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SMART MOTOR WORKS LIMITED

UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Registered number: 8025978

 
SMART MOTOR WORKS LIMITED
REGISTERED NUMBER:8025978

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
5,973
2,468

Current assets
  

Stocks
  
5,000
5,000

Debtors: amounts falling due within one year
 5 
51,092
39,388

Cash at bank and in hand
  
157,264
155,558

  
213,356
199,946

Creditors: amounts falling due within one year
 6 
(120,081)
(120,243)

Net current assets
  
 
 
93,275
 
 
79,703

Total assets less current liabilities
  
99,248
82,171

Provisions for liabilities
  

Deferred tax
  
(1,110)
(309)

Net assets
  
£98,138
£81,862


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
98,038
81,762

  
£98,138
£81,862


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 comprehensive income 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 27 June 2025.


S J Martin
D Smy
Director
Director

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 
SMART MOTOR WORKS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Smart Motor Works Limited is a private company limited by shares, incorporated in England and Wales. The company's principal place of business is 50 Paddock Street, Norwich, Norfolk, NR2 4TW.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover comprises revenue recognised by the company in respect of motor vehicle servicing and maintenance services supplied during the period, exclusive of Value Added Tax.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses.

Depreciation is provided at rates calculated to write off the cost of fixed assets less their estimated residual value over their expected useful lives.

Depreciation is provided on the following basis:

Leasehold property
-
Over period of lease
Plant and machinery
-
20% straight line basis

A full years depreciation charge is provided in the year of acquisition and none in the year of disposal.
Gains and losses on disposals are determined by comparing proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

 
2.4

Stocks

Stocks are valued at the lower of cost and net realisable value.

 
2.5

Debtors

Debtors are measured at transaction price, less any impairment for bad or doubtful debts.

 
2.6

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Page 2

 
SMART MOTOR WORKS LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.7

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, and loans from third parties.

 
2.8

Creditors

Creditors are measured at transaction price.

 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.10

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight line basis over the lease term.

 
2.11

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.12

Interest income

Interest income is recognised in the Statement of Comprehensive Income in the year in which it is received.

 
2.13

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Page 3

 
SMART MOTOR WORKS LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.14

Current and deferred taxation

The taxation expense for the year comprises current and deferred tax. Taxation is only recognised in the Statement of Comprehensive Income.
The current corporation tax charge is calculated on the basis of taxation rates and laws that have been enacted or substantively enacted by the balance sheet date in the United Kingdom.

The charge for taxation takes into account taxation deferred or accelerated as a result of all material timing differences between the treatment of certain items for taxation and accounting purposes. Deferred tax assets are recognised only to the extent that they are regarded as recoverable within the foreseeable future. Deferred tax assets and liabilities are not discounted.


3.


Employees

The average monthly number of employees, including directors, during the year was 7 (2023 - 7).


4.


Tangible fixed assets





Leasehold property
Plant and machinery
Total

£
£
£



Cost


At 1 October 2023
5,624
20,312
25,936


Additions
-
5,430
5,430



At 30 September 2024

5,624
25,742
31,366



Depreciation


At 1 October 2023
5,624
17,844
23,468


Charge for the year on owned assets
-
1,925
1,925



At 30 September 2024

5,624
19,769
25,393



Net book value



At 30 September 2024
£-
£5,973
£5,973



At 30 September 2023
£-
£2,468
£2,468

Page 4

 
SMART MOTOR WORKS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5.


Debtors

2024
2023
£
£


Trade debtors
42,503
34,321

Other debtors
-
822

Prepayments and accrued income
8,589
4,245

£51,092
£39,388



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
19,808
22,937

Corporation tax
21,440
21,865

Other taxation and social security
3,360
1,941

Other creditors
73,123
71,165

Accruals and deferred income
2,350
2,335

£120,081
£120,243



7.


Post balance sheet events

Subsequent to the balance sheet date of 30 September 2024, the company acquired a property located at 50 Paddock Street, Norwich, Norfolk for a purchase price of £542,400. This acquisition occurred on 25 October 2024 and is classified as a non-adjusting event after the reporting period. 
The property is intended for use in furtherance of trading operations. The purchase will expand the company's operational capacity and improve its ability to serve customers in Norwich. While this event does not require adjustment to the figures presented in the financial statements, it is disclosed to provide a more complete understanding of the company's financial position and future prospects.


Page 5