Deepcar Motor Company (Sheffield) Limited
Registered number: 13080663
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Current assets
Stocks 327,356 335,115
Cash at bank and in hand 24,299 25,175
351,655 360,290
Creditors: amounts falling due within one year 3 (207,377) (207,587)
Net current assets 144,278 152,703
Total assets less current liabilities 144,278 152,703
Creditors: amounts falling due after more than one year 4 (18,366) (70,725)
Net assets 125,912 81,978
Capital and reserves
Called up share capital 100 100
Profit and loss account 125,812 81,878
Shareholder's funds 125,912 81,978
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
E J Berek
Director
Approved by the board on 23 January 2024
Deepcar Motor Company (Sheffield) Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
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 amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,398 11,896
Trade creditors 178,645 180,810
Corporation tax 15,461 12,808
Other taxes and social security costs 1,873 2,073
207,377 207,587
4 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 18,366 27,165
Other creditors - 43,560
18,366 70,725
5 Other information
Deepcar Motor Company (Sheffield) Limited is a private company limited by shares and incorporated in England. Its registered office is:
Manchester Road
Deepcar
Sheffield
South Yorkshire
S36 2QX
Deepcar Motor Company (Sheffield) Limited 13080663 false 2023-01-01 2023-12-31 2023-12-31 VT Final Accounts October 2023 release 2 E J Berek No description of principal activity 13080663 2022-01-01 2022-12-31 13080663 core:WithinOneYear 2022-12-31 13080663 core:AfterOneYear 2022-12-31 13080663 core:ShareCapital 2022-12-31 13080663 core:RetainedEarningsAccumulatedLosses 2022-12-31 13080663 2023-01-01 2023-12-31 13080663 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 13080663 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 13080663 bus:Director40 2023-01-01 2023-12-31 13080663 1 2023-01-01 2023-12-31 13080663 2 2023-01-01 2023-12-31 13080663 countries:England 2023-01-01 2023-12-31 13080663 bus:FRS102 2023-01-01 2023-12-31 13080663 bus:FullAccounts 2023-01-01 2023-12-31 13080663 2023-12-31 13080663 core:WithinOneYear 2023-12-31 13080663 core:AfterOneYear 2023-12-31 13080663 core:ShareCapital 2023-12-31 13080663 core:RetainedEarningsAccumulatedLosses 2023-12-31 13080663 2022-12-31 iso4217:GBP xbrli:pure