Registered number
03911826
SHERWOOD CARS LIMITED
Filleted Accounts
31 December 2023
SHERWOOD CARS LIMITED
Registered number: 03911826
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 309,489 374,561
Current assets
Debtors 4 102,490 216,619
Cash at bank and in hand 80,237 61,664
182,727 278,283
Creditors: amounts falling due within one year 5 (167,709) (209,334)
Net current assets 15,018 68,949
Total assets less current liabilities 324,507 443,510
Creditors: amounts falling due after more than one year 6 (137,444) (231,535)
Net assets 187,063 211,975
Capital and reserves
Called up share capital 100 100
Profit and loss account 186,963 211,875
Shareholders' funds 187,063 211,975
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.
Naveed Ahmed
Director
Approved by the board on 23 September 2024
SHERWOOD CARS LIMITED
Notes to the Accounts
for the year ended 31 December 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 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.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2023 50,925 659,110 710,035
Additions 11,601 - 11,601
At 31 December 2023 62,526 659,110 721,636
Depreciation
At 1 January 2023 18,087 317,387 335,474
Charge for the year 8,328 68,345 76,673
At 31 December 2023 26,415 385,732 412,147
Net book value
At 31 December 2023 36,111 273,378 309,489
At 31 December 2022 32,838 341,723 374,561
4 Debtors 2023 2022
£ £
Trade debtors 87,291 199,099
Amounts owed by group undertakings and undertakings in which the company has a participating interest - 2,000
Prepayments 4,188 4,494
Other debtors 11,011 11,026
102,490 216,619
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,077 9,829
Obligations under finance lease and hire purchase contracts 56,492 55,744
Trade creditors 1,956 694
Amounts owed to group undertakings and undertakings in which the company has a participating interest 10,997 74,293
PAYE 2,168 2,713
VAT 60,710 48,525
Accruals 1,087 -
Wages Payable 3,082 -
Pension Payable 219 -
Taxation and social security costs 19,186 -
Other creditors 1,735 17,536
167,709 209,334
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 19,426 28,348
Obligations under finance lease and hire purchase contracts 118,018 203,187
137,444 231,535
7 Other information
SHERWOOD CARS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
612 Kingston Road
London
SW20 8DN
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