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Company Registration No. 06361686 (England and Wales)
South Wales Motor Company Limited Unaudited accounts for the year ended 31 October 2024
South Wales Motor Company Limited Unaudited accounts Contents
Page
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South Wales Motor Company Limited Company Information for the year ended 31 October 2024
Director
Milton Champion
Company Number
06361686 (England and Wales)
Registered Office
VENTA HOUSE 9A PORT ROAD MAESGLAS RETAIL ESTATE NEWPORT NEWPORT NP20 2NS United Kingdom
Accountants
Evans Entwistle Venta House Maes-glas Newport NP20 2NS
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Chartered Management Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of South Wales Motor Company Limited for the year ended 31 October 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of South Wales Motor Company Limited for the year ended 31 October 2024 which comprise of the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.
As a CIMA Registered Member in Practice and Practising Certificate holder, I am subject to its ethical and other professional requirements which are detailed at https://www.cimaglobal.com/Members/Your-Membership-Information/Members-handbook/Licensing-and-monitoring/Members-in-practice/
Our work has been undertaken in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at http://www.cimaglobal.com.
Evans Entwistle Member in Practice Venta House Maes-glas Newport NP20 2NS 19 December 2024
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South Wales Motor Company Limited Statement of financial position as at 31 October 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Intangible assets
- 
14,500 
Tangible assets
1,259,471 
1,289,112 
1,259,471 
1,303,612 
Current assets
Inventories
835,258 
391,050 
Debtors
141,517 
86,726 
Cash at bank and in hand
603,068 
807,166 
1,579,843 
1,284,942 
Creditors: amounts falling due within one year
(100,758)
(48,858)
Net current assets
1,479,085 
1,236,084 
Total assets less current liabilities
2,738,556 
2,539,696 
Creditors: amounts falling due after more than one year
(140,302)
(147,159)
Provisions for liabilities
Deferred tax
(15,008)
- 
Net assets
2,583,246 
2,392,537 
Capital and reserves
Called up share capital
2 
2 
Profit and loss account
2,583,244 
2,392,535 
Shareholders' funds
2,583,246 
2,392,537 
For the year ending 31 October 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.
The members have agreed to the preparation of abridged accounts for the year in accordance with Section 444(2A).
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 19 December 2024 and were signed on its behalf by
Milton Champion Director Company Registration No. 06361686
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South Wales Motor Company Limited Notes to the Accounts for the year ended 31 October 2024
1
Statutory information
South Wales Motor Company Limited is a private company, limited by shares, registered in England and Wales, registration number 06361686. The registered office is VENTA HOUSE 9A PORT ROAD, MAESGLAS RETAIL ESTATE, NEWPORT, NEWPORT, NP20 2NS, United Kingdom.
2
Compliance with accounting standards
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
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
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:
Land & buildings
N/A
Motor vehicles
3 years straight line
Fixtures & fittings
4 years straight line
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
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South Wales Motor Company Limited Notes to the Accounts for the year ended 31 October 2024
4
Intangible fixed assets
Total 
£ 
Cost
At 1 November 2023
14,500 
Disposals
(14,500)
At 31 October 2024
- 
Amortisation
At 1 November 2023
- 
At 31 October 2024
- 
Net book value
At 31 October 2024
- 
At 31 October 2023
14,500 
5
Tangible fixed assets
Total 
£ 
Cost or valuation
At 1 November 2023
1,516,439 
Additions
77,399 
Disposals
(260,278)
At 31 October 2024
1,333,560 
Depreciation
At 1 November 2023
227,327 
Charge for the year
8,740 
On disposals
(161,978)
At 31 October 2024
74,089 
Net book value
At 31 October 2024
1,259,471 
At 31 October 2023
1,289,112 
6
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
2 Ordinary shares of £1 each
2 
2 
7
Average number of employees
During the year the average number of employees was 2 (2023: 1).
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