Company registration number 07993081 (England and Wales)
MOTEC (SW) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
MOTEC (SW) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
MOTEC (SW) LIMITED
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
21,144
28,686
Right of use assets
6
82,992
116,880
104,136
145,566
Current assets
Stocks
7
3,929
2,959
Debtors
8
236,207
127,790
Cash at bank and in hand
52,464
86,804
292,600
217,553
Creditors: amounts falling due within one year
9
(128,089)
(85,741)
Net current assets
164,511
131,812
Total assets less current liabilities
268,647
277,378
Creditors: amounts falling due after more than one year
10
(63,813)
(96,925)
Net assets
204,834
180,453
Capital and reserves
Called up share capital
13
100
100
Profit and loss reserves
204,734
180,353
Total equity
204,834
180,453

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 18 September 2023 and are signed on its behalf by:
Mr A M Selley
Director
Company Registration No. 07993081
MOTEC (SW) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
1
Accounting policies
Company information
Motec (SW) Limited is a company limited by shares incorporated in England & Wales. The registered office is 814 Leigh Road, Slough, Berkshire, SL1 4BD. The companies principle place of business is Unit 11, Torbay Business Park, Woodview Road, Paignton,Devon, TQ4 7HP.
1.1
Accounting convention

In preparing these financial statements, the company applies the recognition, measurement and disclosure requirements of International Accounting Standards in conformity with the requirements of the Companies Act 2006 and has set out below where advantage of the FRS 101 disclosure exemptions has been taken.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 101, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit and loss of the company. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Bid Corp Limited, the company's ultimate parent company. These consolidated financial statements are prepared in accordance with International Financial Reporting Standards and are publicly available on the Group's website (www.bidcorpgroup.com).

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

 

Revenue is recognised on repairs and servicing work carried out on motor vehicles when the work has been completed and there is a right to consideration.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

MOTEC (SW) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 3 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
20% per annum on a straight-line basis
Fixtures, fittings & equipment
20% per annum on a straight-line basis
Motor vehicles
20% per annum on a straight-line basis
Right of use assets
Over the length of the lease

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit and loss.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost, which is calculated using the first in, first out method, represents direct materials costs.

1.6
Financial instruments

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

MOTEC (SW) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Leases

Operating leases are brought onto the company's balance sheet with a right-of-use asset and an associated lease liability recognised.

 

At the commencement date the right-of-use asset is measured at cost, which is equal to the amount of the initial measurement of the lease liability plus payments made less incentives received before the commencement date of the lease.

 

The lease liability is initially measured at the present value of future lease payments. The present value of unpaid lease payments is the total lease payments unpaid, discounted at the company's incremental borrowing rate.

 

The right-of-use asset is subsequently measured at cost less accumulated depreciation and impairment losses, adjusted for any remeasurement of the lease liability arising from a reassessment of the lease term, revision to lease break assumptions or revision to in-substance fixed lease repayments.

 

The depreciation and impairment accounting policies applied to the right-of-use assets are consistent with those applied to the respective tangible asset categories with depreciation charged on a straight-line basis over the lease term.

 

The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made and adjusted to reflect any reassessment of the lease term. The interest expense is recognised in the profit and loss account.

 

The company has elected to account for short term leases expiring within 12 months using the practical expedients contained in IFRS 16 Leases. Instead of recognising a right-of-use asset and a lease liability, the lease payments in relation to such leases are recognised as an expense in Profit and Loss on a straight-line basis over the lease term.

MOTEC (SW) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
2
Turnover

An analysis of the company's turnover is as follows:

2023
2022
£
£
Maintenance and repair of motor vehicles
901,391
799,968

All turnover derives from the company's principal activity wholly undertaken in the United Kingdom.

3
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
4,300
3,900
Depreciation of owned tangible fixed assets
10,610
40,943
Depreciation of right-of-use assets
26,637
(27,501)
Profit on disposal of tangible fixed assets
-
(1,467)
Operating lease charges
-
(7,750)
4
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Directors
4
3
Workshop
5
6
Administration
2
3
Total
11
12

The directors were also directors of the intermediate parent companies. Details regarding emoluments are disclosed in the financial statements of those companies and those emoluments are borne by those companies. The directors do not believe that it is practicable to apportion these amounts between the services as director of the company and services as director of the fellow group undertakings. Accordingly, no charges for directors’ services have been made to the company.

