Registered number
03490575
Sovereign Motors Limited
Filleted Accounts
31 January 2024
Sovereign Motors Limited
Registered number: 03490575
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 19,343 22,205
Current assets
Stocks 29,500 40,500
Debtors 5 9,544 21,302
Cash at bank and in hand 18,268 13,470
57,312 75,272
Creditors: amounts falling due within one year 6 (58,196) (70,135)
Net current (liabilities)/assets (884) 5,137
Total assets less current liabilities 18,459 27,342
Creditors: amounts falling due after more than one year 7 (14,167) (24,167)
Provisions for liabilities (3,675) (4,219)
Net assets/(liabilities) 617 (1,044)
Capital and reserves
Called up share capital 100 100
Profit and loss account 517 (1,144)
Shareholders' funds 617 (1,044)
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.
F Maio T Maio
Director Director
Approved by the board on 31 October 2024
Sovereign Motors Limited
Notes to the Accounts
for the year ended 31 January 2024
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:
Equipment 15% per annum on reducing balance
Motor vehicles 25% per annum on reducing balance
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.
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 2024 2023
Number Number
Average number of persons employed by the company 6 6
3 Intangible fixed assets £
Goodwill:
Cost
At 1 February 2023 7,500
At 31 January 2024 7,500
Amortisation
At 1 February 2023 7,500
At 31 January 2024 7,500
Net book value
At 31 January 2024 -
Goodwill has being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Equipment Motor vehicles Total
£ £ £
Cost
At 1 February 2023 105,574 8,917 114,491
Additions 637 - 637
At 31 January 2024 106,211 8,917 115,128
Depreciation
At 1 February 2023 84,103 8,183 92,286
Charge for the year 3,316 183 3,499
At 31 January 2024 87,419 8,366 95,785
Net book value
At 31 January 2024 18,792 551 19,343
At 31 January 2023 21,471 734 22,205
5 Debtors 2024 2023
£ £
Trade debtors 7,690 17,098
Other debtors 966 1,627
Prepayments 888 2,577
9,544 21,302
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 26,873 21,788
Taxation and social security costs 15,737 30,911
Director's current account 45 916
Accruals 5,541 6,520
58,196 70,135
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 14,167 24,167
8 Related party transactions
At the balance sheet date, as included under creditors, the company owed monies to Mr F Maio amounting to £45 (2023 - £916) on an unsecured interest free basis.
9 Controlling party
The ultimate controlling party is Mr F Maio.
10 Other information
Sovereign Motors Limited is a private company limited by shares and incorporated in England. Its registered office is:
St Dunstans House
15-17 South Street
Tarring
Worthing
West Sussex
BN14 7LG
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