28 07171537 d:MotorVehicles 2022-02-28 2023-02-28 07171537 d:MotorVehicles 2023-02-28 07171537 d:MotorVehicles 2022-02-27 07171537 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-02-28 2023-02-28 07171537 d:FurnitureFittings 2022-02-28 2023-02-28 07171537 d:FurnitureFittings 2023-02-28 07171537 d:FurnitureFittings 2022-02-27 07171537 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-02-28 2023-02-28 07171537 d:OwnedOrFreeholdAssets 2022-02-28 2023-02-28 07171537 d:Goodwill 2023-02-28 07171537 d:Goodwill 2022-02-27 07171537 d:CurrentFinancialInstruments 2023-02-28 07171537 d:CurrentFinancialInstruments 2022-02-27 07171537 d:Non-currentFinancialInstruments 2023-02-28 07171537 d:Non-currentFinancialInstruments 2022-02-27 07171537 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 07171537 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-27 07171537 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 07171537 d:Non-currentFinancialInstruments d:AfterOneYear 2022-02-27 07171537 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-02-28 07171537 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-02-27 07171537 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-02-28 07171537 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-02-27 07171537 d:ShareCapital 2023-02-28 07171537 d:ShareCapital 2022-02-27 07171537 d:SharePremium 2023-02-28 07171537 d:SharePremium 2022-02-27 07171537 d:RetainedEarningsAccumulatedLosses 2023-02-28 07171537 d:RetainedEarningsAccumulatedLosses 2022-02-27 07171537 c:OrdinaryShareClass2 2022-02-28 2023-02-28 07171537 c:OrdinaryShareClass2 2023-02-28 07171537 c:OrdinaryShareClass2 2022-02-27 07171537 c:OrdinaryShareClass3 2022-02-28 2023-02-28 07171537 c:OrdinaryShareClass3 2023-02-28 07171537 c:OrdinaryShareClass3 2022-02-27 07171537 c:OrdinaryShareClass4 2022-02-28 2023-02-28 07171537 c:OrdinaryShareClass4 2023-02-28 07171537 c:OrdinaryShareClass4 2022-02-27 07171537 c:FRS102 2022-02-28 2023-02-28 07171537 c:AuditExempt-NoAccountantsReport 2022-02-28 2023-02-28 07171537 c:FullAccounts 2022-02-28 2023-02-28 07171537 c:PrivateLimitedCompanyLtd 2022-02-28 2023-02-28 07171537 d:WithinOneYear 2023-02-28 07171537 d:WithinOneYear 2022-02-27 07171537 2 2022-02-28 2023-02-28 07171537 d:AcceleratedTaxDepreciationDeferredTax 2023-02-28 07171537 d:AcceleratedTaxDepreciationDeferredTax 2022-02-27 07171537 e:PoundSterling 2022-02-28 2023-02-28 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 07171537









SINGLEWELL SERVICE CENTRE LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

 
SINGLEWELL SERVICE CENTRE LIMITED
REGISTERED NUMBER: 07171537

BALANCE SHEET
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
-
-

Tangible assets
 5 
62,784
71,276

Current assets
  

Debtors: amounts falling due within one year
 6 
929,792
698,874

Current asset investments
 7 
223,800
223,800

Cash at bank and in hand
  
24,763
11,424

  
1,178,355
934,098

Creditors: amounts falling due within one year
 8 
(405,617)
(334,088)

Net current assets
  
 
 
772,738
 
 
600,010

Total assets less current liabilities
  
835,522
671,286

Creditors: amounts falling due after more than one year
 9 
(45,000)
(65,000)

Provisions for liabilities
  

Deferred tax
  
(14,260)
(12,121)

Net assets
  
776,262
594,165


Capital and reserves
  

Called up share capital 
 12 
120
120

Share premium account
  
65,980
65,980

Profit and loss account
  
710,162
528,065

  
776,262
594,165


Page 1

 
SINGLEWELL SERVICE CENTRE LIMITED
REGISTERED NUMBER: 07171537
    
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 November 2023.




S Dhariwal
Director

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
SINGLEWELL SERVICE CENTRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

Singlewell Service Centre Limited ("the Company") operates as a motor vehicle serivce centre. The company is a private company limited by shares and incorporated in England and Wales. The address of its registered office is Leytonstone House, Leytonstone, London E11 1GA.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue recognition

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
SINGLEWELL SERVICE CENTRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

  
2.3

Intangible Assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of income and retained earnings over its useful economic life.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of income and retained earnings on a straight-line basis over the lease term.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.6

Interest income

Interest income is recognised in the Statement of income and retained earnings using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to the Statement of income and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in the Statement of income and retained earnings in the year in which they are incurred.

