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REGISTERED NUMBER: 04400943 (England and Wales)















MAS Car & Commercial Limited

Unaudited Financial Statements for the Year Ended 31 January 2023






MAS Car & Commercial Limited (Registered number: 04400943)






Contents of the Financial Statements
for the Year Ended 31 January 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


MAS Car & Commercial Limited

Company Information
for the Year Ended 31 January 2023







DIRECTOR: M A Sellar





SECRETARY: Mrs C J Sellar





REGISTERED OFFICE: 1 High Street
Sheerness
Kent
ME12 1NY





BUSINESS ADDRESS: Unit 7
West Lane Trading Estate
Sittingbourne
Kent
ME10 3TT





REGISTERED NUMBER: 04400943 (England and Wales)





ACCOUNTANTS: Foreman Waller
Chartered Accountants
1 High Street
Sheerness
Kent
ME12 1NY

MAS Car & Commercial Limited (Registered number: 04400943)

Statement of Financial Position
31 January 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 1,131,574 955,032
1,131,574 955,032

CURRENT ASSETS
Inventories 29,362 28,000
Debtors 6 101,342 84,905
Cash at bank 33,996 46,547
164,700 159,452
CREDITORS
Amounts falling due within one year 7 414,321 319,562
NET CURRENT LIABILITIES (249,621 ) (160,110 )
TOTAL ASSETS LESS CURRENT LIABILITIES 881,953 794,922

CREDITORS
Amounts falling due after more than one
year

8

(435,509

)

(362,783

)

PROVISIONS FOR LIABILITIES (13,564 ) (10,722 )
NET ASSETS 432,880 421,417

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 432,780 421,317
SHAREHOLDERS' FUNDS 432,880 421,417

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MAS Car & Commercial Limited (Registered number: 04400943)

Statement of Financial Position - continued
31 January 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 16 October 2023 and were signed by:





M A Sellar - Director


MAS Car & Commercial Limited (Registered number: 04400943)

Notes to the Financial Statements
for the Year Ended 31 January 2023

1. STATUTORY INFORMATION

MAS Car & Commercial Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements - going concern
When preparing the financial statements, the director has assessed whether there are significant doubts about the company's ability to continue as a going concern, particularly as there are net current liabilities. There are no material uncertainties of which the director is aware in making his assessment.

Other creditors include £173,789 owed to the director and his wife. They have indicated that repayment will only be sought when cash flow and profitability allow. The director considers that the company has sufficient cash reserves to enable it to meet its obligations as they fall due for a period of at least 12 months from the date of signing of these financial statements. As such, the director is satisfied that the company has adequate resources to continue to operate for the foreseeable future and they continue to adopt the going concern basis for preparing these financial statements.

Income recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - Over the term of the lease
Plant and machinery etc - 33% on cost, 25% on reducing balance, 20% on cost, 20% on reducing balance and 10% on cost

Land and buildings include an element of investment property which cannot be measured reliably without undue cost or effort. For this reason all land and buildings remain at cost less deprecation.

Stocks and work in progress
Inventories and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing inventories to their present location and condition.

MAS Car & Commercial Limited (Registered number: 04400943)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The Company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks, other third parties and related parties.

Basic financial instruments are recognised at amortised cost, with changes recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted by the statement of financial position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted by the year end.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 8 ) .

MAS Car & Commercial Limited (Registered number: 04400943)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 February 2022
and 31 January 2023 30,000
AMORTISATION
At 1 February 2022
and 31 January 2023 30,000
NET BOOK VALUE
At 31 January 2023 -
At 31 January 2022 -

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 February 2022 1,050,376 144,273 1,194,649
Additions - 203,000 203,000
Disposals - (55,390 ) (55,390 )
At 31 January 2023 1,050,376 291,883 1,342,259
DEPRECIATION
At 1 February 2022 154,740 84,877 239,617
Charge for year 10,465 15,993 26,458
Eliminated on disposal - (55,390 ) (55,390 )
At 31 January 2023 165,205 45,480 210,685
NET BOOK VALUE
At 31 January 2023 885,171 246,403 1,131,574
At 31 January 2022 895,636 59,396 955,032

MAS Car & Commercial Limited (Registered number: 04400943)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 February 2022 18,000
Additions 203,000
At 31 January 2023 221,000
DEPRECIATION
At 1 February 2022 12,600
Charge for year 1,800
At 31 January 2023 14,400
NET BOOK VALUE
At 31 January 2023 206,600
At 31 January 2022 5,400

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 100,739 83,942
Other debtors 603 963
101,342 84,905

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 67,960 65,219
Hire purchase contracts 31,566 1,249
Trade creditors 77,336 78,082
Taxation and social security 53,418 44,360
Other creditors 184,041 130,652
414,321 319,562

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 291,595 362,783
Hire purchase contracts 143,914 -
435,509 362,783

MAS Car & Commercial Limited (Registered number: 04400943)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2023 2022
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans due after 5 years 28,127 81,220

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 359,555 428,002
Hire purchase contracts 175,480 1,249
535,035 429,251

The bank loans are secured by a legal charge over the company's land and buildings.