Registered number
08531998
SIRRS MOTOR COMPANY LTD
Filleted Accounts
30 November 2023
SIRRS MOTOR COMPANY LTD
Registered number: 08531998
Balance Sheet
as at 30 November 2023
31.05.17
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 2,459 2,249
Current assets
Stocks 24,943 19,050
Debtors 4 2,059 -
Cash at bank and in hand 2,043 4,599
29,045 23,649
Creditors: amounts falling due within one year 5 (141,038) (136,946)
Net current liabilities (111,993) (113,297)
Total assets less current liabilities (109,534) (111,048)
Creditors: amounts falling due after more than one year 6 (30,295) (34,387)
Net liabilities (139,829) (145,435)
Capital and reserves
Called up share capital 100 100
Profit and loss account (139,929) (145,535)
Shareholders' funds (139,829) (145,435)
The director is 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 director acknowledges his 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.
Mr Rahil Hussein
Director
Approved by the board on 30 August 2024
SIRRS MOTOR COMPANY LTD
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.
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:
Plant and machinery 25% on wdv
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 3
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2022 19,976
Additions 824
At 30 November 2023 20,800
Depreciation
At 1 December 2022 17,727
Charge for the year 614
At 30 November 2023 18,341
Net book value
At 30 November 2023 2,459
At 30 November 2022 2,249
4 Debtors 2023 2022
£ £
Trade debtors 2,059 -
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 2,827 11,523
Taxation and social security costs 631 386
Other creditors 137,580 125,037
141,038 136,946
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 30,295 34,387
7 Other information
SIRRS MOTOR COMPANY LTD is a private company limited by shares and incorporated in England. Its registered office is:
50 St Ives Road
Leicester
Leicestershire
LE4 9FN
SIRRS MOTOR COMPANY LTD 08531998 false 2022-12-01 2023-11-30 2023-11-30 VT Final Accounts April 2024 Mr Rahil Hussein No description of principal activity 08531998 2021-12-01 2022-11-30 08531998 core:WithinOneYear 2022-11-30 08531998 core:AfterOneYear 2022-11-30 08531998 core:ShareCapital 2022-11-30 08531998 core:RetainedEarningsAccumulatedLosses 2022-11-30 08531998 2022-12-01 2023-11-30 08531998 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 08531998 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 08531998 bus:Director40 2022-12-01 2023-11-30 08531998 1 2022-12-01 2023-11-30 08531998 2 2022-12-01 2023-11-30 08531998 core:PlantMachinery 2022-12-01 2023-11-30 08531998 countries:England 2022-12-01 2023-11-30 08531998 bus:FRS102 2022-12-01 2023-11-30 08531998 bus:FilletedAccounts 2022-12-01 2023-11-30 08531998 2023-11-30 08531998 core:WithinOneYear 2023-11-30 08531998 core:AfterOneYear 2023-11-30 08531998 core:ShareCapital 2023-11-30 08531998 core:RetainedEarningsAccumulatedLosses 2023-11-30 08531998 core:PlantMachinery 2023-11-30 08531998 2022-11-30 08531998 core:PlantMachinery 2022-11-30 iso4217:GBP xbrli:pure