Registered number
11850389
Mike Bennett Motors Limited
Filleted Accounts
31 March 2023
Mike Bennett Motors Limited
Registered number: 11850389
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,900 3,800
Current assets
Cash at bank and in hand 413,610 265,511
Creditors: amounts falling due within one year 4 (80,453) (30,416)
Net current assets 333,157 235,095
Total assets less current liabilities 335,057 238,895
Creditors: amounts falling due after more than one year 5 - -
Net assets 335,056 238,894
Capital and reserves
Profit and loss account 335,056 238,894
Shareholders' funds 335,056 238,894
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.
Michael Bennett
Director
Approved by the board on 19 May 2023
Mike Bennett Motors Limited
Notes to the Accounts
for the year ended 31 March 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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
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.
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 Tangible fixed assets
Motor vehicles
£
Cost
Additions -
At 31 March 2023 9,500
Depreciation
At 31 March 2023 7,600
Net book value
At 31 March 2023 1,900
4 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts - -
Corporation tax 29,637 23,794
Other taxes and social security costs 10,555 6,361
80,453 30,416
5 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans - -
Other creditors - -
- -
6 Other information
Mike Bennett Motors Limited is a private company limited by shares and incorporated in England. Its registered office is:
18 Century Building
Tower Street
Liverpool
L3 4BJ
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