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Registration number: 05403004

Motion International Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2022

 

Motion International Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 10

 

Motion International Limited

Company Information

Directors

Dr RB Weerasinghe

Ms S Jorgensen

Registered office

Suite A4, Skylon Court
Coldnose Road
Rotherwas
Hereford
HR2 6JS

Accountants

Boon and Worth Limited
Suite A4, Skylon Court
Coldnose Road
Rotherwas
Hereford
HR2 6JS

 

Motion International Limited

(Registration number: 05403004)
Balance Sheet as at 31 October 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

5

1,781

2,025

Current assets

 

Debtors

6

1,086,642

1,154,149

Cash at bank and in hand

 

10,074

30,298

 

1,096,716

1,184,447

Creditors: Amounts falling due within one year

7

(211,889)

(283,242)

Net current assets

 

884,827

901,205

Total assets less current liabilities

 

886,608

903,230

Creditors: Amounts falling due after more than one year

7

(65,572)

(50,521)

Provisions for liabilities

(338)

(3,636)

Net assets

 

820,698

849,073

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

820,598

848,973

Shareholders' funds

 

820,698

849,073

 

Motion International Limited

(Registration number: 05403004)
Balance Sheet as at 31 October 2022

For the financial year ending 31 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 September 2023 and signed on its behalf by:
 

.........................................
Dr RB Weerasinghe
Director

 

Motion International Limited

Notes to the Financial Statements for the Year Ended 31 October 2022

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Suite A4, Skylon Court
Coldnose Road
Rotherwas
Hereford
HR2 6JS
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Motion International Limited

Notes to the Financial Statements for the Year Ended 31 October 2022

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% Straight line method

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Motion International Limited

Notes to the Financial Statements for the Year Ended 31 October 2022

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2021 - 2).

 

Motion International Limited

Notes to the Financial Statements for the Year Ended 31 October 2022

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2021

60,000

60,000

At 31 October 2022

60,000

60,000

Amortisation

At 1 November 2021

60,000

60,000

At 31 October 2022

60,000

60,000

Carrying amount

At 31 October 2022

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 November 2021

41,364

41,364

Additions

463

463

At 31 October 2022

41,827

41,827

Depreciation

At 1 November 2021

39,339

39,339

Charge for the year

707

707

At 31 October 2022

40,046

40,046

Carrying amount

At 31 October 2022

1,781

1,781

At 31 October 2021

2,025

2,025

 

Motion International Limited

Notes to the Financial Statements for the Year Ended 31 October 2022

6

Debtors

Current

Note

2022
£

2021
£

Trade debtors

 

5,181

46,154

Amounts owed by related parties

9

310,585

304,549

Prepayments

 

91

89

Other debtors

 

770,785

803,357

   

1,086,642

1,154,149

7

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

8,615

-

Taxation and social security

 

100,874

194,438

Accruals and deferred income

 

8,400

6,900

Other creditors

 

94,000

81,904

 

211,889

283,242

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

65,572

50,521

8

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         
 

Motion International Limited

Notes to the Financial Statements for the Year Ended 31 October 2022

9

Related party transactions

Transactions with directors

2022

At 1 November 2021
£

Advances to director
£

Other payments made to company by director
£

At 31 October 2022
£

Director's loan account

638,081

150,434

(168,065)

620,450

         
       

 

2021

At 1 November 2020
£

Advances to director
£

Repayments by director
£

At 31 October 2021
£

Director's loan account

389,027

360,006

(110,952)

638,081

         
       

 

Directors' remuneration

The directors' remuneration for the year was as follows:

2022
£

2021
£

Remuneration

11,000

10,009

 

Motion International Limited

Notes to the Financial Statements for the Year Ended 31 October 2022

Summary of transactions with other related parties

RB Weerasinghe has a material interest in the company
 
Organic Properties Limited
At the balance sheet date the amount to from Organic Properties Limited was £309,710.52 (2021- £303,972).

Rhock Holdings
At the balance sheet date the amount due to Rhock Holdings was £254.73

Mustard Seed Investment Limited
At the balance sheet date the amount due to Mustard Seed investment limited was £29,976.3 (2021-30,000).

The Bald Truth Limited
At the balance sheet date the amount due from The Bald Truth Limited was £590 (2021 - £577).

Trading Organic Limited
At the balance sheet date the amount due to Trading Organic Limited was £64,000 (2021 - 44,500).