SB Motors Ltd 12478946 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is motor vehicle repars and servicing, and bookkeeping services Digita Accounts Production Advanced 6.30.9574.0 true true 12478946 2023-03-01 2024-02-29 12478946 2024-02-29 12478946 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 12478946 core:Non-currentFinancialInstruments 2024-02-29 12478946 core:Non-currentFinancialInstruments core:AfterOneYear 2024-02-29 12478946 core:FurnitureFittingsToolsEquipment 2024-02-29 12478946 bus:SmallEntities 2023-03-01 2024-02-29 12478946 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 12478946 bus:FilletedAccounts 2023-03-01 2024-02-29 12478946 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 12478946 bus:RegisteredOffice 2023-03-01 2024-02-29 12478946 bus:Director1 2023-03-01 2024-02-29 12478946 bus:Director2 2023-03-01 2024-02-29 12478946 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 12478946 bus:OrdinaryShareClass2 2023-03-01 2024-02-29 12478946 bus:OrdinaryShareClass3 2023-03-01 2024-02-29 12478946 bus:OrdinaryShareClass4 2023-03-01 2024-02-29 12478946 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 12478946 core:FurnitureFittings 2023-03-01 2024-02-29 12478946 core:FurnitureFittingsToolsEquipment 2023-03-01 2024-02-29 12478946 core:PlantMachinery 2023-03-01 2024-02-29 12478946 countries:England 2023-03-01 2024-02-29 12478946 2023-02-28 12478946 core:FurnitureFittingsToolsEquipment 2023-02-28 12478946 2022-03-01 2023-02-28 12478946 2023-02-28 12478946 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 12478946 core:CurrentFinancialInstruments core:WithinOneYear core:PreviouslyStatedAmount 2023-02-28 12478946 core:Non-currentFinancialInstruments 2023-02-28 12478946 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 12478946 core:Non-currentFinancialInstruments core:AfterOneYear core:PreviouslyStatedAmount 2023-02-28 12478946 core:FurnitureFittingsToolsEquipment 2023-02-28 12478946 core:PreviouslyStatedAmount 2023-02-28 12478946 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 12478946 bus:OrdinaryShareClass2 2022-03-01 2023-02-28 12478946 bus:OrdinaryShareClass3 2022-03-01 2023-02-28 12478946 bus:OrdinaryShareClass4 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 12478946

SB Motors Ltd

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

SB Motors Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

SB Motors Ltd

Company Information

Directors

Mr Shaun Aaron Bowers

Mrs Michelle Bowers

Registered office

Silver Rose Unit 21 East Lodge Village
East Lodge Lane
Enfield
EN2 8AS

Accountants

Paul Winston Limited
Chartered Accountants
Silver Rose Unit 21
East Lodge Village
East Lodge Lane
Enfield
EN2 8AS

 

SB Motors Ltd

(Registration number: 12478946)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

fixed assets

 

tangible assets

4

17,587

10,753

Current assets

 

Debtors

5

10,549

5,709

Cash at bank and in hand

 

69,584

56,825

 

80,133

62,534

Creditors: Amounts falling due within one year

6

(43,349)

(24,429)

Net current assets

 

36,784

38,105

Total assets less current liabilities

 

54,371

48,858

Creditors: Amounts falling due after more than one year

6

(48,000)

(48,000)

Net assets

 

6,371

858

capital and reserves

 

Called up share capital

7

100

100

Profit and loss account

6,271

758

Shareholders' funds

 

6,371

858

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 3 December 2024 and signed on its behalf by:
 

 

SB Motors Ltd

(Registration number: 12478946)
Balance Sheet as at 29 February 2024

.........................................
Mr Shaun Aaron Bowers
Director

.........................................
Mrs Michelle Bowers
Director

 

SB Motors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Silver Rose Unit 21 East Lodge Village
East Lodge Lane
Enfield
EN2 8AS
England

These financial statements were authorised for issue by the Board on 3 December 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

SB Motors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

12% net book value

Fixtures and fittings

15% net book value

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

SB Motors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

SB Motors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2023

33,084

33,084

Additions

9,248

9,248

At 29 February 2024

42,332

42,332

Depreciation

At 1 March 2023

22,331

22,331

Charge for the year

2,414

2,414

At 29 February 2024

24,745

24,745

Carrying amount

At 29 February 2024

17,587

17,587

At 28 February 2023

10,753

10,753

5

Debtors

Current

2024
£

2023
£

Trade debtors

10,549

5,709

 

10,549

5,709

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

trade creditors

 

28,273

15,245

Taxation and social security

 

6,416

7,617

Other creditors

 

1,077

1,448

Directors' loan accounts

 

7,583

119

 

43,349

24,429

Due after one year

 

Loans and borrowings

8

48,000

48,000

Creditors: amounts falling due after more than one year

 

SB Motors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

48,000

48,000

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary S of £1 each

49

49

49

49

Ordinary M of £1 each

49

49

49

49

Ordinary F of £1 each

1

1

1

1

Ordinary H of £1 each

1

1

1

1

100

100

100

100

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

48,000

48,000

9

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £40.82 per each Ordinary S

2,000

2,000

Interim dividend of £40.82 per each Ordinary M

2,000

2,000

Interim dividend of £1,000.00 (2023 - £2,000.00) per each Ordinary F

1,000

2,000

Interim dividend of £1,000.00 (2023 - £2,000.00) per each Ordinary H

1,000

2,000

6,000

8,000

10

Related party transactions

 

SB Motors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

19,080

16,020