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REGISTERED NUMBER: 08524125 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

FOR

SMART WHEELS SOUTH COAST LIMITED

SMART WHEELS SOUTH COAST LIMITED (REGISTERED NUMBER: 08524125)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SMART WHEELS SOUTH COAST LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTOR: Mr A D Corsi





REGISTERED OFFICE: Unit 2.02
High Weald House
Glovers End
Bexhill
East Sussex
TN39 5ES





REGISTERED NUMBER: 08524125 (England and Wales)





ACCOUNTANTS: Acuity Professional Partnership LLP
Unit 2.02 High Weald House
Glovers End
Bexhill
East Sussex
TN39 5ES

SMART WHEELS SOUTH COAST LIMITED (REGISTERED NUMBER: 08524125)

BALANCE SHEET
31 MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 958 5,208
958 5,208

CURRENT ASSETS
Stocks 6 1,500 2,200
Debtors 7 4,926 7,229
Cash at bank and in hand 68,562 71,622
74,988 81,051
CREDITORS
Amounts falling due within one year 8 20,730 16,554
NET CURRENT ASSETS 54,258 64,497
TOTAL ASSETS LESS CURRENT
LIABILITIES

55,216

69,705

PROVISIONS FOR LIABILITIES 9 182 990
NET ASSETS 55,034 68,715

CAPITAL AND RESERVES
Called up share capital 10 125 125
Retained earnings 54,909 68,590
SHAREHOLDERS' FUNDS 55,034 68,715

SMART WHEELS SOUTH COAST LIMITED (REGISTERED NUMBER: 08524125)

BALANCE SHEET - continued
31 MAY 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 8 April 2024 and were signed by:





Mr A D Corsi - Director


SMART WHEELS SOUTH COAST LIMITED (REGISTERED NUMBER: 08524125)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023


1. STATUTORY INFORMATION

Smart Wheels South Coast 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.

GOODWILL
Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of three years.

INTANGIBLE ASSETS
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

SMART WHEELS SOUTH COAST LIMITED (REGISTERED NUMBER: 08524125)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


4. INTANGIBLE FIXED ASSETS
Goodwill
£   
Cost
At 1 June 2022
and 31 May 2023 6,236
Amortisation
At 1 June 2022
and 31 May 2023 6,236
Net book value
At 31 May 2023 -
At 31 May 2022 -

5. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
Cost
At 1 June 2022 3,351 15,829 711 19,891
Disposals - (15,829 ) - (15,829 )
At 31 May 2023 3,351 - 711 4,062
Depreciation
At 1 June 2022 2,322 12,073 288 14,683
Charge for year 257 - 237 494
Eliminated on disposal - (12,073 ) - (12,073 )
At 31 May 2023 2,579 - 525 3,104
Net book value
At 31 May 2023 772 - 186 958
At 31 May 2022 1,029 3,756 423 5,208

6. STOCKS
2023 2022
£    £   
Stocks 1,500 2,200

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 4,926 7,229

SMART WHEELS SOUTH COAST LIMITED (REGISTERED NUMBER: 08524125)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts - 555
Taxation and social security 4,193 5,782
Other creditors 16,537 10,217
20,730 16,554

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 182 990

Deferred
tax
£   
Balance at 1 June 2022 990
Provided during year (808 )
Balance at 31 May 2023 182

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
50 Ordinary £1 50 50
50 Ordinary A £1 50 50
25 Ordinary B £1 25 25
125 125