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iCars (Swale) Ltd
Registered Number:09970682
For the year ended 31 January 2024
England and Wales
Unaudited Financial Statements
2
For the year ended 31 January 2024
iCars (Swale) Ltd
Contents Page
1
Statement of Financial Position
2 to 3
Notes to the Financial Statements
3
Registered Number :
09970682
As at 31 January 2024
iCars (Swale) Ltd
Statement of Financial Position
£
£
2023
2024
Notes
Fixed assets
Property, plant and equipment
46,406
32,239
2
46,406
32,239
Current assets
9,699
Cash and cash equivalents
2,793
2,793
9,699
Trade and other payables: amounts falling due within one year
(77,419)
(89,088)
3
(67,720)
(86,295)
Net current liabilities
Total assets less current liabilities
(39,889)
(35,481)
Trade and other payables: amounts falling due after more than
one year
(22,550)
(14,165)
4
(54,054)
Net liabilities
(58,031)
Capital and reserves
Called up share capital
1
1
Retained earnings
(54,055)
(58,032)
(54,054)
(58,031)
Shareholders' funds
For the year ended 31 January 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 of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006
The director acknowledges his responsibilities for:a) ensuring that the company keeps proper 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 Section 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.
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Mr Neil Mclennan Director
These financial statements were approved and authorised for issue by the Board on 27 August 2024 and were signed by:
The notes form part of these financial statements
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4
For the year ended 31 January 2024
iCars (Swale) Ltd
Notes to the Financial Statements
Statutory Information
iCars (Swale) Ltd is a private limited company, limited by shares, domiciled in England and Wales, registration number 09970682.
Principal place of business:
25 Kings Road
Minster On Sea
Kent
ME12 2HL
Registered address:
East End House Oak Lane
Minster On Sea
Sheerness
Kent
ME12 3QR
The presentation currency is £ sterling.
1. Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial Reporting Standard 102 ''The
Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006. The financial statements have
been prepared under the historical costs convention as modified by the revaluation of certain assets.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax or other similar sales taxes.
Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful life of 3 years.
Property, plant and equipment
Property, plant and equipment, 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:
25% Reducing balance
Computer Equipment
15% Reducing balance
Motor Vehicles
25% Reducing balance
Furniture and Fittings
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straightline basis over the period of the lease.
Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme for the benefit of its directors/and employees. Contributions payable are charged to the profit and loss account in the period in which they are payable.
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5
For the year ended 31 January 2024
iCars (Swale) Ltd
Notes to the Financial Statements Continued
2. Property, plant and equipment
Total
Computer
Equipment
Furniture and
Fittings
Motor Vehicles
£
£
£
£
Cost or valuation
At 01 February 2023
82,691
9,741
2,250
70,700
25,591
-
7,568
18,023
Additions
-
-
(11,172)
Disposals
(11,172)
At 31 January 2024
77,551
9,818
9,741
97,110
Provision for depreciation and impairment
At 01 February 2023
50,452
3,746
985
45,721
Charge for year
9,933
1,497
2,209
6,227
(9,681)
-
-
(9,681)
On disposal
At 31 January 2024
50,704
5,243
3,194
42,267
At 31 January 2024
Net book value
35,284
6,624
4,498
46,406
At 31 January 2023
24,979
1,265
5,995
32,239
3. Trade and other payables: amounts falling due within one year
2023
2024
£
£
Bank loans and overdraft
8,200
8,200
Trade creditors
1,196
-
Taxation and social security
33,346
35,270
Other creditors
46,346
33,949
89,088
77,419
4. Trade and other payables: amounts falling due after more than one year
2023
2024
£
£
Bank loans and overdraft
14,165
22,550
5. Average number of persons employed
During the year the average number of employees was 4 (2023 : 2)
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