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Registered number: 02890961
Shelby Vehicle Services Limited
Unaudited ABRIDGED Financial Statements
For The Year Ended 31 January 2024
M J Golz & Co
Chartered Certified Accountants
Odeon House,146 College Road
Harrow
HA1 1BH
Unaudited Financial Statements
Contents
Page
Abridged Balance Sheet 1—2
Notes to the Abridged Financial Statements 3—4
Page 1
Abridged Balance Sheet
Registered number: 02890961
2024 2023
as restated
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 17,424 23,233
17,424 23,233
CURRENT ASSETS
Stocks 10,500 10,500
Debtors 50,413 17,008
Cash at bank and in hand 208,374 192,264
269,287 219,772
Creditors: Amounts Falling Due Within One Year (112,188 ) (92,632 )
NET CURRENT ASSETS (LIABILITIES) 157,099 127,140
TOTAL ASSETS LESS CURRENT LIABILITIES 174,523 150,373
NET ASSETS 174,523 150,373
CAPITAL AND RESERVES
Called up share capital 5 1,000 1,000
Profit and Loss Account 173,523 149,373
SHAREHOLDERS' FUNDS 174,523 150,373
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For the year ending 31 January 2024 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 directors acknowledge their 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
All of the company's members have consented to the preparation of an Abridged Balance Sheet for the year end 31 January 2024 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
Mr Mark Griffiths
Director
Mr Jack Griffiths
Director
16/04/2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Abridged Financial Statements
1. General Information
Shelby Vehicle Services Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02890961 . The registered office is 407 Kings Road, London, SW6 4RL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% reducing balance method
Motor Vehicles 25% reducing balance method
Fixtures & Fittings 25% reducing balance method
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Current tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.6. Pensions
Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 12 (2023: 12)
12 12
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4. Tangible Assets
Total
£
Cost
As at 1 February 2023 104,888
As at 31 January 2024 104,888
Depreciation
As at 1 February 2023 81,655
Provided during the period 5,809
As at 31 January 2024 87,464
Net Book Value
As at 31 January 2024 17,424
As at 1 February 2023 23,233
5. Share Capital
2024 2023
as restated
£ £
Allotted, Called up and fully paid 1,000 1,000
6. Dividends
2024 2023
as restated
£ £
On equity shares:
Final dividend paid 74,000 72,000
74,000 72,000
Page 4