Registered number
06660104
Best Used Cars Ltd
Filleted Accounts
31 July 2023
Best Used Cars Ltd
Registered number: 06660104
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 29,774 31,015
Tangible assets 4 21,734 27,299
51,508 58,314
Current assets
Stocks 8,017 6,213
Debtors 5 16,425 16,425
Cash at bank and in hand 1,893 4,380
26,335 27,018
Creditors: amounts falling due within one year 6 (27,811) (28,289)
Net current liabilities (1,476) (1,271)
Net assets 50,032 57,043
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 49,032 56,043
Shareholders' funds 50,032 57,043
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 members have 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.
Huzaifah Ahmad
Director
Approved by the board on 21 February 2024
Best Used Cars Ltd
Notes to the Accounts
for the year ended 31 July 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 (as applied to small entities by section 1A of the standard).
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% reducing balance method
Motor vehicles 25% reducing balance method
Goodwill 4% reducing balance method
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 6 8
3 Intangible fixed assets £
Goodwill:
Cost
At 1 August 2022 55,567
At 31 July 2023 55,567
Amortisation
At 1 August 2022 24,552
Provided during the year 1,241
At 31 July 2023 25,793
Net book value
At 31 July 2023 29,774
At 31 July 2022 31,015
Goodwill is being written off in equal annual instalments over its estimated economic life of 25 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 August 2022 112,633 15,300 127,933
At 31 July 2023 112,633 15,300 127,933
Depreciation
At 1 August 2022 87,436 13,198 100,634
Charge for the year 5,039 526 5,565
At 31 July 2023 92,475 13,724 106,199
Net book value
At 31 July 2023 20,158 1,576 21,734
At 31 July 2022 25,197 2,102 27,299
5 Debtors 2023 2022
£ £
Other debtors 16,425 16,425
6 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 19,172 23,649
Other creditors 8,639 4,640
27,811 28,289
7 Related party transactions
There was no related party transaction apart from salary and dividend paid to the director.
8 Controlling party
The company is 100% controlled by Mr Huzaifah Ahmad by virtue of his shareholding.
9 Other information
Best Used Cars Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 13 Barratt Industrial Park
Park Avenue
Southall
Middlesex
UB1 3AF
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