Silverfin false 31/05/2023 01/06/2022 31/05/2023 Mr T Downing 09/06/1994 Mr P A Gawman 01/02/2005 Mr M J Sweeney 09/05/1994 Mr J M Talbott 20/11/2014 22 August 2023 The principal activity of the Company during the financial year was the sale of used cars and light motor vehicles. 02922964 2023-05-31 02922964 bus:Director1 2023-05-31 02922964 bus:Director2 2023-05-31 02922964 bus:Director3 2023-05-31 02922964 bus:Director4 2023-05-31 02922964 2022-05-31 02922964 core:CurrentFinancialInstruments 2023-05-31 02922964 core:CurrentFinancialInstruments 2022-05-31 02922964 core:Non-currentFinancialInstruments 2023-05-31 02922964 core:Non-currentFinancialInstruments 2022-05-31 02922964 core:ShareCapital 2023-05-31 02922964 core:ShareCapital 2022-05-31 02922964 core:RetainedEarningsAccumulatedLosses 2023-05-31 02922964 core:RetainedEarningsAccumulatedLosses 2022-05-31 02922964 core:LandBuildings 2022-05-31 02922964 core:LeaseholdImprovements 2022-05-31 02922964 core:PlantMachinery 2022-05-31 02922964 core:FurnitureFittings 2022-05-31 02922964 core:OfficeEquipment 2022-05-31 02922964 core:LandBuildings 2023-05-31 02922964 core:LeaseholdImprovements 2023-05-31 02922964 core:PlantMachinery 2023-05-31 02922964 core:FurnitureFittings 2023-05-31 02922964 core:OfficeEquipment 2023-05-31 02922964 bus:OrdinaryShareClass1 2023-05-31 02922964 bus:OrdinaryShareClass2 2023-05-31 02922964 bus:OrdinaryShareClass3 2023-05-31 02922964 bus:OrdinaryShareClass4 2023-05-31 02922964 bus:OrdinaryShareClass5 2023-05-31 02922964 bus:OtherShareClass1 2023-05-31 02922964 bus:OtherShareClass2 2023-05-31 02922964 2022-06-01 2023-05-31 02922964 bus:FullAccounts 2022-06-01 2023-05-31 02922964 bus:SmallEntities 2022-06-01 2023-05-31 02922964 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 02922964 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 02922964 bus:Director1 2022-06-01 2023-05-31 02922964 bus:Director2 2022-06-01 2023-05-31 02922964 bus:Director3 2022-06-01 2023-05-31 02922964 bus:Director4 2022-06-01 2023-05-31 02922964 core:LandBuildings core:TopRangeValue 2022-06-01 2023-05-31 02922964 core:PlantMachinery 2022-06-01 2023-05-31 02922964 core:FurnitureFittings core:TopRangeValue 2022-06-01 2023-05-31 02922964 core:OfficeEquipment 2022-06-01 2023-05-31 02922964 2021-06-01 2022-05-31 02922964 core:LandBuildings 2022-06-01 2023-05-31 02922964 core:LeaseholdImprovements 2022-06-01 2023-05-31 02922964 core:FurnitureFittings 2022-06-01 2023-05-31 02922964 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 02922964 bus:OrdinaryShareClass1 2021-06-01 2022-05-31 02922964 bus:OrdinaryShareClass2 2022-06-01 2023-05-31 02922964 bus:OrdinaryShareClass2 2021-06-01 2022-05-31 02922964 bus:OrdinaryShareClass3 2022-06-01 2023-05-31 02922964 bus:OrdinaryShareClass3 2021-06-01 2022-05-31 02922964 bus:OrdinaryShareClass4 2022-06-01 2023-05-31 02922964 bus:OrdinaryShareClass4 2021-06-01 2022-05-31 02922964 bus:OrdinaryShareClass5 2022-06-01 2023-05-31 02922964 bus:OrdinaryShareClass5 2021-06-01 2022-05-31 02922964 bus:OtherShareClass1 2022-06-01 2023-05-31 02922964 bus:OtherShareClass1 2021-06-01 2022-05-31 02922964 bus:OtherShareClass2 2022-06-01 2023-05-31 02922964 bus:OtherShareClass2 2021-06-01 2022-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 02922964 (England and Wales)

