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REGISTERED NUMBER: 04583955 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

KARL SMITH CAR SALES LIMITED

KARL SMITH CAR SALES LIMITED (REGISTERED NUMBER: 04583955)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


KARL SMITH CAR SALES LIMITED

COMPANY INFORMATION
for the year ended 31 December 2024







DIRECTOR: Mr J S G Smith





REGISTERED OFFICE: Halfway Garage
463 St Annes Road
Blackpool
Lancashire
FY4 2QL





REGISTERED NUMBER: 04583955 (England and Wales)





ACCOUNTANTS: Jones Harris Limited
17 St Peters Place
Fleetwood
Lancashire
FY7 6EB

KARL SMITH CAR SALES LIMITED (REGISTERED NUMBER: 04583955)

BALANCE SHEET
31 December 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 4 1,800 2,100
Tangible assets 5 256,140 277,106
257,940 279,206

CURRENT ASSETS
Stocks 306,867 624,178
Debtors 6 26,246 20,339
Cash at bank and in hand 20 28,841
333,133 673,358
CREDITORS
Amounts falling due within one year 7 (850,520 ) (896,138 )
NET CURRENT LIABILITIES (517,387 ) (222,780 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(259,447

)

56,426

CREDITORS
Amounts falling due after more than one year 8 (120,637 ) (142,218 )
NET LIABILITIES (380,084 ) (85,792 )

CAPITAL AND RESERVES
Called up share capital 1,020 1,020
Retained earnings (381,104 ) (86,812 )
SHAREHOLDERS' FUNDS (380,084 ) (85,792 )

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

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

KARL SMITH CAR SALES LIMITED (REGISTERED NUMBER: 04583955)

BALANCE SHEET - continued
31 December 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 8 August 2025 and were signed by:





Mr J S G Smith - Director


KARL SMITH CAR SALES LIMITED (REGISTERED NUMBER: 04583955)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2024

1. STATUTORY INFORMATION

Karl Smith Car Sales Limited 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
The company's balance sheet shows an excess of liabilities over assets of £380,084 and net current liabilities of £517,387.
The company is dependent upon the continuing support of its director and other creditors to enable it to meet its day to day working capital requirements. On this basis the financial statements have been prepared on the going concern basis. The financial statements do not include any adjustments that would result from the withdrawal of the support of the creditors.

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 2021, is being amortised evenly over its estimated useful life of ten 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.
Freehold property - 2% on cost
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 20% on cost
Computer equipment - 33% on cost

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

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.


KARL SMITH CAR SALES LIMITED (REGISTERED NUMBER: 04583955)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 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.

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 12 (2023 - 10 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2024
and 31 December 2024 3,000
AMORTISATION
At 1 January 2024 900
Charge for year 300
At 31 December 2024 1,200
NET BOOK VALUE
At 31 December 2024 1,800
At 31 December 2023 2,100

KARL SMITH CAR SALES LIMITED (REGISTERED NUMBER: 04583955)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2024 242,438 155,201 33,738 15,896 447,273
Additions - - - 374 374
At 31 December 2024 242,438 155,201 33,738 16,270 447,647
DEPRECIATION
At 1 January 2024 14,546 121,802 19,230 14,589 170,167
Charge for year 4,849 8,350 6,748 1,393 21,340
At 31 December 2024 19,395 130,152 25,978 15,982 191,507
NET BOOK VALUE
At 31 December 2024 223,043 25,049 7,760 288 256,140
At 31 December 2023 227,892 33,399 14,508 1,307 277,106

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 19,694 10,337
Other debtors 672 4,267
Prepayments and accrued income 5,880 5,735
26,246 20,339

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 82,975 35,770
Hire purchase contracts 4,118 3,827
Trade creditors 101,378 251,374
Social security and other taxes 13,991 5,576
VAT 18,812 23,362
Other creditors 429,216 396,325
Directors' current accounts 191,125 150,394
Accruals and deferred income 8,905 29,510
850,520 896,138

KARL SMITH CAR SALES LIMITED (REGISTERED NUMBER: 04583955)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 114,295 131,758
Hire purchase contracts 6,342 10,460
120,637 142,218

Bank loans outstanding at the year end amounted to £133,535 (2023 - £150,530) and include instalments due after more than five years of £71,651(2023 - £80,234).

9. SECURED DEBTS

£117,906 of bank loans are secured on a property that the company owns.

10. OTHER FINANCIAL COMMITMENTS

The company had commitments under non-cancellable operating leases at 31 December 2024 of £23,094.

11. RELATED PARTY DISCLOSURES

At the year end the company had a balance due to Mr R Smith, brother of the director of £216,801