REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 4 December 2020 to 31 December 2021 |
for |
M.S. Lusardi Motors Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 4 December 2020 to 31 December 2021 |
for |
M.S. Lusardi Motors Limited |
M.S. Lusardi Motors Limited (Registered number: 13063338) |
Contents of the Financial Statements |
for the Period 4 December 2020 to 31 December 2021 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
M.S. Lusardi Motors Limited |
Company Information |
for the Period 4 December 2020 to 31 December 2021 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
130A Darkes Lane |
Potters Bar |
Hertfordshire |
EN6 1AF |
M.S. Lusardi Motors Limited (Registered number: 13063338) |
Balance Sheet |
31 December 2021 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | 10 |
SHAREHOLDERS' FUNDS |
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. |
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 |
M.S. Lusardi Motors Limited (Registered number: 13063338) |
Notes to the Financial Statements |
for the Period 4 December 2020 to 31 December 2021 |
1. | STATUTORY INFORMATION |
M.S. Lusardi Motors Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Long leasehold | - |
Fixtures and fittings | - |
The lease it is amortised over its lease terms, currently being 15 years from the acquisition date. |
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 period 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. |
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 period 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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
M.S. Lusardi Motors Limited (Registered number: 13063338) |
Notes to the Financial Statements - continued |
for the Period 4 December 2020 to 31 December 2021 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Long | and |
leasehold | fittings | Totals |
£ | £ | £ |
COST |
Additions |
At 31 December 2021 |
DEPRECIATION |
Charge for period |
At 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
5. | STOCKS |
£ |
Stocks |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
PAYE & NIC overpayment | 1,317 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade creditors |
Tax |
VAT | 3,247 |
Directors' current accounts | 20,244 |
Accrued expenses |
8. | PROVISIONS FOR LIABILITIES |
£ |
Deferred tax |
Accelerated capital allowances |
Deferred |
tax |
£ |
Provided during period |
Balance at 31 December 2021 |
M.S. Lusardi Motors Limited (Registered number: 13063338) |
Notes to the Financial Statements - continued |
for the Period 4 December 2020 to 31 December 2021 |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal |
value: | £ |
Ordinary | £1.00 | 100 |
100 Ordinary shares of £1.00 each were allotted and fully paid for |
10. | RESERVES |
Retained |
earnings |
£ |
Profit for the period |
At 31 December 2021 |
11. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the period ended 31 December 2021: |
£ |
Balance outstanding at start of period |
Amounts advanced | ( |
) |
Amounts repaid |
Amounts written off | - |
Amounts waived | - |
Balance outstanding at end of period | ( |
) |
At the year end the director of the company was owed the total sum of £20,244. This amount was lend to the company by the director interest free and without any other repayment terms attached to it. The director will not be requesting a repayment in the next twelve months. |
12. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with its directors and other related entities. |
13. | POST BALANCE SHEET EVENTS |
There have not been any significant events since the balance sheet date. |
There were no essential either adjusting events or non-adjusting events in the period of time elapsing between the balance sheet date and the date on which these financial statements are prepared. The impact of COVID-19 is described in the Going Concern Consideration Note. |
The ongoing Russia - Ukraine conflict - This ongoing conflict has resulted in going concern becoming a significant risk. The United States and Europe have avoided direct military conflict with Russia amid its conflict with Ukraine. They have however used a set of financial sanctions to limit Russia's access to financial resources. The impact of the sanctions may result in difficulties for the company to operate. Neither M.S. Lusardi Motors Limited nor the owners are currently on the sanctions list at the time of this report, however this may change as the situation changes. |
M.S. Lusardi Motors Limited (Registered number: 13063338) |
Notes to the Financial Statements - continued |
for the Period 4 December 2020 to 31 December 2021 |
14. | GOING CONCERN CONSIDERATION |
The Company's management does not see a severe impact of COVID-19 outbreak to its activity. The Company tested the financial impact on the following areas of financial statements that can be affected: |
- Breach of trade contracts |
- Revenue |
- Cost of sales |
- Inventories fair value measurements |
- Debt repayment |