1 January 2023 v2024.41.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP099005292023-01-012023-12-31099005292023-12-31099005292022-12-3109900529core:WithinOneYear2023-12-3109900529core:WithinOneYear2022-12-3109900529core:AfterOneYear2023-12-3109900529core:AfterOneYear2022-12-3109900529core:ShareCapital2023-12-3109900529core:ShareCapital2022-12-3109900529core:RetainedEarningsAccumulatedLosses2023-12-3109900529core:RetainedEarningsAccumulatedLosses2022-12-3109900529bus:Director12023-01-012023-12-3109900529bus:RegisteredOffice2023-01-012023-12-3109900529core:FurnitureFittingsToolsEquipment2023-01-012023-12-31099005292022-01-012022-12-3109900529core:PlantMachinery2023-01-0109900529core:PlantMachinery2023-01-012023-12-3109900529core:PlantMachinery2023-12-3109900529core:PlantMachinery2022-12-310990052912023-01-012023-12-3109900529countries:EnglandWales2023-01-012023-12-3109900529bus:AuditExempt-NoAccountantsReport2023-01-012023-12-3109900529bus:PrivateLimitedCompanyLtd2023-01-012023-12-3109900529bus:SmallEntities2023-01-012023-12-3109900529bus:FullAccounts2023-01-012023-12-31
Company registration number:
09900529
Sandwell Car Sales Ltd
Unaudited Filleted Financial Statements for the year ended
31 December 2023
Sandwell Car Sales Ltd
Report to the board of directors on the preparation of the unaudited statutory financial statements of Sandwell Car Sales Ltd
Year ended
31 December 2023
As described on the statement of financial position, the Board of Directors of
Sandwell Car Sales Ltd
are responsible for the preparation of the
financial statements
for the year ended
31 December 2023
, which comprise the income statement, statement of income and retained earnings, statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Sandwell Car Sales Ltd
Statement of Financial Position
31 December 2023
20232022
Note££
Fixed assets    
Tangible assets 5
12,515
 
15,545
 
Current assets    
Stocks
1,329,616
 
1,306,257
 
Debtors 6
44,808
  -  
Cash at bank and in hand
7,370
 
91,813
 
1,381,794
 
1,398,070
 
Creditors: amounts falling due within one year 7
(545,998
)
(596,304
)
Net current assets
835,796
 
801,766
 
Total assets less current liabilities 848,311   817,311  
Creditors: amounts falling due after more than one year 8
(32,570
)
(36,970
)
Net assets
815,741
 
780,341
 
Capital and reserves    
Called up share capital
100
 
100
 
Profit and loss account
815,641
 
780,241
 
Shareholders funds
815,741
 
780,341
 
For the year ending
31 December 2023
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
  • The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
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.
These
financial statements
were approved by the board of directors and authorised for issue on
6 June 2024
, and are signed on behalf of the board by:
Mr S Hoque
Director
Company registration number:
09900529
Sandwell Car Sales Ltd
Notes to the Financial Statements
Year ended
31 December 2023

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Unit 3 Belper Enterprise Park
,
Greets Green Road
,
West Bromwich
,
B70 9EN
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Fixtures, fittings and equipment
25% Reducing Balance

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
.
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities

4 Average number of employees

The average number of persons employed by the company during the year was
3
(2022:
3.00
).

5 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 January 2023
24,224
 
Additions
1,141
 
At
31 December 2023
25,365
 
Depreciation  
At
1 January 2023
8,679
 
Charge
4,171
 
At
31 December 2023
12,850
 
Carrying amount  
At
31 December 2023
12,515
 
At 31 December 2022
15,545
 

6 Debtors

20232022
££
Trade debtors
17,475
  -  
Other debtors
27,333
  -  
44,808
  -  

7 Creditors: amounts falling due within one year

20232022
££
Bank loans and overdrafts
3,907
 
5,959
 
Trade creditors
8,211
 
5,987
 
Taxation and social security
15,988
 
35,933
 
Other creditors
517,892
 
548,425
 
545,998
 
596,304
 

8 Creditors: amounts falling due after more than one year

20232022
££
Bank loans and overdrafts
32,570
 
36,970
 

9 Directors' advances, credit and guarantees

At the period end the amount advanced by the directors included within other creditors was £503392 (2022:£446947). This amount that is made up of numerous transactions was the maximum owed to the directors during the period.