0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-06-01 Sage Accounts Production Advanced 2023 - FRS102_2023 5,000 3,333 1,667 5,000 1,667 xbrli:pure xbrli:shares iso4217:GBP 13326181 2023-06-01 2024-05-31 13326181 2024-05-31 13326181 2023-05-31 13326181 2022-06-01 2023-05-31 13326181 2023-05-31 13326181 2022-05-31 13326181 core:NetGoodwill 2023-06-01 2024-05-31 13326181 bus:Director1 2023-06-01 2024-05-31 13326181 core:NetGoodwill 2023-05-31 13326181 core:NetGoodwill 2024-05-31 13326181 core:WithinOneYear 2024-05-31 13326181 core:WithinOneYear 2023-05-31 13326181 core:ShareCapital 2024-05-31 13326181 core:ShareCapital 2023-05-31 13326181 core:RetainedEarningsAccumulatedLosses 2024-05-31 13326181 core:RetainedEarningsAccumulatedLosses 2023-05-31 13326181 core:NetGoodwill 2023-05-31 13326181 bus:SmallEntities 2023-06-01 2024-05-31 13326181 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 13326181 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 13326181 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 13326181 bus:FullAccounts 2023-06-01 2024-05-31
COMPANY REGISTRATION NUMBER: 13326181
STRAIGHT EIGHT SPECIAL VEHICLES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 May 2024
STRAIGHT EIGHT SPECIAL VEHICLES LIMITED
STATEMENT OF FINANCIAL POSITION
31 May 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Intangible assets
4
1,667
CURRENT ASSETS
Debtors
5
29,492
42,992
Cash at bank and in hand
4,263
15,485
--------
--------
33,755
58,477
CREDITORS: amounts falling due within one year
6
104,980
121,191
---------
---------
NET CURRENT LIABILITIES
71,225
62,714
--------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
( 71,225)
( 61,047)
--------
--------
NET LIABILITIES
( 71,225)
( 61,047)
--------
--------
CAPITAL AND RESERVES
Called up share capital fully paid
10
10
Profit and loss account
( 71,235)
( 61,057)
--------
--------
SHAREHOLDERS DEFICIT
( 71,225)
( 61,047)
--------
--------
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 May 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 members have 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 .
STRAIGHT EIGHT SPECIAL VEHICLES LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 27 August 2024 , and are signed on behalf of the board by:
Mr P McCallum
Director
Company registration number: 13326181
STRAIGHT EIGHT SPECIAL VEHICLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MAY 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Orchard House, Chelveston Road, Raunds, Wellingborough, Northamptonshire, NN9 6DA.
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
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.
Going concern
The company currently meets its daily working capital requirements through operating revenues, banking facilities and financial support from the director and creditors. On this basis, the director considers it appropriate to prepare the accounts on the going concern basis.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
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
-
33% 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.
4. INTANGIBLE ASSETS
Goodwill
£
Cost
At 1 June 2023 and 31 May 2024
5,000
-------
Amortisation
At 1 June 2023
3,333
Charge for the year
1,667
-------
At 31 May 2024
5,000
-------
Carrying amount
At 31 May 2024
-------
At 31 May 2023
1,667
-------
5. DEBTORS
2024
2023
£
£
Trade debtors
28,165
41,401
Amounts owed by group undertakings and undertakings in which the company has a participating interest
1,327
1,327
Other debtors
264
--------
--------
29,492
42,992
--------
--------
6. CREDITORS: amounts falling due within one year
2024
2023
£
£
Trade creditors
99,042
114,578
Amounts owed to group undertakings and undertakings in which the company has a participating interest
3,747
4,749
Social security and other taxes
316
Other creditors
1,875
1,864
---------
---------
104,980
121,191
---------
---------
7. RELATED PARTY TRANSACTIONS
Advantage has been taken of the exemption conferred by FRS 102 1A to subsidiary undertakings, of whose voting rights are controlled within the group, not to disclose transactions with other group companies.
8. CONTROLLING PARTY
The director considers that the parent undertaking of this company and its controlling party by virtue of its 100% ownership of the share capital of this company, is Peter McCallum Transport Limited. The ultimate controlling party of the company is Mr Peter McCallum.