Company Registration No. 00818848 (England and Wales)
Moff Motors Limited
Unaudited accounts
for the year ended 31 March 2022
Moff Motors Limited
Unaudited accounts
Contents
Moff Motors Limited
Statement of financial position
as at 31 March 2022
Tangible assets
50,776
41,906
Investment property
25,060
25,060
Inventories
356,808
412,062
Cash at bank and in hand
217,015
248,066
Creditors: amounts falling due within one year
(248,907)
(412,720)
Net current assets
377,898
329,067
Total assets less current liabilities
453,734
396,033
Creditors: amounts falling due after more than one year
(35,743)
(46,035)
Provisions for liabilities
Deferred tax
(7,261)
(5,516)
Net assets
410,730
344,482
Called up share capital
35,000
35,000
Profit and loss account
375,730
309,482
Shareholders' funds
410,730
344,482
For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 24 August 2022 and were signed on its behalf by
D C Spencer
Director
Company Registration No. 00818848
Moff Motors Limited
Notes to the Accounts
for the year ended 31 March 2022
Moff Motors Limited is a private company, limited by shares, registered in England and Wales, registration number 00818848. The registered office is Moff Motors Limited, Castle Cary, Somerset, BA7 7PF, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% reducing balance
Computer equipment
33% reducing balance
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Moff Motors Limited
Notes to the Accounts
for the year ended 31 March 2022
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Land & buildings
Plant & machinery
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 April 2021
11,141
88,375
26,845
126,361
Additions
-
19,470
-
19,470
At 31 March 2022
11,141
107,845
26,845
145,831
At 1 April 2021
-
62,446
22,009
84,455
Charge for the year
-
9,004
1,596
10,600
At 31 March 2022
-
71,450
23,605
95,055
At 31 March 2022
11,141
36,395
3,240
50,776
At 31 March 2021
11,141
25,929
4,836
41,906
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Plant & machinery
-
4,650
Fair value at 1 April 2021
25,060
6
Debtors: amounts falling due within one year
2022
2021
Trade debtors
47,006
75,489
Accrued income and prepayments
5,976
6,170
Moff Motors Limited
Notes to the Accounts
for the year ended 31 March 2022
7
Creditors: amounts falling due within one year
2022
2021
Bank loans and overdrafts
8,500
7,500
Obligations under finance leases and hire purchase contracts
1,791
3,698
Trade creditors
157,979
300,131
Taxes and social security
38,509
49,157
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Creditors: amounts falling due after more than one year
2022
2021
Obligations under finance leases and hire purchase contracts
1,743
3,535
Aggregate of amounts that fall due for payment after five years
-
2,500
9
Operating lease commitments
2022
2021
At 31 March 2022 the company has total minimum future payment commitments under non-cancellable operating leases as follows:
Operating leases expiring:
Within two to five years
2,463
2,463
10
Transactions with related parties
The company occupies premises owned by Moff Motors Limited Pension Scheme. A normal commercial rent of £37,500 was payable during the year.
11
Average number of employees
During the year the average number of employees was 13 (2021: 13).