3 4 SNG Motors Limited NI657686 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is the sale of used cars Digita Accounts Production Advanced 6.30.9574.0 true NI657686 2023-07-01 2024-06-30 NI657686 2024-06-30 NI657686 bus:OrdinaryShareClass1 2024-06-30 NI657686 core:CurrentFinancialInstruments 2024-06-30 NI657686 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 NI657686 core:Non-currentFinancialInstruments 2024-06-30 NI657686 core:Non-currentFinancialInstruments core:AfterOneYear 2024-06-30 NI657686 core:Goodwill 2024-06-30 NI657686 core:FurnitureFittingsToolsEquipment 2024-06-30 NI657686 core:LandBuildings 2024-06-30 NI657686 bus:SmallEntities 2023-07-01 2024-06-30 NI657686 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 NI657686 bus:FilletedAccounts 2023-07-01 2024-06-30 NI657686 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 NI657686 bus:RegisteredOffice 2023-07-01 2024-06-30 NI657686 bus:Director1 2023-07-01 2024-06-30 NI657686 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 NI657686 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 NI657686 core:Goodwill 2023-07-01 2024-06-30 NI657686 core:FurnitureFittings 2023-07-01 2024-06-30 NI657686 core:FurnitureFittingsToolsEquipment 2023-07-01 2024-06-30 NI657686 core:LandBuildings 2023-07-01 2024-06-30 NI657686 countries:NorthernIreland 2023-07-01 2024-06-30 NI657686 2023-06-30 NI657686 core:Goodwill 2023-06-30 NI657686 core:FurnitureFittingsToolsEquipment 2023-06-30 NI657686 core:LandBuildings 2023-06-30 NI657686 2022-07-01 2023-06-30 NI657686 2023-06-30 NI657686 bus:OrdinaryShareClass1 2023-06-30 NI657686 core:CurrentFinancialInstruments 2023-06-30 NI657686 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 NI657686 core:Non-currentFinancialInstruments 2023-06-30 NI657686 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 NI657686 core:Goodwill 2023-06-30 NI657686 core:FurnitureFittingsToolsEquipment 2023-06-30 NI657686 core:LandBuildings 2023-06-30 xbrli:pure iso4217:GBP xbrli:shares

Registration number: NI657686

SNG Motors Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

SNG Motors Limited

(Registration number: NI657686)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

12,000

12,000

Tangible assets

5

86,106

57,051

 

98,106

69,051

Current assets

 

Stocks

6

338,011

430,900

Debtors

7

14,438

35,033

Cash at bank and in hand

 

15,862

44,486

 

368,311

510,419

Creditors: Amounts falling due within one year

8

(343,274)

(433,399)

Net current assets

 

25,037

77,020

Total assets less current liabilities

 

123,143

146,071

Creditors: Amounts falling due after more than one year

8

(10,395)

(20,645)

Net assets

 

112,748

125,426

Capital and reserves

 

Called up share capital

10

1

1

Retained earnings

112,747

125,425

Shareholders' funds

 

112,748

125,426

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

SNG Motors Limited

(Registration number: NI657686)
Balance Sheet as at 30 June 2024

Approved and authorised by the Board on 16 December 2024 and signed on its behalf by:
 

.........................................
Mr Stuart Gowland
Director

 

SNG Motors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: 71 Station Road, Dunloy, Ballymena, BT44 9AY.

These financial statements were authorised for issue by the Board on 16 December 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts. The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

SNG Motors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

15% reducing balance basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method. The carrying value of vehicles stock is reviewed at the reporting date, and provision is made for any items which are not expected to realise their cost.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 4).

 

SNG Motors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2023

12,000

12,000

At 30 June 2024

12,000

12,000

Amortisation

At 30 June 2024

-

-

Carrying amount

At 30 June 2024

12,000

12,000

At 30 June 2023

12,000

12,000

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2023

38,879

24,151

63,030

Additions

29,434

2,762

32,196

At 30 June 2024

68,313

26,913

95,226

Depreciation

At 1 July 2023

-

5,979

5,979

Charge for the year

-

3,141

3,141

At 30 June 2024

-

9,120

9,120

Carrying amount

At 30 June 2024

68,313

17,793

86,106

At 30 June 2023

38,879

18,172

57,051

 

SNG Motors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

6

Stocks

2024
£

2023
£

Other inventories

338,011

430,900

7

Debtors

Current

2024
£

2023
£

Trade debtors

14,438

2,532

Other debtors

-

32,501

 

14,438

35,033

 

SNG Motors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

8

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

10,249

25,385

Trade creditors

 

4,970

8,885

Taxation and social security

 

8,458

11,092

Accruals and deferred income

 

6,852

7,157

Other creditors

 

312,745

380,880

 

343,274

433,399

9

Creditors: due after more than one year

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

10,395

20,645

10

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £0.01 each

100

1

100

1