Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-311true2023-01-01falseSupercar storage and maintenance2trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 08826164 2023-01-01 2023-12-31 08826164 2022-01-01 2022-12-31 08826164 2023-12-31 08826164 2022-12-31 08826164 c:Director1 2023-01-01 2023-12-31 08826164 d:PlantMachinery 2023-01-01 2023-12-31 08826164 d:PlantMachinery 2023-12-31 08826164 d:PlantMachinery 2022-12-31 08826164 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 08826164 d:OfficeEquipment 2023-01-01 2023-12-31 08826164 d:OfficeEquipment 2023-12-31 08826164 d:OfficeEquipment 2022-12-31 08826164 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 08826164 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 08826164 d:CurrentFinancialInstruments 2023-12-31 08826164 d:CurrentFinancialInstruments 2022-12-31 08826164 d:Non-currentFinancialInstruments 2023-12-31 08826164 d:Non-currentFinancialInstruments 2022-12-31 08826164 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 08826164 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 08826164 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 08826164 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 08826164 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 08826164 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 08826164 d:ShareCapital 2023-12-31 08826164 d:ShareCapital 2022-12-31 08826164 d:RetainedEarningsAccumulatedLosses 2023-12-31 08826164 d:RetainedEarningsAccumulatedLosses 2022-12-31 08826164 c:FRS102 2023-01-01 2023-12-31 08826164 c:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 08826164 c:FullAccounts 2023-01-01 2023-12-31 08826164 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 08826164 2 2023-01-01 2023-12-31 08826164 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Registered number: 08826164






SUPERCAR CONCIERGE LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










img23c0.png

 
SUPERCAR CONCIERGE LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SUPERCAR CONCIERGE LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Supercar Concierge Limited for the year ended 31 December 2023 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the director of Supercar Concierge Limited in accordance with the terms of our engagement letter dated 22 June 2023Our work has been undertaken solely to prepare for your approval the financial statements of Supercar Concierge Limited and state those matters that we have agreed to state to the director of Supercar Concierge Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Supercar Concierge Limited and its director for our work or for this report. 

It is your duty to ensure that Supercar Concierge Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Supercar Concierge Limited. You consider that Supercar Concierge Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Supercar Concierge Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Venthams
 
Chartered Accountants
  
Phoenix House
Redhill Aerodrome
Kings Mill Lane
Redhill
Surrey
RH1 5JY
16 September 2024
Page 1

 
SUPERCAR CONCIERGE LIMITED
REGISTERED NUMBER:08826164

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
6,506
5,805

  
6,506
5,805

Current assets
  

Stocks
  
80,000
65,000

Debtors: amounts falling due within one year
 5 
66,943
78,828

Cash at bank and in hand
 6 
1,971
161

  
148,914
143,989

Creditors: amounts falling due within one year
 7 
(138,914)
(104,499)

Net current assets
  
 
 
10,000
 
 
39,490

Total assets less current liabilities
  
16,506
45,295

Creditors: amounts falling due after more than one year
  
(15,219)
(24,328)

  

Net assets
  
1,287
20,967


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
1,286
20,966

  
1,287
20,967


Page 2

 
SUPERCAR CONCIERGE LIMITED
REGISTERED NUMBER:08826164
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 15 September 2024.



Ratnesh Udani
Director

Page 3

 
SUPERCAR CONCIERGE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Supercar Concierge Limited is a private company limited by shares, incorporated in England and Wales. Its registered office is C/O Venthams Limited, Unit 8, Phoenix House, Redhill Aerodrome, Kings Mill Lane, Redhill, Surrey, RH1 5JY.
The principle activity of the company continued to be that of vehicle repairs. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 4

 
SUPERCAR CONCIERGE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 5

 
SUPERCAR CONCIERGE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
Reducing balance
Office equipment
-
25%
Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 6

 
SUPERCAR CONCIERGE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate
Page 7

 
SUPERCAR CONCIERGE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.15
Financial instruments (continued)

method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 2).


4.


Tangible fixed assets





Plant and machinery
Office equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
8,829
3,254
12,083


Additions
-
2,459
2,459



At 31 December 2023

8,829
5,713
14,542



Depreciation


At 1 January 2023
5,539
739
6,278


Charge for the year on owned assets
822
936
1,758



At 31 December 2023

6,361
1,675
8,036



Net book value



At 31 December 2023
2,468
4,038
6,506



At 31 December 2022
3,290
2,515
5,805

Page 8

 
SUPERCAR CONCIERGE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
47,769
1,000

Other debtors
19,174
64,778

Prepayments and accrued income
-
13,050

66,943
78,828



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,971
161

1,971
161



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,000
10,000

Trade creditors
4,926
-

Other taxation and social security
120,945
89,999

Other creditors
43
-

Accruals and deferred income
3,000
4,500

138,914
104,499



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
15,219
24,328

15,219
24,328


Page 9

 
SUPERCAR CONCIERGE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,000
10,000


10,000
10,000


Amounts falling due 2-5 years

Bank loans
15,219
24,328


25,219
34,328



10.


Related party transactions

At the balance sheet date there is a balance of £8,633 (2022: £41,200) due from the director of the company.

 
Page 10