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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
Director
Scott Mackenzie
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
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S M Cars (lancaster) Limited Statement of financial position as at 29 February 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
119,749 
118,188 
Current assets
Inventories
191,337 
290,068 
Debtors
37,563 
120,064 
Cash at bank and in hand
10,214 
65,425 
239,114 
475,557 
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 
Capital and reserves
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
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S M Cars (lancaster) Limited Notes to the Accounts for the year ended 29 February 2024
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
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:
Plant & machinery
25% RB
Fixtures & fittings
20% S/L
Computer equipment
33% S/L
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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 
Depreciation
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 
Net book value
At 29 February 2024
115,000 
3,869 
641 
239 
119,749 
At 28 February 2023
115,000 
672 
2,104 
412 
118,188 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
3,980 
950 
Accrued income and prepayments
3,457 
- 
Other debtors
30,126 
119,114 
37,563 
120,064 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
33,393 
21,925 
VAT
10,642 
- 
Trade creditors
59,570 
68,089 
Taxes and social security
73,223 
115,505 
Other creditors
- 
2,612 
Accruals
2,500 
- 
179,328 
208,131 
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
58,577 
106,167 
Other creditors
30,125 
- 
Loans from directors
179,033 
- 
267,735 
106,167 
- 5 -
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.
9
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
Scott Mackenzie
Loan
115,904 
- 
115,904 
- 
115,904 
- 
115,904 
- 
10
Average number of employees
During the year the average number of employees was 0 (2023: 0).
11
Reconciliations on adoption of FRS 102
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