Company registration number 10618017 (England and Wales)
SMILE CAR FINANCE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
SMILE CAR FINANCE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
SMILE CAR FINANCE LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
7,491
Current assets
Debtors
6
10,000
110,431
Cash at bank and in hand
10,895
28,944
20,895
139,375
Creditors: amounts falling due within one year
4
(118,482)
(111,254)
Net current (liabilities)/assets
(97,587)
28,121
Total assets less current liabilities
(97,587)
35,612
Creditors: amounts falling due after more than one year
5
(380,117)
(518,953)
Net liabilities
(477,704)
(483,341)
Capital and reserves
Called up share capital
7
125
125
Profit and loss reserves
(477,829)
(483,466)
Total equity
(477,704)
(483,341)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 27 September 2023 and are signed on its behalf by:
Mr M Lewis
Director
Company Registration No. 10618017
SMILE CAR FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information
Smile Car Finance Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Car Showroom, Tafarnaubach Industrial Estate, Tredegar, Gwent, United Kingdom, NP22 3AA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% straight line
Computers
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
SMILE CAR FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
6
6
3
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 January 2022 and 31 December 2022
1,788
55,254
57,042
Depreciation and impairment
At 1 January 2022
1,581
47,970
49,551
Depreciation charged in the year
207
7,284
7,491
At 31 December 2022
1,788
55,254
57,042
Carrying amount
At 31 December 2022
At 31 December 2021
207
7,284
7,491
4
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
15,733
8,754
Other creditors
102,749
102,500
118,482
111,254
5
Creditors: amounts falling due after more than one year
2022
2021
£
£
Other creditors
380,117
518,953
SMILE CAR FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
110,431
Other debtors
10,000
10,000
110,431
7
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
Ordinary A of £1 each
25
25
25
25
125
125
125
125
8
Related party transactions
The company owes an amount of £480,117 (2021: £618,953), in respect of expenses paid on its behalf by Ron Skinner and Sons Limited, a company with a common director. An amount of £100,000 (2021 : £100,000) is repayable within twelve months and is included in creditors: amounts falling due within one year; the remaining balance of £380,117 (2021 : £518,953) is included in creditors: amounts falling due after more than one year.