Caseware UK (AP4) 2024.0.164 2024.0.164 2024-06-302024-06-30false32023-07-01falsebuying and selling motor vehicles3trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 09624476 2023-07-01 2024-06-30 09624476 2022-07-01 2023-06-30 09624476 2024-06-30 09624476 2023-06-30 09624476 2022-07-01 09624476 c:Director2 2023-07-01 2024-06-30 09624476 d:OfficeEquipment 2023-07-01 2024-06-30 09624476 d:OfficeEquipment 2024-06-30 09624476 d:OfficeEquipment 2023-06-30 09624476 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 09624476 d:CurrentFinancialInstruments 2024-06-30 09624476 d:CurrentFinancialInstruments 2023-06-30 09624476 d:Non-currentFinancialInstruments 2024-06-30 09624476 d:Non-currentFinancialInstruments 2023-06-30 09624476 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 09624476 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 09624476 d:Non-currentFinancialInstruments d:AfterOneYear 2024-06-30 09624476 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 09624476 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-06-30 09624476 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-06-30 09624476 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-06-30 09624476 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-06-30 09624476 d:ShareCapital 2024-06-30 09624476 d:ShareCapital 2023-06-30 09624476 d:RetainedEarningsAccumulatedLosses 2024-06-30 09624476 d:RetainedEarningsAccumulatedLosses 2023-06-30 09624476 c:FRS102 2023-07-01 2024-06-30 09624476 c:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 09624476 c:FullAccounts 2023-07-01 2024-06-30 09624476 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 09624476 2 2023-07-01 2024-06-30 09624476 d:AcceleratedTaxDepreciationDeferredTax 2024-06-30 09624476 d:AcceleratedTaxDepreciationDeferredTax 2023-06-30 09624476 e:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure

Registered number: 09624476









SINGLEWELL CAR SALES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
SINGLEWELL CAR SALES LIMITED
REGISTERED NUMBER: 09624476

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
                                                                      Note
£
£

Fixed assets
  

Tangible assets
 4 
8,155
10,873

Current assets
  

Stocks
  
-
13,650

Debtors: amounts falling due within one year
 5 
193,491
166,530

Cash at bank and in hand
  
4,952
27,720

  
198,443
207,900

Creditors: amounts falling due within one year
 6 
(164,354)
(163,896)

Net current assets
  
 
 
34,089
 
 
44,004

Total assets less current liabilities
  
42,244
54,877

Creditors: amounts falling due after more than one year
 7 
(9,508)
(19,390)

Provisions for liabilities
  

Deferred tax
  
(2,039)
(2,066)

Net assets
  
30,697
33,421


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
30,597
33,321

  
30,697
33,421


Page 1

 
SINGLEWELL CAR SALES LIMITED
REGISTERED NUMBER: 09624476
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 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 18 March 2025.




S Dhariwal
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
SINGLEWELL CAR SALES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Singlewell Car Sales Limited ("the company") operates in the used car sales industry. The company is a private company limited by shares and incorporated in England and Wales. The address of its registered office is Leytonstone House, 3 Hanbury Drive, Leytonstone, London, England, E11 1GA. 
The principal activity of the company during the period was that of buying and selling motor vehicles. 

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

 
SINGLEWELL CAR SALES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of income and retained earnings on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

Interest income is recognised in the Statement of income and retained earnings using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to the Statement of income and retained earnings 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.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.



Page 4

 
SINGLEWELL CAR SALES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.7

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 annual basis:

Office equipment
-
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 the Statement of income and retained earnings.

  
2.8

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.
At the 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 the Statement of income and retained earnings.

 
2.9

Debtors

Short term debtors are measured at transaction price, less any impairment.

  
2.10

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.

 
2.11

Creditors

Short term creditors are measured at the transaction price. 


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 3).

Page 5

 
SINGLEWELL CAR SALES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Tangible fixed assets





Office equipment

£



Cost


At 1 July 2023
19,823



At 30 June 2024

19,823



Depreciation


At 1 July 2023
8,950


Charge for the year on owned assets
2,718



At 30 June 2024

11,668



Net book value



At 30 June 2024
8,155



At 30 June 2023
10,873


5.


Debtors

2024
2023
£
£


Other debtors
188,079
166,530

Prepayments and accrued income
5,412
-

193,491
166,530


Page 6

 
SINGLEWELL CAR SALES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
10,000
10,000

Payments received on account
-
16,490

Trade creditors
1,340
17,081

Other taxation and social security
106
-

Other creditors
152,858
120,225

Accruals and deferred income
50
100

164,354
163,896



7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
9,508
19,390

9,508
19,390



8.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
10,000
10,000

Amounts falling due 1-2 years

Bank loans
9,508
10,000

Amounts falling due 2-5 years

Bank loans
-
9,390


19,508
29,390


Page 7

 
SINGLEWELL CAR SALES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

9.


Deferred taxation




2024
2023


£

£






At beginning of year
(2,066)
(2,754)


Charged to profit or loss
27
688



At end of year
(2,039)
(2,066)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(2,039)
(2,066)

(2,039)
(2,066)


10.


Related party transactions

At the year end, the amount owed from connected entities totalled £185,577 (2023 - £163,735).
At the year end, the amount owed to connected entities totalled £152,858 
(2023 - £120,225).

 
Page 8