Smarter Cars (Ulverston) Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 04655525 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

SMARTER CARS (ULVERSTON) LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr S M Spedding

Mrs P L Spedding

SECRETARY:

Mrs P L Spedding

REGISTERED OFFICE:

1 Back Casson Street

Ulverston

Cumbria

LA12 7JH

REGISTERED NUMBER:

04655525 (England and Wales)

BANKERS:

National Westminster Bank plc

113 Dalton Road

Barrow in Furness

Cumbria

LA14 1WY

FIXED ASSETS

Tangible assets

4

211,765

224,225

CURRENT ASSETS

Stocks

16,750

24,600

Debtors

116,504

115,942

Cash at bank and in hand

(1,819

)

6,608

131,435

147,150

CREDITORS

Amounts falling due within one year

132,700

137,677

NET CURRENT (LIABILITIES)/ASSETS

(1,265

)

9,473

TOTAL ASSETS LESS CURRENT
LIABILITIES

210,500

233,698

CREDITORS

Amounts falling due after more than one
year

5

157,754

176,435

NET ASSETS

52,746

57,263

CAPITAL AND RESERVES

Called up share capital

7

2

Retained earnings

52,744

57,261

SHAREHOLDERS' FUNDS

52,746

57,263

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2025 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 December 2025 and were signed on its behalf by:

Mr S M Spedding - Director

1.	STATUTORY INFORMATION

Smarter Cars (Ulverston) 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

The financial statements have been prepared on the going concern basis.

Turnover

Turnover represents net invoiced sales of goods and services, excluding VAT.

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

Plant and machinery

-

20% on cost

Motor vehicles

-

25% on cost

Depreciation of freehold property was introduced on 1st April 2021.

Stocks

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

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.

Rents received

Rents are included in the accounts on an accruals basis as they arise.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2024 - 8 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2024

and 31 March 2025

286,712

DEPRECIATION

At 1 April 2024

62,487

Charge for year

12,460

At 31 March 2025

74,947

NET BOOK VALUE

At 31 March 2025

211,765

At 31 March 2024

224,225

5.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS

31.3.25

31.3.24

£

Repayable by instalments

Bank loans more 5 yr by instal

62,413

86,501

6.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.25

31.3.24

£

Bank overdraft

5,119

-

Bank loans

176,606

192,997

181,725

192,997

The company's bank facilities are secured by a fixed charge over its freehold property and a fixed and floating charge over its undertaking and all property and assets present and future including goodwill, uncalled capital, book debts, buildings, fixtures, and fixed plant and machinery.

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.25

31.3.24

value:

£

2

Ordinary

£1

2

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2025 and 31 March 2024:

31.3.25

31.3.24

£

Mr S M Spedding

Balance outstanding at start of year

-

1,784

Amounts repaid

-

(1,784

)

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

-

9.	RELATED PARTY DISCLOSURES

At 31 March 2025 Mr and Mrs John, the parents of Mrs P L Spedding, had on an unsecured interest free basis advanced £13,000 (2024: £13,000) to the company.

At 31 March 2025 the company had, on an unsecured interest-free basis, advanced £29,400 (2024: £20,000) to Elite Alloys Ltd, a company wholly controlled by Mr S Spedding

At 31 March 2025 the company had, on an unsecured interest-free basis, advanced £11,000 (2024: £10,000) to Auto Emporium Cumbria Ltd, a company 50% owned by Mr S Spedding.

At 31 March 2025 the company had, on an unsecured interest-free basis, advanced £3,500 (2024: £3,500) to Cumbria Coatings Ltd, a company controlled by family relations of Mr S Spedding.

10.

CONTROL

The company is controlled by its shareholders Mr and Mrs S M Spedding.