Trafford Parkway MOT Centre Ltd
Registered number: 06126344
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 7,477 8,968
Current assets
Stocks 1,600 1,600
Debtors 4 8,786 11,034
Cash at bank and in hand 6,961 3,411
17,347 16,045
Creditors: amounts falling due within one year 5 (61,545) (41,546)
Net current liabilities (44,198) (25,501)
Total assets less current liabilities (36,721) (16,533)
Creditors: amounts falling due after more than one year 6 (32,054) (47,249)
Net liabilities (68,775) (63,782)
Capital and reserves
Called up share capital 2 2
Profit and loss account (68,777) (63,784)
Shareholders' funds (68,775) (63,782)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
Mr Kevin Gascoigne
Director
Approved by the board on 21 April 2023
Trafford Parkway MOT Centre Ltd
Notes to the Accounts
for the year ended 31 January 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.
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:
Computer equipment 33% reducing balance
Plant and machinery 15% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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 4
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 February 2022 23,476 26,605 50,081
At 31 January 2023 23,476 26,605 50,081
Depreciation
At 1 February 2022 14,881 26,232 41,113
Charge for the year 1,398 93 1,491
At 31 January 2023 16,279 26,325 42,604
Net book value
At 31 January 2023 7,197 280 7,477
At 31 January 2022 8,595 373 8,968
4 Debtors 2023 2022
£ £
Other debtors 8,786 11,034
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 8,043 8,762
Trade creditors 12,246 11,712
Corporation tax - 3,668
Other taxes and social security costs 1,922 764
Other creditors 39,334 16,640
61,545 41,546
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 21,435 28,759
Other creditors 10,619 18,490
32,054 47,249
7 Related party transactions 2023 2022
£ £
Directors' Loan Account
The directors are related parties to the company
At 31st January, the company owed the related party the following
unsecured loans which are repayable upon demand:
Amount due to the related parties 5,215 3,255
Beaumonts Mini Coaches Ltd
The company is a related party to the company
At 31st January, the related party owed the company the following
interest free, unsecured amounts
Amounts due to/(from) the related party 20,979 (68)
8 Controlling party
The directors are the ultimate controlling parties by virtue of their 100% ownership of the issued shared capital of the company.
9 Other information
Trafford Parkway MOT Centre Ltd is a private company limited by shares and incorporated in England. Its registered office is:
89 Chorley Road
Swinton
Manchester
M27 4AA
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