Registered number
07809685
STREET CARS REDHILL LIMITED
Filleted Accounts
30 November 2023
STREET CARS REDHILL LIMITED
Registered number: 07809685
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 - -
Tangible assets 4 175,000 175,002
175,000 175,002
Current assets
Stocks 5 - -
Debtors 6 33,685 41,257
Cash at bank and in hand 15,822 11,031
49,507 52,288
Creditors: amounts falling due within one year 7 (48,170) (54,052)
Net current assets/(liabilities) 1,337 (1,764)
Total assets less current liabilities 176,337 173,238
Creditors: amounts falling due after more than one year 8 (95,969) (114,312)
Net assets 80,368 58,926
Capital and reserves
Called up share capital 100 100
Profit and loss account 80,268 58,826
Shareholders' funds 80,368 58,926
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Tahir Hussain
Director
Approved by the board on 11 August 2024
STREET CARS REDHILL LIMITED
Notes to the Accounts
for the year ended 30 November 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Intangible fixed assets £
Goodwill:
Cost
At 1 December 2022 -
Additions -
Disposals -
At 30 November 2023 -
Amortisation
At 1 December 2022 -
Provided during the year -
On disposals -
At 30 November 2023 -
Net book value
At 30 November 2023 -
At 30 November 2022 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 December 2022 175,000 12,184 112,989 300,173
Additions - - - -
Surplus on revaluation - - - -
Disposals - - - -
At 30 November 2023 175,000 12,184 112,989 300,173
Depreciation
At 1 December 2022 - 12,183 112,988 125,171
Charge for the year - 1 1 2
Surplus on revaluation - - - -
On disposals - - - -
At 30 November 2023 - 12,184 112,989 125,173
Net book value
At 30 November 2023 175,000 - - 175,000
At 30 November 2022 175,000 1 1 175,002
5 Stocks 2023 2022
£ £
Inventory - -
6 Debtors 2023 2022
£ £
Trade debtors 33,685 41,257
Other debtors - -
33,685 41,257
7 Creditors: amounts falling due within one year 2023 2022
£ £
Non-equity preference shares - -
Bank loans and overdrafts 10,382 10,382
Obligations under finance lease and hire purchase contracts - -
Trade creditors 22,612 24,837
Amounts owed to group undertakings and undertakings in which the company has a participating interest - -
Taxation and social security costs 14,676 18,833
Other creditors 500 -
48,170 54,052
8 Creditors: amounts falling due after one year 2023 2022
£ £
Non-equity preference shares - -
Bank loans 85,186 105,029
Obligations under finance lease and hire purchase contracts - -
Trade creditors - -
Amounts owed to group undertakings and undertakings in which the company has a participating interest - -
Other creditors 10,783 9,283
95,969 114,312
9 Related party transactions
There are no related party transactions as at 31st March 2023
10 Controlling party
The Company is controlled by the directors who own 100% of the called up share capital
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