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REGISTERED NUMBER: 08906797 (England and Wales)















Unaudited Financial Statements for the Year Ended 28 February 2023

for

S M CARS (LANCASTER) LIMITED

S M CARS (LANCASTER) LIMITED (REGISTERED NUMBER: 08906797)






Contents of the Financial Statements
FOR THE YEAR ENDED 28 FEBRUARY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


S M CARS (LANCASTER) LIMITED

Company Information
FOR THE YEAR ENDED 28 FEBRUARY 2023







DIRECTOR: S Mackenzie





REGISTERED OFFICE: 39 Northgate
White Lund
Morecambe
Lancashire
LA3 3PA





REGISTERED NUMBER: 08906797 (England and Wales)





ACCOUNTANTS: RFM Lancaster Limited
39 Northgate
White Lund
Morecambe
Lancashire
LA3 3PA

S M CARS (LANCASTER) LIMITED (REGISTERED NUMBER: 08906797)

Balance Sheet
28 FEBRUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 118,186 5,056

CURRENT ASSETS
Stocks 290,068 463,415
Debtors 5 120,064 146,950
Cash at bank 65,424 194,018
475,556 804,383
CREDITORS
Amounts falling due within one year 6 208,131 359,489
NET CURRENT ASSETS 267,425 444,894
TOTAL ASSETS LESS CURRENT
LIABILITIES

385,611

449,950

CREDITORS
Amounts falling due after more than one
year

7

106,164

138,664
NET ASSETS 279,447 311,286

CAPITAL AND RESERVES
Called up share capital 2 1
Retained earnings 279,445 311,285
SHAREHOLDERS' FUNDS 279,447 311,286

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

S M CARS (LANCASTER) LIMITED (REGISTERED NUMBER: 08906797)

Balance Sheet - continued
28 FEBRUARY 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 November 2023 and were signed by:





S Mackenzie - Director


S M CARS (LANCASTER) LIMITED (REGISTERED NUMBER: 08906797)

Notes to the Financial Statements
FOR THE YEAR ENDED 28 FEBRUARY 2023

1. STATUTORY INFORMATION

S M Cars (Lancaster) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost, 25% on reducing balance and 20% on cost

STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stocks and work in progress are stated at the lower of cost and estimated costs to complete and sell, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Estimated selling price less costs to complete and sell is based on the estimated selling price of the goods less any estimated completion or selling costs likely to be incurred on the sale.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

S M CARS (LANCASTER) LIMITED (REGISTERED NUMBER: 08906797)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

2. ACCOUNTING POLICIES - continued

HIRE PURCHASE AND LEASING COMMITMENTS
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 5 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 March 2022 - 15,963 15,963
Additions 115,000 216 115,216
At 28 February 2023 115,000 16,179 131,179
DEPRECIATION
At 1 March 2022 - 10,907 10,907
Charge for year - 2,086 2,086
At 28 February 2023 - 12,993 12,993
NET BOOK VALUE
At 28 February 2023 115,000 3,186 118,186
At 28 February 2022 - 5,056 5,056

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 950 -
Other debtors 119,114 146,950
120,064 146,950

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 21,925 21,925
Trade creditors 68,089 161,072
Taxation and social security 115,505 171,018
Other creditors 2,612 5,474
208,131 359,489

S M CARS (LANCASTER) LIMITED (REGISTERED NUMBER: 08906797)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 106,164 138,664

8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 28 February 2023 and 28 February 2022:

2023 2022
£    £   
S Mackenzie
Balance outstanding at start of year 144,107 (46,976 )
Amounts advanced 103,695 282,300
Amounts repaid (131,898 ) (91,217 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 115,904 144,107