2 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 11,000 11,000 246 24 270 xbrli:pure xbrli:shares iso4217:GBP SC499133 2023-04-01 2024-03-31 SC499133 2024-03-31 SC499133 2023-03-31 SC499133 2022-04-01 2023-03-31 SC499133 2023-03-31 SC499133 2022-03-31 SC499133 core:NetGoodwill 2023-04-01 2024-03-31 SC499133 core:FurnitureFittings 2023-04-01 2024-03-31 SC499133 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC499133 bus:Director1 2023-04-01 2024-03-31 SC499133 core:NetGoodwill 2024-03-31 SC499133 core:FurnitureFittings 2023-03-31 SC499133 core:FurnitureFittings 2024-03-31 SC499133 core:DeferredTaxation 2023-04-01 2024-03-31 SC499133 core:WithinOneYear 2024-03-31 SC499133 core:WithinOneYear 2023-03-31 SC499133 core:AfterOneYear 2023-03-31 SC499133 core:ShareCapital 2024-03-31 SC499133 core:ShareCapital 2023-03-31 SC499133 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC499133 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC499133 core:FurnitureFittings 2023-03-31 SC499133 core:DeferredTaxation 2023-03-31 SC499133 core:DeferredTaxation 2024-03-31 SC499133 bus:SmallEntities 2023-04-01 2024-03-31 SC499133 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC499133 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 SC499133 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC499133 bus:FullAccounts 2023-04-01 2024-03-31 SC499133 bus:OrdinaryShareClass1 2024-03-31 SC499133 bus:OrdinaryShareClass1 2023-03-31 SC499133 core:ToolsEquipment 2023-04-01 2024-03-31 SC499133 core:ToolsEquipment 2023-03-31 SC499133 core:ToolsEquipment 2024-03-31
COMPANY REGISTRATION NUMBER: SC499133
Instant Vehicle Buyer Ltd.
Filleted Unaudited Financial Statements
For the year ended
31 March 2024
Instant Vehicle Buyer Ltd.
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
1,423
1,293
Current assets
Stocks
718,850
737,050
Debtors
7
33,896
10,227
Cash at bank and in hand
7,498
102,918
---------
---------
760,244
850,195
Creditors: amounts falling due within one year
8
72,703
238,108
---------
---------
Net current assets
687,541
612,087
---------
---------
Total assets less current liabilities
688,964
613,380
Creditors: amounts falling due after more than one year
9
1,583
Provisions
Taxation including deferred tax
10
270
246
---------
---------
Net assets
688,694
611,551
---------
---------
Capital and reserves
Called up share capital
11
100
100
Profit and loss account
688,594
611,451
---------
---------
Shareholder funds
688,694
611,551
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Instant Vehicle Buyer Ltd.
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 19 November 2024 , and are signed on behalf of the board by:
Mr S F Lynch
Director
Company registration number: SC499133
Instant Vehicle Buyer Ltd.
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 10 Beechgrove Place, Perth, PH1 1JB. The main place of business is operated from Unit D, 1 Faraday Street, Dundee, DD2 3QQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the period, exclusive of Value Added Tax administered through the Margin Scheme.
(c) Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
(d) Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
(e) Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% reducing balance
Equipment
-
25% reducing balance
(f) Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
(g) Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
(h) Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
(i) Financial instruments
The following assets and liabilities are classified as financial instruments - cash at bank, trade creditors and directors loans. Trade creditors are measured at the transaction amounts payable to a supplier, which is normally the invoice amount. Trade creditors are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is found, an impairment loss is recognised in profit and loss. Directors' loans have no fixed terms for repayment and are measured at the undiscounted cash expected to be paid.
(j) Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
11,000
--------
Amortisation
At 1 April 2023 and 31 March 2024
11,000
--------
Carrying amount
At 31 March 2024
--------
At 31 March 2023
--------
6. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 April 2023
1,495
1,506
3,001
Additions
606
606
-------
-------
-------
At 31 March 2024
1,495
2,112
3,607
-------
-------
-------
Depreciation
At 1 April 2023
1,022
686
1,708
Charge for the year
119
357
476
-------
-------
-------
At 31 March 2024
1,141
1,043
2,184
-------
-------
-------
Carrying amount
At 31 March 2024
354
1,069
1,423
-------
-------
-------
At 31 March 2023
473
820
1,293
-------
-------
-------
7. Debtors
2024
2023
£
£
Other debtors
33,896
10,227
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
18,928
Social security and other taxes
40,757
87,239
Other creditors
31,946
131,941
--------
---------
72,703
238,108
--------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,583
----
-------
10. Provisions
Deferred tax
£
At 1 April 2023
246
Additions
24
----
At 31 March 2024
270
----
11. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
12. Director's advances, credits and guarantees
There were no director's advances, credits or guarantees undertaken during the period which require to be disclosed under FRS 102 (Section 1A).