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Registered number: 06036779









SPENCER'S CAR SALES LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

 
SPENCER'S CAR SALES LIMITED
REGISTERED NUMBER: 06036779

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
35,994
41,660

Investments
 5 
8,869
8,869

  
44,863
50,529

Current assets
  

Stocks
  
911,758
928,691

Debtors: amounts falling due within one year
 6 
246,808
121,578

Cash at bank and in hand
  
66,011
139,146

  
1,224,577
1,189,415

Creditors: amounts falling due within one year
 7 
(1,006,189)
(933,048)

Net current assets
  
 
 
218,388
 
 
256,367

Total assets less current liabilities
  
263,251
306,896

Creditors: amounts falling due after more than one year
 8 
(6,667)
(26,667)

  

Net assets
  
256,584
280,229


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
256,484
280,129

  
256,584
280,229


Page 1

 
SPENCER'S CAR SALES LIMITED
REGISTERED NUMBER: 06036779

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 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 profit and loss account 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 3 August 2025.



S W Gray
Director

Page 2

 
SPENCER'S CAR SALES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Spencer's Car Sales Ltd is a private company, limited by shares, domiciled in England and Wales, registration number 06036779.  The registered office is 6 Central Avenue, St Andrews Business Park, Thorpe St Andrew, Norwich, Norfolk, NR7 0HR.

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. 

 
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. 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.

Depreciation is provided on the following basis:

Plant & machinery
-
25%
reducing balance
Motor vehicles
-
25%
reducing balance
Leasehold buildings
-
5%
straight line

 
2.4

Valuation of investments

Investments held as fixed assets are shown at cost less provision for impairment.
Gains and losses on remeasurement are recognised in the profit or loss for the period.

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.
At each 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 profit or loss.

Page 3

 
SPENCER'S CAR SALES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

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 profit or loss 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.

 
2.9

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 4

 
SPENCER'S CAR SALES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.10

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.



3.


Employees

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

Page 5

 
SPENCER'S CAR SALES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Tangible fixed assets





Leasehold buildings
Other fixed assets
Total

£
£
£



Cost or valuation


At 1 January 2024
70,993
18,679
89,672


Additions
-
2,806
2,806



At 31 December 2024

70,993
21,485
92,478



Depreciation


At 1 January 2024
34,044
13,968
48,012


Charge for the year on owned assets
7,099
1,373
8,472



At 31 December 2024

41,143
15,341
56,484



Net book value



At 31 December 2024
29,850
6,144
35,994



At 31 December 2023
36,949
4,711
41,660


5.


Fixed asset investments





Other fixed asset investments

£



Cost or valuation


At 1 January 2024
8,869



At 31 December 2024
8,869




Page 6

 
SPENCER'S CAR SALES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Debtors

2024
2023
£
£


Trade debtors
162,651
69,749

Amounts owed by group undertakings
22,858
27,163

Other debtors
9,250
10,436

Prepayments and accrued income
14,445
14,230

Deferred taxation
37,604
-

246,808
121,578



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
20,000
20,000

Other loans
570,718
668,314

Trade creditors
234,807
127,781

Amounts owed to group undertakings
79,833
45,564

Other taxation and social security
20,592
10,976

Other creditors
72,268
50,146

Accruals and deferred income
7,971
10,267

1,006,189
933,048


The following liabilities were secured:

2024
2023
£
£



Other loans
570,718
668,314

Details of security provided:

Other loans amounting to £570,718 (2023: £668,314) represent finance for vehicle stock and are secured on the assets to which they relate.


8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
6,667
26,667


Page 7

 
SPENCER'S CAR SALES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
20,000
20,000

Other loans
570,718
668,314

590,718
688,314

Amounts falling due 1-2 years

Bank loans
6,667
26,667



597,385
714,981



10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £4,463 (2023 - £4,251). Contributions totalling £1,375 (2023 - £1,704) were payable to the fund at the balance sheet date.


11.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
59,463
56,030

Later than 1 year and not later than 5 years
38,977
88,714

98,440
144,744


12.


Controlling party

The parent company is SRN Enterprises Limited whose registered office and principal place of business is 7 The Close, Norwich, NR1 4DJ.
The ultimate controlling party is Spencer Gray.


Page 8