Registered number
07820060
MOTO CENTRAL LIMITED
Unaudited Filleted Accounts
30 July 2022
MOTO CENTRAL LIMITED
Registered number: 07820060
Balance Sheet
as at 30 July 2022
Notes 2022 2021
£ £
Fixed assets
Intangible assets 3 420,000 480,000
Tangible assets 4 71,844 81,598
491,844 561,598
Current assets
Stocks 342,969 422,258
Debtors 5 269,661 179,732
Cash at bank and in hand 144,304 206,758
756,934 808,748
Creditors: amounts falling due within one year 6 (720,560) (787,718)
Net current assets 36,374 21,030
Total assets less current liabilities 528,218 582,628
Creditors: amounts falling due after more than one year 7 (35,866) (38,886)
Provisions for liabilities (2,789) (3,353)
Net assets 489,563 540,389
Capital and reserves
Called up share capital 613,287 613,287
Profit and loss account (123,724) (72,898)
Shareholder's funds 489,563 540,389
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.
Mr N Bell
Director
Approved by the board on 26 October 2023
MOTO CENTRAL LIMITED
Notes to the Accounts
for the year ended 30 July 2022
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).
Going concern
The director has a reasonable expectation that the company has adequate resources to continue in operational existence in the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
Revenue from the sale of goods is recognised when all the following conditions have been satisfied:
- the significant risks and rewards of ownership of the goods have transferred to the buyer
- the company retains neither continuing managerial involvement to the degree usually associated with ownership, nor effective control over the goods sold
- the amount of revenue can be measured reliably
- it is probable that the economic benefits associated with the transaction will flow to the company, and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Specifically, revenue from sale of goods is recognised when the goods have been shipped and legal title has passed.
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 3-15 years straight line
Fixtures, fittings, tools and equipment over 3-15 years straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell (net realisable value).
Costs are based on the method most appropriate to the type of inventory class, but usually on a 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.
The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.
Cash and cash equivalents
Cash is represented by cash in hand and deposits held with financial institutions repayable without penalty on notice of not more than 24 hours.
Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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
Taxation represents the sum of tax currently payable and deferred tax.
The company's liability for current tax is calculated using the tax rates that have been enacted or substantively enacted by the end of the reporting 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.
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction.
At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction.
All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
The company operates a defined pension scheme. Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 19 13
3 Intangible fixed assets £
Goodwill:
Cost
At 31 July 2021 600,000
At 30 July 2022 600,000
Amortisation
At 31 July 2021 120,000
Provided during the year 60,000
At 30 July 2022 180,000
Net book value
At 30 July 2022 420,000
At 30 July 2021 480,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 31 July 2021 103,388 11,995 115,383
Additions 4,656 - 4,656
Disposals (204) - (204)
At 30 July 2022 107,840 11,995 119,835
Depreciation
At 31 July 2021 27,787 5,998 33,785
Charge for the year 11,411 2,999 14,410
On disposals (204) - (204)
At 30 July 2022 38,994 8,997 47,991
Net book value
At 30 July 2022 68,846 2,998 71,844
At 30 July 2021 75,601 5,997 81,598
5 Debtors 2022 2021
£ £
Other debtors 269,661 179,732
6 Creditors: amounts falling due within one year 2022 2021
£ £
Bank loans and overdrafts 94,593 88,681
Trade creditors 450,548 555,204
Taxation and social security costs 30,487 35,447
Other creditors 144,932 108,386
720,560 787,718
7 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 35,866 38,886
8 Loans 2022 2021
£ £
Creditors include:
Secured bank loans and overdrafts 55,827 43,461
Security is given by way of a personal guarantee provided by the director.
9 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr N Bell
The loan is provided unsecured,
interest free and is repayable on
demand.
13,129 41,920 (49,109) 5,940
13,129 41,920 (49,109) 5,940
10 Controlling party
The ultimate controlling party is Mr N Bell by virtue of his directorship and shareholding.
11 Other information
MOTO CENTRAL LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Moto Central Building Asfare Business Park
Hinckley Road
Wolvey
Leicestershire
LE10 3JG
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