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Company Registration No. 10098170 (England and Wales)
Specialist Cars Of Southsea Limited Unaudited accounts for the year ended 31 March 2024
Specialist Cars Of Southsea Limited Unaudited accounts Contents
Page
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Specialist Cars Of Southsea Limited Company Information for the year ended 31 March 2024
Directors
Gary Davey Clifford Loud
Company Number
10098170 (England and Wales)
Registered Office
18 Brandon Road Southsea Hampshire PO5 2LY United Kingdom
Accountants
TaxSense Accountants Ltd 203 West Street Fareham Hants PO16 0EN
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Specialist Cars Of Southsea Limited Accountants' report
Accountants' report to the board of directors of Specialist Cars Of Southsea Limited on the preparation of the unaudited statutory accounts for the year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Specialist Cars Of Southsea Limited for the year ended 31 March 2024 as set out on pages 5 - 7 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Specialist Cars Of Southsea Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Specialist Cars Of Southsea Limited and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Specialist Cars Of Southsea Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Specialist Cars Of Southsea Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Specialist Cars Of Southsea Limited. You consider that Specialist Cars Of Southsea Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Specialist Cars Of Southsea Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
TaxSense Accountants Ltd 203 West Street Fareham Hants PO16 0EN 4 July 2024
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Specialist Cars Of Southsea Limited Statement of financial position as at 31 March 2024
2024 
2023 
Notes
£ 
£ 
Current assets
Inventories
18,575 
13,375 
Debtors
970 
500 
Cash at bank and in hand
13,337 
12,167 
32,882 
26,042 
Creditors: amounts falling due within one year
(30,727)
(25,439)
Net current assets
2,155 
603 
Net assets
2,155 
603 
Capital and reserves
Called up share capital
2 
2 
Profit and loss account
2,153 
601 
Shareholders' funds
2,155 
603 
For the year ending 31 March 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 4 July 2024 and were signed on its behalf by
Gary Davey Director Company Registration No. 10098170
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Specialist Cars Of Southsea Limited Notes to the Accounts for the year ended 31 March 2024
1
Statutory information
Specialist Cars Of Southsea Limited is a private company, limited by shares, registered in England and Wales, registration number 10098170. The registered office is 18 Brandon Road, Southsea, Hampshire, PO5 2LY, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
25 % on Straight line method
4
Tangible fixed assets
Computer equipment 
£ 
Cost or valuation
At cost 
At 1 April 2023
3,000 
At 31 March 2024
3,000 
Depreciation
At 1 April 2023
3,000 
At 31 March 2024
3,000 
Net book value
At 31 March 2024
- 
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Specialist Cars Of Southsea Limited Notes to the Accounts for the year ended 31 March 2024
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
470 
- 
Other debtors
500 
500 
970 
500 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Trade creditors
9,750 
7,000 
Other creditors
343 
343 
Loans from directors
20,634 
17,757 
Accruals
- 
339 
30,727 
25,439 
7
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
2 Ordinary shares of £1 each
2 
2 
8
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
Gary Davey
Directors Loan Account
(17,757)
(2,877)
- 
(20,634)
(17,757)
(2,877)
- 
(20,634)
9
Average number of employees
During the year the average number of employees was 0 (2023: 0).
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