Registered number
10194440
Morley Auto Services Limited
Filleted Accounts
31 May 2023
Morley Auto Services Limited
Registered number: 10194440
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 24,000 30,000
Tangible assets 4 30,823 41,185
54,823 71,185
Current assets
Stocks 8,972 8,972
Debtors 5 497 5,756
Investments held as current assets 6 5,000 5,000
Cash at bank and in hand 65,976 62,156
80,445 81,884
Creditors: amounts falling due within one year 7 (82,498) (78,360)
Net current (liabilities)/assets (2,053) 3,524
Total assets less current liabilities 52,770 74,709
Creditors: amounts falling due after more than one year 8 (111) -
Provisions for liabilities (7,599) (4,389)
Net assets 45,060 70,320
Capital and reserves
Profit and loss account 45,060 70,320
Shareholder's funds 45,060 70,320
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
B J Morley
Director
Approved by the board on 5 October 2023
Morley Auto Services Limited
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 10 years
Fixtures, fittings, tools and equipment over 4 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 5
3 Intangible fixed assets £
Goodwill:
Cost
At 1 June 2022 60,000
At 31 May 2023 60,000
Amortisation
At 1 June 2022 30,000
Provided during the year 6,000
At 31 May 2023 36,000
Net book value
At 31 May 2023 24,000
At 31 May 2022 30,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2022 93,147
Additions 7,850
At 31 May 2023 100,997
Depreciation
At 1 June 2022 51,962
Charge for the year 18,212
At 31 May 2023 70,174
Net book value
At 31 May 2023 30,823
At 31 May 2022 41,185
5 Debtors 2023 2022
£ £
Trade debtors 497 3,156
Other debtors - 2,600
497 5,756
6 Investments held as current assets 2023 2022
£ £
Fair value
Unlisted investments 5,000 5,000
7 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 11,193 15,547
Trade creditors 57,741 43,858
Taxation and social security costs 11,981 16,538
Other creditors 1,583 2,417
82,498 78,360
8 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors 111 -
9 Other information
Morley Auto Services Limited is a private company limited by shares and incorporated in England. Its registered office is:
76 Park Street
Horsham
RH12 1BX
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