Company Registration No. 10458932 (England and Wales)
SL MOTOR GROUP LTD (FORMERLY KNOWN AS VS1 VS LTD)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
SL MOTOR GROUP LTD (FORMERLY KNOWN AS VS1 VS LTD)
COMPANY INFORMATION
Director
Mr O Owan
Secretary
Company number
10458932
Registered office
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
Accountants
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
SL MOTOR GROUP LTD (FORMERLY KNOWN AS VS1 VS LTD)
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
SL MOTOR GROUP LTD (FORMERLY KNOWN AS VS1 VS LTD)
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SL MOTOR GROUP LTD (FORMERLY KNOWN AS VS1 VS LTD) FOR THE YEAR ENDED 30 NOVEMBER 2023
- 1 -
The following reproduces text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited financial statements set out on pages 2 to 8 have been extracted.
"In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of SL Motor Group Ltd (Formerly known as VS1 VS Ltd) for the year ended 30 November 2023 set out on pages 3 to 9 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/about-us/regulation/rulebook.html.
Our work has been undertaken solely to prepare for your approval the financial statements of SL Motor Group Ltd (Formerly known as VS1 VS Ltd) and state those matters that we have agreed to state to the Board of Directors of SL Motor Group Ltd (Formerly known as VS1 VS Ltd), as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than SL Motor Group Ltd (Formerly known as VS1 VS Ltd) and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that SL Motor Group Ltd (Formerly known as VS1 VS Ltd) has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of SL Motor Group Ltd (Formerly known as VS1 VS Ltd). You consider that SL Motor Group Ltd (Formerly known as VS1 VS Ltd) 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 financial statements of SL Motor Group Ltd (Formerly known as VS1 VS Ltd). 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 financial statements.
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
"
29 July 2024
SL MOTOR GROUP LTD (FORMERLY KNOWN AS VS1 VS LTD)
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,502
4,648
Current assets
Stocks
314,541
219,933
Debtors
4
2,419
2,220
Cash at bank and in hand
276,934
41,673
593,894
263,826
Creditors: amounts falling due within one year
5
(267,150)
(149,917)
Net current assets
326,744
113,909
Total assets less current liabilities
330,246
118,557
Creditors: amounts falling due after more than one year
6
(32,763)
(48,151)
Provisions for liabilities
7
(703)
Net assets
296,780
70,406
Capital and reserves
Called up share capital
9
1
1
Profit and loss reserves
10
296,779
70,405
Total equity
296,780
70,406
The director of the company have taken advantage under section 444 of the Companies Act 2006 to not deliver a copy of the directors' report and profit and loss account within the financial statements.true
For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SL MOTOR GROUP LTD (FORMERLY KNOWN AS VS1 VS LTD)
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2023
30 November 2023
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 29 July 2024
Mr O Owan
Director
Company Registration No. 10458932
SL MOTOR GROUP LTD (FORMERLY KNOWN AS VS1 VS LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 4 -
1
Accounting policies
Company information
SL Motor Group Ltd (Formerly known as VS1 VS Ltd) is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor, Kirkland House, 11-15 Peterborough Road, Harrow, Middlesex, HA1 2AX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
These financial statements for the year ended 30 November 2023 are the first financial statements of SL Motor Group Ltd (Formerly known as VS1 VS Ltd) prepared in accordance with FRS 102 section 1A, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 section 1A was 1 December 2021. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102 section 1A. There are no transitional adjustments made in the accounts as a result of this.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents amounts receivable from sale of used motor vehicles net of VAT and trade discounts.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
20% per annum on a straight line method
Motor vehicles
20% per annum on a straight line method
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
SL MOTOR GROUP LTD (FORMERLY KNOWN AS VS1 VS LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.6
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like other debtors and trade and other creditors.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including trade and sundry creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.
Trade and sundry creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
SL MOTOR GROUP LTD (FORMERLY KNOWN AS VS1 VS LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
1
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2022 and 30 November 2023
5,726
Depreciation and impairment
At 1 December 2022
1,078
Depreciation charged in the year
1,146
At 30 November 2023
2,224
Carrying amount
At 30 November 2023
3,502
At 30 November 2022
4,648
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
2,419
2,220
SL MOTOR GROUP LTD (FORMERLY KNOWN AS VS1 VS LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 7 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
5,957
Corporation tax
80,483
17,296
Other taxation and social security
14,259
6,531
Other creditors
166,451
126,090
267,150
149,917
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
32,763
48,151
Bounce back loan of £38,720 (2022: £48,151) is backed by the British Business Bank on behalf of and with the financial backing of the Secretary of State for Business, Energy and Industrial Strategy.
7
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
8
703
8
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
703
-
2023
Movements in the year:
£
Liability at 1 December 2022
-
Charge to profit or loss
703
Liability at 30 November 2023
703
The deferred tax liability set out above is expected to reverse within [12 months] and relates to accelerated capital allowances that are expected to mature within the same period.
SL MOTOR GROUP LTD (FORMERLY KNOWN AS VS1 VS LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 8 -
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
10
Reserves
The only movements in the reserves for the year ended 30 November 2023 and year ended 30 November 2022 are profit for the years and dividends paid.
11
Financial commitments, guarantees and contingent liabilities
Operating lease commitments not included in the balance sheet amount to £19,208 (2022 - £16,800).
12
Directors' transactions
Dividends totalling £41,000 (2022 - £30,000) were paid in the year in respect of shares held by the company's director.
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