SMART AUTO FIX LIMITED
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 11,726 13,178
Current assets
Stocks 700 700
Debtors 4 81 326
Cash at bank and in hand 4,861 3,867
5,642 4,893
Creditors: amounts falling due within one year 5 (6,912) (11,220)
Net current liabilities (1,270) (6,327)
Total assets less current liabilities 10,456 6,851
Creditors: amounts falling due after more than one year 6 (2,017) (3,984)
Provisions for liabilities (2,228) (2,504)
Net assets 6,211 363
Capital and reserves
Called up share capital 100 100
Profit and loss account 6,111 263
Shareholders' funds 6,211 363
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A.J. WITHERS
Director
Approved by the board on 23 March 2025
SMART AUTO FIX LIMITED
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, land, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Tools and equipment 20% reducing balance basis
Motor vehicles 15% reducing balance basis
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected o apply to the reversal of the timing difference. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Tools and equipment Motor vehicles Total
£ £ £
Cost
At 1 July 2023 10,677 22,188 32,865
Additions 1,052 - 1,052
At 30 June 2024 11,729 22,188 33,917
Depreciation
At 1 July 2023 8,054 11,633 19,687
Charge for the year 393 2,111 2,504
At 30 June 2024 8,447 13,744 22,191
Net book value
At 30 June 2024 3,282 8,444 11,726
At 30 June 2023 2,623 10,555 13,178
4 Debtors 2024 2023
£ £
Trade debtors 81 216
Corporation Tax - 110
81 326
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loan account (unsecured) 2,000 2,000
Trade creditors 271 230
Taxes and social security costs 1,648 912
Directors' loan account 2,993 8,078
6,912 11,220
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loan account (unsecured) 2,017 3,984
7 Controlling party
Mr. A.J. Withers and Mrs. T.A. Withers, the directors of the company at the Balance Sheet date, own respectively 65% and 35% of the issued share capital of the company.
8 Other information
SMART AUTO FIX LIMITED is a private company limited by shares and incorporated in England (Company Number 07675612). Its registered office is 5, Oakhurst Crescent, Meir Park, Stoke-on-Trent, Staffordshire, ST3 7XA.
SMART AUTO FIX LIMITED 07675612 false 2023-07-01 2024-06-30 2024-06-30 VT Final Accounts April 2025 A.J. WITHERS No description of principal activity 07675612 2022-07-01 2023-06-30 07675612 core:WithinOneYear 2023-06-30 07675612 core:ShareCapital 2023-06-30 07675612 core:RetainedEarningsAccumulatedLosses 2023-06-30 07675612 core:AfterOneYear 2023-06-30 07675612 2023-07-01 2024-06-30 07675612 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 07675612 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 07675612 bus:Director40 2023-07-01 2024-06-30 07675612 1 2023-07-01 2024-06-30 07675612 2 2023-07-01 2024-06-30 07675612 core:PlantMachinery 2023-07-01 2024-06-30 07675612 core:Vehicles 2023-07-01 2024-06-30 07675612 countries:England 2023-07-01 2024-06-30 07675612 bus:FRS102 2023-07-01 2024-06-30 07675612 bus:FilletedAccounts 2023-07-01 2024-06-30 07675612 2024-06-30 07675612 core:WithinOneYear 2024-06-30 07675612 core:ShareCapital 2024-06-30 07675612 core:RetainedEarningsAccumulatedLosses 2024-06-30 07675612 core:PlantMachinery 2024-06-30 07675612 core:Vehicles 2024-06-30 07675612 core:AfterOneYear 2024-06-30 07675612 2023-06-30 07675612 core:PlantMachinery 2023-06-30 07675612 core:Vehicles 2023-06-30 iso4217:GBP xbrli:pure