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Registered Number: 09984486
England and Wales

 

 

 

SALVAGE CARS LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 February 2023

End date: 31 January 2024
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 215,703    130,366 
215,703    130,366 
Current assets      
Stocks 998,064    630,455 
Debtors 481,916    458,781 
Cash at bank and in hand 596,800    523,464 
2,076,780    1,612,700 
Creditors: amount falling due within one year (169,934)   (122,863)
Net current assets 1,906,846    1,489,837 
 
Total assets less current liabilities 2,122,549    1,620,203 
Creditors: amount falling due after more than one year (239,342)   (70,761)
Net assets 1,883,207    1,549,442 
 

Capital and reserves
     
Called up share capital 4 20    20 
Profit and loss account 1,883,187    1,549,422 
Shareholders' funds 1,883,207    1,549,442 
 


For the year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
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 to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 09 October 2024 and were signed on its behalf by:


-------------------------------
Balvindar Singh 
Director
1
General Information
SALVAGE CARS LIMITED is a private company, limited by shares, registered in England and Wales, registration number 09984486, registration address UNIT 8A, BOOTHS INDUSTRIAL ESTATE, AWSWORTH ROAD, Ilkeston, DE7 8HX.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Website cost
Planning and operating costs for the company's website are charged to the income statement as incurred.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The companys liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
All taxes are at current value / amount and are not discounted being current liabilities.
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 18%
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs associated with purchase  of stocks.
2.

Average number of employees

Average Number of employees during the year was
Average number of employees during the year was 9 (2023 : 8).
3.

Tangible fixed assets

Cost or valuation Plant and machinery etc   Total
  £   £
At 01 February 2023 182,345    182,345 
Additions 110,651    110,651 
Disposals (9,140)   (9,140)
At 31 January 2024 283,856    283,856 
Depreciation
At 01 February 2023 51,978    51,978 
Charge for year 18,911    18,911 
On disposals (2,736)   (2,736)
At 31 January 2024 68,153    68,153 
Net book values
Closing balance as at 31 January 2024 215,703    215,703 
Opening balance as at 01 February 2023 130,366    130,366 


4.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
20 Class A shares of £1.00 each 20    20 
20    20 

2