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Registered number: 15040396
Str8motors Ltd
Unaudited Financial Statements
For The Year Ended 31 July 2024
GA CORPORATE CONSULTING LIMITED
286 Moston Lane
Manchester
M40 9WB
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—3
Page 1
Balance Sheet
Registered number: 15040396
2024
Notes £ £
FIXED ASSETS
Tangible Assets 4 3,560
3,560
CURRENT ASSETS
Cash at bank and in hand 15
15
Creditors: Amounts Falling Due Within One Year 5 (1,329 )
NET CURRENT ASSETS (LIABILITIES) (1,314 )
TOTAL ASSETS LESS CURRENT LIABILITIES 2,246
NET ASSETS 2,246
CAPITAL AND RESERVES
Called up share capital 6 1
Profit and Loss Account 2,245
SHAREHOLDERS' FUNDS 2,246
For the year ending 31 July 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.
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
Mr Abraham Asekun
Director
2nd August 2024
The notes on pages 2 to 3 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
Str8motors Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 15040396 . The registered office is 128 City Road, London, EC1V 2NX.
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 and from the rendering of services. 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.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
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 Straight Line Basis
Computer Equipment Straight Line Basis
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2
2
4. Tangible Assets
Plant & Machinery Computer Equipment Total
£ £ £
Cost
As at 31 July 2023 3,600 850 4,450
As at 31 July 2024 3,600 850 4,450
Depreciation
As at 31 July 2023 - - -
Provided during the period 720 170 890
As at 31 July 2024 720 170 890
Net Book Value
As at 31 July 2024 2,880 680 3,560
As at 31 July 2023 3,600 850 4,450
Page 2
Page 3
5. Creditors: Amounts Falling Due Within One Year
2024
£
Other creditors 1,329
6. Share Capital
2024
£
Allotted, Called up and fully paid 1
7. Ultimate Controlling Party
The company's ultimate controlling party is Abraham ASEKUN by virtue of his ownership of 100% of the issued share capital in the company.
Page 3