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REGISTERED NUMBER: 07669666 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

FOR

SIMPLE CAR SALES LTD

SIMPLE CAR SALES LTD (REGISTERED NUMBER: 07669666)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 August 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SIMPLE CAR SALES LTD

COMPANY INFORMATION
for the Year Ended 31 August 2024







DIRECTOR: Mr A J Higham





SECRETARY: Mr A J Higham





REGISTERED OFFICE: 10 High Street
Windermere
LA23 1AF





REGISTERED NUMBER: 07669666 (England and Wales)





ACCOUNTANTS: MBE Accountancy Ltd
Chartered Certified Practice
10 High Street
Windermere
Cumbria
LA231AF

SIMPLE CAR SALES LTD (REGISTERED NUMBER: 07669666)

BALANCE SHEET
31 August 2024

31.8.24 31.8.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 45,883 39,256
45,883 39,256

CURRENT ASSETS
Stocks 333,075 200,025
Debtors 6 11,574 59,969
Cash at bank and in hand 52,001 79,608
396,650 339,602
CREDITORS
Amounts falling due within one year 7 144,176 78,249
NET CURRENT ASSETS 252,474 261,353
TOTAL ASSETS LESS CURRENT
LIABILITIES

298,357

300,609

CREDITORS
Amounts falling due after more than one year 8 (7,500 ) (17,500 )

PROVISIONS FOR LIABILITIES (7,075 ) (6,648 )
NET ASSETS 283,782 276,461

CAPITAL AND RESERVES
Called up share capital 10 10
Retained earnings 283,772 276,451
SHAREHOLDERS' FUNDS 283,782 276,461

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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.

SIMPLE CAR SALES LTD (REGISTERED NUMBER: 07669666)

BALANCE SHEET - continued
31 August 2024


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 28 March 2025 and were signed by:





Mr A J Higham - Director


SIMPLE CAR SALES LTD (REGISTERED NUMBER: 07669666)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 August 2024

1. STATUTORY INFORMATION

Simple Car Sales Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

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 2011, is being amortised evenly over its estimated useful life of five 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 - 25% on cost
Motor vehicles - 20% on cost
Computer equipment - 33% on cost

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.


SIMPLE CAR SALES LTD (REGISTERED NUMBER: 07669666)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 10 (2023 - 10 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 September 2023
and 31 August 2024 20,000
AMORTISATION
At 1 September 2023
and 31 August 2024 20,000
NET BOOK VALUE
At 31 August 2024 -
At 31 August 2023 -

SIMPLE CAR SALES LTD (REGISTERED NUMBER: 07669666)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2024

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 September 2023 63,468 1,096 21,000 2,140 87,704
Additions 9,334 - 16,050 791 26,175
Disposals (3,500 ) - (10,700 ) - (14,200 )
At 31 August 2024 69,302 1,096 26,350 2,931 99,679
DEPRECIATION
At 1 September 2023 32,495 99 14,990 864 48,448
Charge for year 8,634 186 4,614 961 14,395
Eliminated on disposal (2,917 ) - (6,130 ) - (9,047 )
At 31 August 2024 38,212 285 13,474 1,825 53,796
NET BOOK VALUE
At 31 August 2024 31,090 811 12,876 1,106 45,883
At 31 August 2023 30,973 997 6,010 1,276 39,256

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Trade debtors 6,673 46,306
Other debtors 4,901 13,663
11,574 59,969

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 102,474 44,161
Taxation and social security 29,043 21,578
Other creditors 2,659 2,510
144,176 78,249

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.8.24 31.8.23
£    £   
Bank loans 7,500 17,500

SIMPLE CAR SALES LTD (REGISTERED NUMBER: 07669666)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2024

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 August 2024 and 31 August 2023:

31.8.24 31.8.23
£    £   
Mr A J Higham
Balance outstanding at start of year 6,915 (328 )
Amounts advanced 22,133 57,219
Amounts repaid (29,100 ) (49,976 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (52 ) 6,915