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Registered number: 12239339
Second Life EV Batteries Ltd
Unaudited Financial Statements
For The Year Ended 31 October 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12239339
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,889 2,050
1,889 2,050
CURRENT ASSETS
Stocks 5 33,443 40,389
Debtors 6 31,434 16,655
Cash at bank and in hand 13,639 31,149
78,516 88,193
Creditors: Amounts Falling Due Within One Year 7 (30,867 ) (27,750 )
NET CURRENT ASSETS (LIABILITIES) 47,649 60,443
TOTAL ASSETS LESS CURRENT LIABILITIES 49,538 62,493
Creditors: Amounts Falling Due After More Than One Year 8 (11,600 ) (17,400 )
NET ASSETS 37,938 45,093
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 37,838 44,993
SHAREHOLDERS' FUNDS 37,938 45,093
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For the year ending 31 October 2023 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.
On behalf of the board
D Goode
Director
29 July 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Second Life EV Batteries Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12239339 . The registered office is 100 Woolsbridge Road, Ashley Heath, Ringwood, BH24 2LZ.
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. 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.
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 20% straight line
Computer Equipment 20% straight line
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
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 1)
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4. Tangible Assets
Plant & Machinery Computer Equipment Total
£ £ £
Cost
As at 1 November 2022 3,172 192 3,364
Additions - 638 638
As at 31 October 2023 3,172 830 4,002
Depreciation
As at 1 November 2022 1,238 76 1,314
Provided during the period 634 165 799
As at 31 October 2023 1,872 241 2,113
Net Book Value
As at 31 October 2023 1,300 589 1,889
As at 1 November 2022 1,934 116 2,050
5. Stocks
2023 2022
£ £
Finished goods 33,443 40,389
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 28,275 2,685
Other debtors - 13,970
Other debtors deposits 1,500 -
Corporation tax recoverable assets 1,659 -
31,434 16,655
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 16,797 1,813
Bank loans and overdrafts 5,800 5,800
Corporation tax - 7,912
Other taxes and social security - 3,459
VAT 1,451 3,697
Other creditors 3,978 3,978
Accruals and deferred income 2,750 1,000
Directors' loan accounts 91 91
30,867 27,750
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8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 11,600 17,400
In October 2020 the company took out a Business Bounce Back loan of £29,000. This has a repayment and interest holiday of one year followed by repayments in equal monthly instalments over five years. The loan is unsecured and bears interest at 2.5% per annum.
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
10. Related Party Transactions
During the year Paul Chaundy charged directors fees of £24,600 (2022:£12,461) and David Goode charged directors fees of £300 (2022: £Nil). No amounts were outstanding at the end of the financial year (2022: £Nil).
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