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REGISTERED NUMBER: 05561584 (England and Wales)















AFFORDABLE CARS (SOUTH WALES) LTD

Unaudited Financial Statements

for the Year Ended 30 June 2024






AFFORDABLE CARS (SOUTH WALES) LTD (REGISTERED NUMBER: 05561584)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


AFFORDABLE CARS (SOUTH WALES) LTD

Company Information
for the Year Ended 30 June 2024







DIRECTOR: M Weston





REGISTERED OFFICE: Station Road
Griffithstown
Pontypool
Torfaen
NP4 5ES





REGISTERED NUMBER: 05561584 (England and Wales)





ACCOUNTANTS: O'Brien & Partners
Accountants & Business Advisors
11 New Street
Pontnewydd
Cwmbran
NP44 1EE

AFFORDABLE CARS (SOUTH WALES) LTD (REGISTERED NUMBER: 05561584)

Balance Sheet
30 June 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,616 1,902

CURRENT ASSETS
Stocks 33,475 32,575
Debtors 5 8,109 -
Cash at bank 11,989 34,696
53,573 67,271
CREDITORS
Amounts falling due within one year 6 14,460 16,155
NET CURRENT ASSETS 39,113 51,116
TOTAL ASSETS LESS CURRENT
LIABILITIES

40,729

53,018

CREDITORS
Amounts falling due after more than one year 7 12,106 21,414
NET ASSETS 28,623 31,604

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 28,622 31,603
SHAREHOLDERS' FUNDS 28,623 31,604

AFFORDABLE CARS (SOUTH WALES) LTD (REGISTERED NUMBER: 05561584)

Balance Sheet - continued
30 June 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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.

The financial statements were approved by the director and authorised for issue on 30 October 2024 and were signed by:





M Weston - Director


AFFORDABLE CARS (SOUTH WALES) LTD (REGISTERED NUMBER: 05561584)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

Affordable Cars (South Wales) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 1 ) .

AFFORDABLE CARS (SOUTH WALES) LTD (REGISTERED NUMBER: 05561584)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 July 2023
and 30 June 2024 5,542
DEPRECIATION
At 1 July 2023 3,640
Charge for year 286
At 30 June 2024 3,926
NET BOOK VALUE
At 30 June 2024 1,616
At 30 June 2023 1,902

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Other debtors 8,109 -

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Bank loans and overdrafts 9,532 9,756
Taxation and social security 2,258 3,098
Other creditors 2,670 3,301
14,460 16,155

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.6.24 30.6.23
£    £   
Bank loans 12,106 21,414

8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2024 and 30 June 2023:

30.6.24 30.6.23
£    £   
M Weston
Balance outstanding at start of year - -
Amounts advanced 8,109 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 8,109 -