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REGISTERED NUMBER: 05387171 (England and Wales)















Financial Statements for the Year Ended 30 April 2024

for

Sovereign Motor Company Limited

Sovereign Motor Company Limited (Registered number: 05387171)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Balance Sheet 1

Notes to the Financial Statements 2


Sovereign Motor Company Limited (Registered number: 05387171)

Balance Sheet
30 April 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 10,800 14,400
Tangible assets 5 159,504 160,457
170,304 174,857

CURRENT ASSETS
Stocks 130,400 198,981
Debtors 6 12,649 20,598
Cash at bank and in hand 920,734 840,392
1,063,783 1,059,971
CREDITORS
Amounts falling due within one year 7 68,328 124,896
NET CURRENT ASSETS 995,455 935,075
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,165,759

1,109,932

PROVISIONS FOR LIABILITIES 1,298 1,441
NET ASSETS 1,164,461 1,108,491

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 1,164,459 1,108,489
SHAREHOLDERS' FUNDS 1,164,461 1,108,491

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 22 January 2025 and were signed by:




C R Phillipson - Director


Sovereign Motor Company Limited (Registered number: 05387171)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

Sovereign Motor Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 05387171

Registered office: Dordon Service Station
Watling Street (A5) Dordon
Tamworth
Staffordshire
B78 1SU

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance and 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Sovereign Motor Company Limited (Registered number: 05387171)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued
Deferred 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 assessments in 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 probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2023
and 30 April 2024 90,000
AMORTISATION
At 1 May 2023 75,600
Charge for year 3,600
At 30 April 2024 79,200
NET BOOK VALUE
At 30 April 2024 10,800
At 30 April 2023 14,400

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 May 2023 151,767 40,362 192,129
Additions - 903 903
At 30 April 2024 151,767 41,265 193,032
DEPRECIATION
At 1 May 2023 - 31,672 31,672
Charge for year - 1,856 1,856
At 30 April 2024 - 33,528 33,528
NET BOOK VALUE
At 30 April 2024 151,767 7,737 159,504
At 30 April 2023 151,767 8,690 160,457

Sovereign Motor Company Limited (Registered number: 05387171)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade debtors 9,899 11,047
Other debtors 2,750 9,551
12,649 20,598

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade creditors 15,394 23,440
Taxation and social security 29,918 52,633
Other creditors 23,016 48,823
68,328 124,896

8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

Mr C R Phillipson has leased a property on normal commercial terms to the company at the rate of £7,200 per annum.

The directors loan account was £20,548 in credit at the year end (2023: £34,176 in credit)

9. ULTIMATE CONTROLLING PARTY

The controlling party is C R Phillipson.