Registered number
10987183
INTER CARS UNITED KINGDOM - AUTOMOTIVE TECHNOLOGY LTD
Filleted Accounts
31 December 2023
INTER CARS UNITED KINGDOM - AUTOMOTIVE TECHNOLOGY LTD
Registered number: 10987183
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 1,444 2,888
Tangible assets 4 7,840 10,593
9,284 13,481
Current assets
Stocks 204,146 20,812
Debtors 5 2,404,273 1,512,118
Cash at bank and in hand 46,342 167,849
2,654,761 1,700,779
Creditors: amounts falling due within one year 6 (2,096,410) (1,285,221)
Net current assets 558,351 415,558
Total assets less current liabilities 567,635 429,039
Provisions for liabilities (1,814) (2,013)
Net assets 565,821 427,026
Capital and reserves
Called up share capital 1 1
Revaluation reserve 7 (2,010) (1,689)
Profit and loss account 567,830 428,714
Shareholders' funds 565,821 427,026
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.
Krzysztof Zawadzki Tomasz Marcin Piluch
Director Director
Approved by the board on 22 February 2024 Approved by the board on 22 February 2024
INTER CARS UNITED KINGDOM - AUTOMOTIVE TECHNOLOGY LTD
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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 & equipment over 2 years
Fixtures, fittings, tools and equipment over 6 years
Computer over 4 years
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
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 7 6
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2023 60,570
At 31 December 2023 60,570
Amortisation
At 1 January 2023 57,682
Provided during the year 1,444
At 31 December 2023 59,126
Net book value
At 31 December 2023 1,444
At 31 December 2022 2,888
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant & equipment Fixture, fittings, tools and equipment. Computer Total
£ £ £ £
Cost
At 1 January 2023 1,273 9,440 11,082 21,795
Additions - 1,010 1,310 2,320
At 31 December 2023 1,273 10,450 12,392 24,115
Depreciation
At 1 January 2023 1,274 4,747 5,181 11,202
Charge for the year (1) 1,808 3,266 5,073
At 31 December 2023 1,273 6,555 8,447 16,275
Net book value
At 31 December 2023 - 3,895 3,945 7,840
At 31 December 2022 (1) 4,693 5,901 10,593
5 Debtors 2023 2022
£ £
Trade debtors 2,301,821 1,427,084
Rent deposit 14,910 14,910
Prepayments 87,541 70,123
Other debtors 1 1
2,404,273 1,512,118
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 1,622,017 981,668
VAT liabilities 393,558 242,020
PAYE liabilities 12,993 10,162
Credit Card 855 2,901
Salary payable/ Net pay 23,448 19,963
Pension liability 816 727
Taxation and social security costs 42,723 27,780
2,096,410 1,285,221
7 Revaluation reserve 2023 2022
£ £
At 1 January 2023 (1,689) (1,962)
Unrealised foreign exchange losses/gain (321) 273
At 31 December 2023 (2,010) (1,689)
8 Related party transactions
Inter Cars S.A.is the 100% shareholder of Inter Cars United Kingdom - Automotive technology Ltd. Inter Cars S.A. supples all the materials to Inter Cars United Kingdom -Automotive technology ltd. As of 31st Dec 2023 Inter Cars United Kingdom -Automotive technology ltd has a outstanding balance of £ 1,420,840.88 to Inter Cars S.A.
9 Other information
INTER CARS UNITED KINGDOM - AUTOMOTIVE TECHNOLOGY LTD is a private company limited by shares and incorporated in England. Its registered office is:
Unit 17-21 Bloomfield Park 
Tipton
West Midlands
DY4 9AH 
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