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Registered Number: 07514842
England and Wales

 

 

 

AUTO SMARTLTD LTD


Unaudited Financial Statements
 


Period of accounts

Start date: 01 April 2023

End date: 31 March 2024
Director Mr Afshim Saberi
Registered Number 07514842
Registered Office 21C Leopold Street
Highgate
Birmingham
B12 0UP
Accountants Marneros Marcus & Co Limited


1
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 3,528    2,868 
3,528    2,868 
Current assets      
Stocks 4 239,753    253,753 
Debtors 5 1,454    5,250 
Cash at bank and in hand 47,974    51,782 
289,181    310,785 
Creditors: amount falling due within one year 6 (190,219)   (141,618)
Net current assets 98,962    169,167 
 
Total assets less current liabilities 102,490    172,035 
Creditors: amount falling due after more than one year 7 (8,500)   (60,596)
Net assets 93,990    111,439 
 

Capital and reserves
     
Called up share capital 1    1 
Profit and loss account 93,989    111,438 
Shareholders' funds 93,990    111,439 
 


For the year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 09 August 2024 and were signed by:


-------------------------------
Mr Afshim Saberi
Director
2
General Information
Auto SmartLtd Ltd is a private company, limited by shares, registered in England and Wales, registration number 07514842, registration address 21C Leopold Street, Highgate, Birmingham, B12 0UP.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Fixtures and Fittings 10% Reducing Balance
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.

Average number of employees

Average number of employees during the year was 2 (2023 : 3).
3.

Tangible fixed assets

Cost or valuation Fixtures and Fittings   Total
  £   £
At 01 April 2023 3,933    3,933 
Additions 1,075    1,075 
Disposals  
At 31 March 2024 5,008    5,008 
Depreciation
At 01 April 2023 1,065    1,065 
Charge for year 415    415 
On disposals  
At 31 March 2024 1,480    1,480 
Net book values
Closing balance as at 31 March 2024 3,528    3,528 
Opening balance as at 01 April 2023 2,868    2,868 


4.

Stocks

2024
£
  2023
£
Stocks 239,753    253,753 
239,753    253,753 

5.

Debtors: amounts falling due within one year

2024
£
  2023
£
Other Debtors 1,454    5,250 
1,454    5,250 

6.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 19,793   
Bank Loans & Overdrafts 80,311    50,630 
Corporation Tax 6,164    8,398 
PAYE & Social Security 7,075    20,572 
Accrued Expenses   1,377 
Directors' Current Accounts 76,876    59,189 
VAT   1,452 
190,219    141,618 

7.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Bank Loans & Overdrafts 8,500    60,596 
8,500    60,596 

3