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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
Page
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Moff Motors Limited Statement of financial position as at 31 March 2022
2022 
2021 
Notes
£ 
£ 
Fixed assets
Tangible assets
50,776 
41,906 
Investment property
25,060 
25,060 
75,836 
66,966 
Current assets
Inventories
356,808 
412,062 
Debtors
52,982 
81,659 
Cash at bank and in hand
217,015 
248,066 
626,805 
741,787 
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 
Capital and reserves
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
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Moff Motors Limited Notes to the Accounts for the year ended 31 March 2022
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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
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 taxation
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.
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Moff Motors Limited Notes to the Accounts for the year ended 31 March 2022
Leased assets
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.
Pension costs
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 
Depreciation
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 
Net book value
At 31 March 2022
11,141 
36,395 
3,240 
50,776 
At 31 March 2021
11,141 
25,929 
4,836 
41,906 
2022 
2021 
Carrying values included above held under finance leases and hire purchase contracts:
£ 
£ 
- Plant & machinery
- 
4,650 
5
Investment property
2022 
£ 
Fair value at 1 April 2021
25,060 
At 31 March 2022
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 
52,982 
81,659 
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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 
VAT
22,300 
39,258 
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 
Other creditors
819 
2,257 
Accruals
19,009 
10,719 
248,907 
412,720 
8
Creditors: amounts falling due after more than one year
2022 
2021 
£ 
£ 
Bank loans
34,000 
42,500 
Obligations under finance leases and hire purchase contracts
1,743 
3,535 
35,743 
46,035 
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).
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