Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31true2023-04-01falseTyre fitting and sales22trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 10673851 2023-04-01 2024-03-31 10673851 2022-04-01 2023-03-31 10673851 2024-03-31 10673851 2023-03-31 10673851 c:Director2 2023-04-01 2024-03-31 10673851 d:PlantMachinery 2023-04-01 2024-03-31 10673851 d:PlantMachinery 2024-03-31 10673851 d:PlantMachinery 2023-03-31 10673851 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 10673851 d:MotorVehicles 2023-04-01 2024-03-31 10673851 d:MotorVehicles 2024-03-31 10673851 d:MotorVehicles 2023-03-31 10673851 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 10673851 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 10673851 d:CurrentFinancialInstruments 2024-03-31 10673851 d:CurrentFinancialInstruments 2023-03-31 10673851 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 10673851 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 10673851 d:ShareCapital 2024-03-31 10673851 d:ShareCapital 2023-03-31 10673851 c:FRS102 2023-04-01 2024-03-31 10673851 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 10673851 c:FullAccounts 2023-04-01 2024-03-31 10673851 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 10673851 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 10673851









SPAREWHEELS FOR YOU LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
SPAREWHEELS FOR YOU LIMITED
REGISTERED NUMBER: 10673851

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
5,875
7,836

  
5,875
7,836

Current assets
  

Stocks
 5 
17,250
17,500

Debtors: amounts falling due within one year
 6 
35,590
22,837

Cash at bank and in hand
 7 
6,283
3,948

  
59,123
44,285

Creditors: amounts falling due within one year
 8 
(64,898)
(52,021)

Net current liabilities
  
 
 
(5,775)
 
 
(7,736)

Total assets less current liabilities
  
100
100

  

Net assets
  
100
100


Capital and reserves
  

Called up share capital 
  
100
100

  
100
100

Page 1

 
SPAREWHEELS FOR YOU LIMITED
REGISTERED NUMBER: 10673851
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 January 2025.




................................................
Marcuis Chant
Director

The notes on pages 3 to 7 form part of these financial statements.
Page 2

 
SPAREWHEELS FOR YOU LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Sparewheels For You Limited is a private company limited by shares incorporated in England and Wales. The principal activity of the Company throughout the year was the fitting and sale of tyres and associated goods. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.
Page 3

 
SPAREWHEELS FOR YOU LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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


 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
reducing balance
Motor vehicles
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Page 4

 
SPAREWHEELS FOR YOU LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 5

 
SPAREWHEELS FOR YOU LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Total

£
£
£



Cost or valuation


At 1 April 2023
11,832
30,775
42,607



At 31 March 2024

11,832
30,775
42,607



Depreciation


At 1 April 2023
9,472
25,299
34,771


Charge for the year on owned assets
592
1,369
1,961



At 31 March 2024

10,064
26,668
36,732



Net book value



At 31 March 2024
1,768
4,107
5,875



At 31 March 2023
2,360
5,476
7,836


5.


Stocks

2024
2023
£
£

Finished goods and goods for resale
17,250
17,500

17,250
17,500



6.


Debtors

2024
2023
£
£


Other debtors
35,326
22,223

Prepayments and accrued income
264
614

35,590
22,837


Page 6

 
SPAREWHEELS FOR YOU LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.Debtors (continued)

Included within other debtors is a loan to Marcuis and Harriet Chant, the directors, amounting to £28,094 (2023 - £14,992)




7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
6,283
3,948

6,283
3,948



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
28,001
14,955

Trade creditors
307
1,888

Corporation tax
26,394
25,648

Other taxation and social security
7,898
6,705

Accruals and deferred income
2,298
2,825

64,898
52,021


The following liabilities were secured:

2024
2023
£
£



Loan
28,001
14,955

28,001
14,955

Details of security provided:

The loan is secured.


9.


Controlling party

The Company is controlled by the director, Marcuis Chant, by virtue of his shareholding as described in the directors' report.
 
Page 7