MOSTLOT LIMITED

Unaudited Financial Statements
For the financial year ended 31 May 2023
Pages for filing with the registrar

MOSTLOT LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2023

Contents

MOSTLOT LIMITED

BALANCE SHEET

As at 31 May 2023
MOSTLOT LIMITED

BALANCE SHEET (continued)

As at 31 May 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 10,435 15,253
10,435 15,253
Current assets
Stocks 1,656,728 1,894,832
Debtors 4 38,408 45,659
Cash at bank and in hand 297 216
1,695,433 1,940,707
Creditors: amounts falling due within one year 5 ( 578,145) ( 767,256)
Net current assets 1,117,288 1,173,451
Total assets less current liabilities 1,127,723 1,188,704
Creditors: amounts falling due after more than one year 6 ( 100,000) ( 150,000)
Provision for liabilities ( 2,337) ( 3,400)
Net assets 1,025,386 1,035,304
Capital and reserves
Called-up share capital 7 85,000 85,000
Profit and loss account 940,386 950,304
Total shareholders' funds 1,025,386 1,035,304

For the financial year ending 31 May 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Mostlot Limited (registered number: 02922964) were approved and authorised for issue by the Board of Directors on 22 August 2023. They were signed on its behalf by:

Mr T Downing
Director
Mr J M Talbott
Director
MOSTLOT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2023
MOSTLOT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Mostlot Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Francis Clark Llp Melville Building East, Royal William Yard, Plymouth, PL1 3RP, United Kingdom.
The principal place of business is 432 Tavistock Road, Plymouth, Devon, PL6 7HD.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
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 financial statements. 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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 5 years straight line
not depreciated
Leasehold improvements depreciated over the life of the lease
Plant and machinery 25 % reducing balance
Fixtures and fittings 4 years straight line
Office equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 14 16

3. Tangible assets

Land and buildings Leasehold improve-
ments
Plant and machinery Fixtures and fittings Office equipment Total
£ £ £ £ £ £
Cost
At 01 June 2022 84,058 11,635 25,302 12,191 38,492 171,678
Additions 0 0 0 183 410 593
At 31 May 2023 84,058 11,635 25,302 12,374 38,902 172,271
Accumulated depreciation
At 01 June 2022 80,610 11,635 20,199 11,530 32,451 156,425
Charge for the financial year 1,837 0 1,252 705 1,617 5,411
At 31 May 2023 82,447 11,635 21,451 12,235 34,068 161,836
Net book value
At 31 May 2023 1,611 0 3,851 139 4,834 10,435
At 31 May 2022 3,448 0 5,103 661 6,041 15,253

4. Debtors

2023 2022
£ £
Trade debtors 23,359 32,153
Other debtors 15,049 13,506
38,408 45,659

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts 175,930 333,460
Trade creditors 146,524 105,527
Corporation tax 131,355 126,220
Other taxation and social security 89,747 66,828
Other creditors 34,589 135,221
578,145 767,256

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 100,000 150,000

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
29,750 Ordinary A shares of £ 1.00 each 29,750 29,750
17,000 Ordinary B shares of £ 1.00 each 17,000 17,000
4,250 Ordinary C shares of £ 1.00 each 4,250 4,250
8,500 Ordinary D shares of £ 1.00 each 8,500 8,500
8,500 Ordinary E shares of £ 1.00 each 8,500 8,500
12,750 Ordinary F shares of £ 1.00 each 12,750 12,750
4,250 Ordinary G shares of £ 1.00 each 4,250 4,250
85,000 85,000

8. Off Balance Sheet arrangements

The total amount of financial commitments not included in the balance sheet is £819,000 (2022 - £882,000)