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Registration number: 04072681

Sharps Autos Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Sharps Autos Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Sharps Autos Limited

(Registration number: 04072681)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

6,870

-

Current assets

 

Stocks

5

6,000

-

Debtors

6

52,723

1,002

Cash at bank and in hand

 

259,285

-

 

318,008

1,002

Creditors: Amounts falling due within one year

7

(181,735)

-

Net current assets

 

136,273

1,002

Net assets

 

143,143

1,002

Capital and reserves

 

Called up share capital

1,002

1,002

Retained earnings

142,141

-

Shareholders' funds

 

143,143

1,002

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 19 August 2024
 

.........................................
Mr Peter Edward Sharp
Director

 

Sharps Autos Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Suite I Windrush Court
Abingdon Business Park
Abingdon
Oxfordshire
OX14 1SY
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of MOT and motor vehicle services and repairs. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current tax payable.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and equipment

25% Straight line

 

Sharps Autos Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Computer equipment

20% Straight line

Fixtures and fittings

20% Straight line

Motor vehicles

25% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 10 (2023 - 1).

 

Sharps Autos Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

Additions

375

687

183

7,879

At 30 April 2024

375

687

183

7,879

Depreciation

Charge for the year

75

172

37

1,970

At 30 April 2024

75

172

37

1,970

Carrying amount

At 30 April 2024

300

515

146

5,909

Total
£

Cost or valuation

Additions

9,124

At 30 April 2024

9,124

Depreciation

Charge for the year

2,254

At 30 April 2024

2,254

Carrying amount

At 30 April 2024

6,870

5

Stocks

2024
£

2023
£

Other inventories

6,000

-

 

Sharps Autos Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

34,764

-

Prepayments

14,521

-

Other debtors

3,438

1,002

 

52,723

1,002

 

Sharps Autos Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

42,975

-

Taxation and social security

82,537

-

Other creditors

56,223

-

181,735

-

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £172,500 (2023 - £Nil).

9

Related party transactions

Other transactions with the director

During the year P Sharp, director, had an interest free loan with the company. At the balance sheet date P Sharp was owed £ 46 (2023 : nil).