Smart Commercial Vehicles Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 13168052 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2022

for

Smart Commercial Vehicles Ltd

Page

Balance Sheet

1

Notes to the Financial Statements

3

Fixed assets

Tangible assets

4

24,500

-

Current assets

Stocks

54,650

29,250

Debtors

5

12,764

3,135

Cash at bank

3,581

1,972

70,995

34,357

Creditors: amounts falling due within one year

6

73,673

39,274

Net current liabilities

(2,678

)

(4,917

)

Total assets less current liabilities

21,822

(4,917

)

Creditors: amounts falling due after more than one year

7

(20,620

)

-

Provisions for liabilities

(1,530

)

-

Net liabilities

(328

)

(4,917

)

Capital and reserves

Called up share capital

9

100

100

Retained earnings

(428

)

(5,017

)

Shareholders' funds

(328

)

(4,917

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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.

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 28 September 2023 and were signed on its behalf by:

J G Grindall - Director

1.	Statutory information

Smart Commercial Vehicles Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

13168052

Registered office:

85 Church Road

Hove

East Sussex

BN3 2BB

The presentation currency of the financial statements is in Pound Sterling (£) and rounding is to the nearest (£).

The period covered by the previous financial statements is 336 days from 29 January 2021 to 31 December 2021 therefore comparatives are not entirely comparable.. The reason for shortening the year end was to bring it in line with other connected companies.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts.The policies adopted for the recognition of turnover are as follows:

Sale of goods

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.This is usually on dispatch of the goods.

Rendering of services

When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Stock is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and lossProfit and Loss Account, 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.

3.	Employees and directors

The average number of employees during the year was NIL (2021 - NIL).

4.	Tangible fixed assets

Plant and

machinery

£

Cost

Additions

24,500

At 31 December 2022

24,500

Net book value

At 31 December 2022

24,500

5.

Debtors: amounts falling due within one year

2022

2021

£

£

Other debtors

12,764

3,135

6.

Creditors: amounts falling due within one year

2022

2021

£

£

Hire purchase contracts

3,880

-

Other creditors

69,793

39,274

73,673

39,274

7.

Creditors: amounts falling due after more than one year

2022

2021

£

£

Hire purchase contracts

20,620

-

8.	Secured debts

The following secured debts are included within creditors:

2022

2021

£

£

Hire purchase contracts

24,500

-

Hire purchase contracts are secured against the assets to which they relate.

9.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

50

Ordinary A

£1

50

50

50

Ordinary B

£1

50

50

100

100

10.	Related party disclosures

Other creditors include balances of £67,523 (2021 - £37,523) owed to shareholders.