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REGISTERED NUMBER: 07717036 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

FOR

SRS AUTOMOTIVE LIMITED

SRS AUTOMOTIVE LIMITED (REGISTERED NUMBER: 07717036)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SRS AUTOMOTIVE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2024







DIRECTOR: Mr S Parkin



REGISTERED OFFICE: Unit 3 Carbon Court
Springvale Road
Park Springs
Barnsley
South Yorkshire
S72 7FF



REGISTERED NUMBER: 07717036 (England and Wales)



ACCOUNTANTS: Gibson Booth Limited
12 Victoria Road
Barnsley
South Yorkshire
S70 2BB



BANKERS: HSBC Bank PLC
5 Market Hill
Barnsley
South Yorkshire
S70 2PY

SRS AUTOMOTIVE LIMITED (REGISTERED NUMBER: 07717036)

BALANCE SHEET
31 JULY 2024

31.7.24 31.7.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 5,346 6,443

CURRENT ASSETS
Stocks 102,413 49,548
Debtors 5 - 1,477
Cash at bank and in hand 88,202 66,004
190,615 117,029
CREDITORS
Amounts falling due within one year 6 107,385 105,077
NET CURRENT ASSETS 83,230 11,952
TOTAL ASSETS LESS CURRENT LIABILITIES 88,576 18,395

CAPITAL AND RESERVES
Called up share capital 8 10 10
Retained earnings 88,566 18,385
SHAREHOLDERS' FUNDS 88,576 18,395

SRS AUTOMOTIVE LIMITED (REGISTERED NUMBER: 07717036)

BALANCE SHEET - continued
31 JULY 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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.

The financial statements were approved for issue by the director and authorised for issue on 13 August 2024 and were signed by:





Mr S Parkin - Director


SRS AUTOMOTIVE LIMITED (REGISTERED NUMBER: 07717036)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1. STATUTORY INFORMATION

SRS Automotive Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
No judgements have been made in the process of applying the below accounting policies that have had the most significant effect on amounts recognised in the financial statements.

There are no key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold property improvement - 10% on cost
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets are initially measured at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

SRS AUTOMOTIVE LIMITED (REGISTERED NUMBER: 07717036)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Leasehold
property Plant and Motor
improvement machinery vehicles Totals
£    £    £    £   
COST
At 1 August 2023 7,600 12,281 16,167 36,048
Additions - 1,200 - 1,200
At 31 July 2024 7,600 13,481 16,167 37,248
DEPRECIATION
At 1 August 2023 6,151 11,331 12,123 29,605
Charge for year 760 525 1,012 2,297
At 31 July 2024 6,911 11,856 13,135 31,902
NET BOOK VALUE
At 31 July 2024 689 1,625 3,032 5,346
At 31 July 2023 1,449 950 4,044 6,443

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Trade debtors - 1,477

SRS AUTOMOTIVE LIMITED (REGISTERED NUMBER: 07717036)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Corporation tax 20,777 7,201
Social security and other taxes 277 277
VAT 14,553 11,892
Other creditors 1,551 11,319
Directors' current accounts 69,197 73,408
Accruals and deferred income 1,030 980
107,385 105,077

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.7.24 31.7.23
£    £   
Within one year 13,000 8,333

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.7.24 31.7.23
value: £    £   
6 Ordinary Class A £1 6 6
2 Ordinary Class B £1 2 2
2 Ordinary Class C £1 2 2
10 10