SMALLFORD MOTORS LTD Filleted Accounts Cover
SMALLFORD MOTORS LTD
Company No. 11299644
Information for Filing with The Registrar
31 May 2024
SMALLFORD MOTORS LTD Balance Sheet Registrar
at
31 May 2024
Company No.
11299644
Notes
2024
2023
£
£
Fixed assets
Tangible assets
4
-2
-2
Current assets
Stocks
5
-5,375
Debtors
6
-1,148
Cash at bank and in hand
4,3018,196
4,30114,719
Creditors: Amount falling due within one year
7
(4,033)
(6,918)
Net current assets
2687,801
Total assets less current liabilities
2687,803
Net assets
2687,803
Capital and reserves
Called up share capital
100100
Profit and loss account
9
1687,703
Total equity
2687,803
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the period ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
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.
As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.
Approved by the board on 08 November 2024 and signed on its behalf by:
M.D. Fitch
Director
08 November 2024
SMALLFORD MOTORS LTD Notes to the Accounts Registrar
for the period ended 31 May 2024
1
General information
SMALLFORD MOTORS LTD is a private company limited by shares and incorporated in England and Wales.
Its registered number is: 11299644
Its registered office is:
79 Station Road
Smallford
St. Albans
Hertfordshire
AL4 0HB
The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2
Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Tangible fixed assets and depreciation
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.
Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:
Plant and machinery
25% Straight line
Motor vehicles
25% Reducing balance
Furniture, fittings and equipment
20% Straight line
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

Work in progress is reflected in the accounts on a contract by contract basis by recording revenue and related costs as contract activity progresses.
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Leased assets
Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above).
Defined contribution pensions
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.
The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
Provisions
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.
3
Employees
2024
2023
Number
Number
The average monthly number of employees (including directors) during the period:
22
4
Tangible fixed assets
Plant and machinery
Total
£
£
Cost or revaluation
At 1 May 2023
2,1382,138
Disposals
(2,138)
(2,138)
At 31 May 2024
--
Depreciation
At 1 May 2023
2,1362,136
Charge for the year
22
Disposals
(2,138)
(2,138)
At 31 May 2024
--
Net book values
At 31 May 2024
--
At 30 April 2023
2
2
5
Stocks
2024
2023
£
£
Raw materials and consumables
-5,375
-5,375
6
Debtors
2024
2023
£
£
Trade debtors
-354
Other debtors
-100
Prepayments and accrued income
-694
-1,148
7
Creditors:
amounts falling due within one year
2024
2023
£
£
Trade creditors
-1,336
Taxes and social security
3,791
4,855
Loans from directors
86594
Other creditors
156133
4,0336,918
8
Share Capital
100 fully paid Ordinary shares of £1 each.
9
Reserves
Profit and loss account - includes all current and prior period retained profits and losses.
10
Dividends
2024
2023
£
£
Dividends for the period:
Dividends paid in the period
4,600
8,000
4,600
8,000
Dividends by type:
Equity dividends
4,6008,000
4,600
8,000
11
Post balance sheet events
The company ceased trading activities on 31 May 2024.
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