Page 4

 
SINGLEWELL SERVICE CENTRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of income and retained earnings except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 5

 
SINGLEWELL SERVICE CENTRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following annual basis:

Short-term leasehold property
-
25% Reducing balance
Plant and machinery
-
25% Reducing balance
Motor vehicles
-
25% Reducing balance
Fixtures and fittings
-
25% Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of income and retained earnings.

 
2.12

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.14

Creditors

Short term creditors are measured at the transaction price.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 10 (2022 - 10).

Page 6

 
SINGLEWELL SERVICE CENTRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

4.


Intangible assets






Goodwill

£



Cost


At 28 February 2022
412,500



At 28 February 2023

412,500



Amortisation


At 28 February 2022
412,500



At 28 February 2023

412,500



Net book value



At 28 February 2023
-



At 27 February 2022
-



Page 7

 
SINGLEWELL SERVICE CENTRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

5.


Tangible fixed assets







Short term leasehold property improve-ments
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost


At 28 February 2022
13,696
108,502
43,318
57,238
222,754


Additions
-
10,487
-
-
10,487



At 28 February 2023

13,696
118,989
43,318
57,238
233,241



Depreciation


At 28 February 2022
10,072
78,539
18,455
44,412
151,478


Charge for the year on owned assets
880
8,703
6,216
3,180
18,979



At 28 February 2023

10,952
87,242
24,671
47,592
170,457



Net book value



At 28 February 2023
2,744
31,747
18,647
9,646
62,784



At 27 February 2022
3,624
29,963
24,863
12,826
71,276

Page 8

 
SINGLEWELL SERVICE CENTRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

6.


Debtors

2023
2022
£
£


Trade debtors
35,233
26,853

Other debtors
892,191
670,556

Prepayments and accrued income
2,368
1,465

929,792
698,874



7.


Current asset investments

2023
2022
£
£

Unlisted investments
223,800
223,800



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
20,000
20,000

Trade creditors
6,969
38,182

Corporation tax
51,404
35,120

Other taxation and social security
31,142
30,271

Other creditors
239,318
176,507

Accruals and deferred income
56,784
34,008

405,617
334,088



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
45,000
65,000


Page 9

 
SINGLEWELL SERVICE CENTRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
20,000
20,000

Amounts falling due 1-2 years

Bank loans
20,000
20,000

Amounts falling due 2-5 years

Bank loans
25,000
45,000


65,000
85,000


The loan is a 80% government secured loan over 5 years, with an interest rate of 2.12%.

Page 10

 
SINGLEWELL SERVICE CENTRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

11.


Deferred taxation






2023
2022


£

£






At beginning of year
(12,121)
(12,428)


Charged to the Statement of income and retained earnings
(2,139)
307



At end of year
(14,260)
(12,121)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(14,260)
(12,121)


12.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



80 (2022 - 80) Ordinary A shares of £1.00 each
80
80
20 (2022 - 20) Ordinary B shares of £1.00 each
20
20
20 (2022 - 20) Ordinary C shares of £1.00 each
20
20

120

120



13.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held
separately from those of the Company in an independently administered fund. The pension cost charge
represents contributions payable by the Company to the fund and amounted to £38,389 
(2022 - £46,386).
Contributions totalling £826 (2022 - £977) were payable to the fund at the balance sheet date and are
included in creditors.

Page 11

 
SINGLEWELL SERVICE CENTRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

14.


Commitments under operating leases

At 28 February 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
-
42,000

-
42,000


15.


Transactions with directors

2023
2022
£
£
Balance brought forward owing to company

-

175,009
 
Amounts advanced

143,037

177,689
 
Amounts repaid

-

(352,698)
 
Balance carried forward owed to the company
143,037

-
 

Interest was charged on the overdrawn loan accounts at the HM Revenue & Customs offical rate of interest.
The overdrawn loan account balance was repaid within 9 months of the year end.


16.


Related party transactions

At the year end, Singlewell Service Centre, a partnership in which the directors are partners, owed the Company £703,487 (2022 - £634,408) shown within other debtors.
At the year end, the Company held an investment in Singlewell Service Centre, a partnership in which the directors are partners, amounting to £223,800 
(2022 - £223,800) shown within investments.
At the year end, the Company owes Singlewell Car Sales Limited, a company which the directors control £161,817 
(2022 - £172,917) shown within other creditors.
At the year end, the Company was owed by Singlewell Consultancy Limited, a company which the directors have significant influence over £74,169 
(2022 - £5,831 owed from) shown within other creditors.
During the year Singlewell Consultancy Limited charge a managment fee to the Company of £80,000 
(2022 - £80,000).

 
Page 12