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REGISTERED NUMBER: 04708953 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Michael Smith Motors Ltd

Michael Smith Motors Ltd (Registered number: 04708953)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Michael Smith Motors Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mrs S D Smith
Mr N R Smith





REGISTERED OFFICE: Keynsham Street
London Road
Cheltenham
Gloucestershire
GL52 6EJ





REGISTERED NUMBER: 04708953 (England and Wales)





ACCOUNTANTS: Francis & Co
Second Floor
123 Promenade
Cheltenham
Gloucestershire
GL50 1NW

Michael Smith Motors Ltd (Registered number: 04708953)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Property, plant and equipment 5 196 288
196 288

CURRENT ASSETS
Inventories 1,000 1,000
Debtors 6 3,144 4,211
Cash at bank and in hand 16,362 12,816
20,506 18,027
CREDITORS
Amounts falling due within one year 7 18,207 15,292
NET CURRENT ASSETS 2,299 2,735
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,495

3,023

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 2,493 3,021
SHAREHOLDERS' FUNDS 2,495 3,023

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Michael Smith Motors Ltd (Registered number: 04708953)

Balance Sheet - continued
31 March 2024


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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 November 2024 and were signed on its behalf by:




Mr N R Smith - Director



Mrs S D Smith - Director


Michael Smith Motors Ltd (Registered number: 04708953)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Michael Smith Motors 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.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost, 25% on cost and 25% on reducing balance

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

3. EMPLOYEES AND DIRECTORS

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

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 100,000
AMORTISATION
At 1 April 2023
and 31 March 2024 100,000
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

Michael Smith Motors Ltd (Registered number: 04708953)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
COST
At 1 April 2023
and 31 March 2024 26,283
DEPRECIATION
At 1 April 2023 25,995
Charge for year 92
At 31 March 2024 26,087
NET BOOK VALUE
At 31 March 2024 196
At 31 March 2023 288

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 2,019 3,086
Other debtors 1,125 1,125
3,144 4,211

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 526 790
Taxation and social security 9,300 8,917
Other creditors 8,381 5,585
18,207 15,292

8. CONTROLLING PARTY

The controlling party is both Mr N R Smith and Mrs S D Smith.