Company Registration No. 08906797 (England and Wales)
S M Cars (lancaster) Limited
Unaudited accounts
for the year ended 29 February 2024
S M Cars (lancaster) Limited
Company Information
for the year ended 29 February 2024
Company Number
08906797 (England and Wales)
Registered Office
14, Clifton Drive
Bare
Morecambe
Lancashire
LA4 6SR
England
Accountants
AA Bookkeeping, Payroll & Business Support Ltd
14 Clifton Drive
Morecambe
Lancashire
LA4 6SR
S M Cars (lancaster) Limited
Statement of financial position
as at 29 February 2024
Tangible assets
119,749
118,188
Inventories
191,337
290,068
Cash at bank and in hand
10,214
65,425
Creditors: amounts falling due within one year
(179,328)
(208,131)
Net current assets
59,786
267,426
Total assets less current liabilities
179,535
385,614
Creditors: amounts falling due after more than one year
(267,735)
(106,167)
Net (liabilities)/assets
(88,200)
279,447
Called up share capital
2
2
Profit and loss account
(88,202)
279,445
Shareholders' funds
(88,200)
279,447
For the year ending 29 February 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 28 November 2024 and were signed on its behalf by
Scott Mackenzie
Director
Company Registration No. 08906797
S M Cars (lancaster) Limited
Notes to the Accounts
for the year ended 29 February 2024
S M Cars (lancaster) Limited is a private company, limited by shares, registered in England and Wales, registration number 08906797. The registered office is 14, Clifton Drive, Bare, Morecambe, Lancashire, LA4 6SR, England. The principal place of business is S M Cars, Northgate, White Lund Industrial Estate, Morecambe, Lancashire, LA3 3AY, England.
2
Compliance with accounting standards
The Director presents his report with the financial statements of the company for the year ended 28/2/2024.
PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the sale of motor vehicles.
DIRECTOR
S Mackenzie held office during the whole of the period from 1 March 2023 to the date of this report.
This report has been prepared with the provisions of Part 15 of the Companies Act 2006 relating to small companies.
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the year ended
29 February 2024 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 March 2022.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in note
11 below.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
20% S/L
Computer equipment
33% S/L
S M Cars (lancaster) Limited
Notes to the Accounts
for the year ended 29 February 2024
4
Tangible fixed assets
Land & buildings
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 March 2023
115,000
4,650
7,313
4,214
131,177
Additions
-
4,500
-
-
4,500
At 29 February 2024
115,000
9,150
7,313
4,214
135,677
At 1 March 2023
-
3,978
5,209
3,802
12,989
Charge for the year
-
1,303
1,463
173
2,939
At 29 February 2024
-
5,281
6,672
3,975
15,928
At 29 February 2024
115,000
3,869
641
239
119,749
At 28 February 2023
115,000
672
2,104
412
118,188
Amounts falling due within one year
Accrued income and prepayments
3,457
-
Other debtors
30,126
119,114
6
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
33,393
21,925
Trade creditors
59,570
68,089
Taxes and social security
73,223
115,505
7
Creditors: amounts falling due after more than one year
2024
2023
Loans from directors
179,033
-
S M Cars (lancaster) Limited
Notes to the Accounts
for the year ended 29 February 2024
8
Deferred taxation
2024
2023
Accelerated capital allowances
(22,762)
(22,455)
Other deferred taxation
22,762
22,455
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.
DEFERERED 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 assessment 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 possible that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
10
Average number of employees
During the year the average number of employees was 0 (2023: 0).
11
Reconciliations on adoption of FRS 102