SHINYCARS LTD

Company Registration Number:
13103424 (England and Wales)

Unaudited abridged accounts for the year ended 31 December 2023

Period of accounts

Start date: 01 January 2023

End date: 31 December 2023

SHINYCARS LTD

Contents of the Financial Statements

for the Period Ended 31 December 2023

Balance sheet
Notes

SHINYCARS LTD

Balance sheet

As at 31 December 2023


Notes

2023

2022


£

£
Fixed assets
Tangible assets: 3 255 530
Total fixed assets: 255 530
Current assets
Stocks: 2,104 15,584
Debtors: 4 120 120
Cash at bank and in hand: 100
Total current assets: 2,324 15,704
Creditors: amounts falling due within one year: 5 (235) (2,681)
Net current assets (liabilities): 2,089 13,023
Total assets less current liabilities: 2,344 13,553
Creditors: amounts falling due after more than one year:     (6,135)
Total net assets (liabilities): 2,344 7,418
Capital and reserves
Called up share capital: 99 824
Other reserves: 1,005 5,394
Profit and loss account: 1,240 1,200
Shareholders funds: 2,344 7,418

The notes form part of these financial statements

SHINYCARS LTD

Balance sheet statements

For the year ending 31 December 2023 the company was entitled to exemption 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 02 March 2024
and signed on behalf of the board by:

Name: ONUCHUKWU, Emeka
Status: Director

The notes form part of these financial statements

SHINYCARS LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 101

Other accounting policies

SHINYCARS LTD hereinafter referred to as the company is registered with companies house with registration number 13103424 with ONUCHUKWU, Emeka as the Directors of the Company. The company deals with Sale of used cars and light motor vehicles to its customers through its director and employees. The financial statement has been prepared under the historical cost convention and in accordance with the financial Reporting Standard for Smaller Entities (effective January 2016)

SHINYCARS LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

2. Employees

2023 2022
Average number of employees during the period 5 5

This is the wages paid to sales person and other Employees at the end of the reporting period.

SHINYCARS LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

3. Tangible Assets

Total
Cost £
At 01 January 2023 1,024
At 31 December 2023 1,024
Depreciation
At 01 January 2023 494
Charge for year 275
At 31 December 2023 769
Net book value
At 31 December 2023 255
At 31 December 2022 530

Property, plant and equipment (PPE) are the long-term tangible assets that are shown on the balance sheet of the company. The company recognizes an asset as an item of PPE when the asset has a useful life for more than one year and it is used for production or supply of goods or services, for rental to others, or for administrative purposes.Property, plant and equipment include land, building, machinery, vehicles, office equipment and furniture, etc. The company records an item of property, plant and equipment initially at its cost in the accounting record. It includes all costs that necessary to bring the asset to the working condition that it can be used as intended. The cost of an item of PPE includes purchased price, import duties, and the costs to get assets to the location and condition ready to use such as transportation and installation cost, etc.

SHINYCARS LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

4. Debtors

2023 2022
££
Debtors due after more than one year: 120 120

The debt has been deducted before arriving at the directors wages. 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 the amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

SHINYCARS LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

5. Creditors: amounts falling due within one year note

This is the tax due at the end of the financial year. 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 the amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.