MOTEC (SW) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
5
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2022
139,374
15,530
19,225
174,129
Additions
-
0
3,068
-
0
3,068
At 30 June 2023
139,374
18,598
19,225
177,197
Depreciation and impairment
At 1 July 2022
116,298
10,789
18,356
145,443
Depreciation charged in the year
8,344
1,813
453
10,610
At 30 June 2023
124,642
12,602
18,809
156,053
Carrying amount
At 30 June 2023
14,732
5,996
416
21,144
At 30 June 2022
23,076
4,741
869
28,686
6
Right-of-use-assets
Leasehold property
£
Cost
At 1 July 2022
195,463
Revaluation
7,823
At 30 June 2023
187,640
Depreciation and impairment
At 1 July 2022
78,583
Depreciation charged in the year
26,637
Revaluation
(572)
At 30 June 2023
104,648
Carrying amount
At 30 June 2023
82,992
At 30 June 2022
116,880

Leasehold property above represents the right-of-use assets on the leasing of properties occupied by the company.

MOTEC (SW) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
7
Stocks
2023
2022
£
£
Finished goods and goods for resale
3,929
2,959
8
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
11,388
10,556
Gross amounts owed by contract customers
33,679
10,967
Corporation tax recoverable
14,512
16,803
Amounts owed by group undertakings
140,612
61,417
Other debtors
15,675
9,220
Prepayments and accrued income
17,590
16,280
233,456
125,243
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 12)
2,751
2,547
Total debtors
236,207
127,790

The amounts owed by group undertakings are unsecured, interest free and repayable on demand.

9
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Lease obligations
11
27,884
26,318
Trade creditors
60,266
43,100
Taxation and social security
5,958
6,570
Accruals and deferred income
33,981
9,753
128,089
85,741
10
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Lease obligations
11
63,813
96,925
MOTEC (SW) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
11
Lease obligations
The actual cash flows of the lease repayments are as follows:
At 1 July 2022
Additions
Disposals
Interest (Note 6)
Capital repaid
At 30 June 2023
£
£
£
£
£
£
Leasehold property
123,243
-
5,822
(37,368)
91,697
Within 1     year
2-5 years
Over more than 5 years
Future cashflows included for renewal periods
Future     interest component
Total
£
£
£
£
£
£
Leasehold property
32,500
67,897
-
100,397
(8,700)
91,697

The lease obligations above represent the present value of the minimum lease payments, discounted at the company's incremental borrowing rate of 6%.

12
Deferred taxation

The analysis of the deferred tax balance is as follows:

Assets
Assets
2023
2022
Balances:
£
£
Accelerated capital allowances
2,751
2,523
IFRS 16 deferred tax asset
-
24
2,751
2,547
2023
Movements in the year:
£
Asset at 1 July 2022
(2,547)
Credit to profit or loss
(204)
Asset at 30 June 2023
(2,751)
13
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
MOTEC (SW) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 9 -
14
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Sean Murphy
Statutory Auditor:
Darnells Audit Limited
15
Related party transactions
Transactions with related parties

The company has taken advantage of the exemption under FRS101 from disclosing intra-group transactions where each party to the transaction is wholly-owned by the group.

16
Parent company

The immediate parent company is Caterfood Holdings Limited, a company incorporated in England & Wales. The ultimate parent company of Caterfood Holdings Limited is Bid Corporation Limited, a company incorporated in South Africa, whose registered office is 2nd Floor North Wing, 90 Rivonia Road, Sandton, Johannesburg, 2196, South Africa.

 

The smallest group in which the results of the company are consolidated is headed by Bidcorp Foodservice International Limited. The largest group in which the results of the company are consolidated is headed by Bid Corporation Limited. Copies of the consolidated financial statements of Bid Corporation Limited can be obtained from the Group's website (www.bidcorpgroup.com).

2023-06-302022-07-01false03 November 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityThis audit opinion is unqualifiedMr A M SelleyMs A BroganMr S D BenderMr P D J Atyeo079930812022-07-012023-06-30079930812023-06-3007993081core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-06-3007993081core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-06-3007993081core:PlantMachinery2023-06-3007993081core:FurnitureFittings2023-06-3007993081core:MotorVehicles2023-06-3007993081core:PlantMachinery2022-06-3007993081core:FurnitureFittings2022-06-3007993081core:MotorVehicles2022-06-30079930812022-06-3007993081core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-3007993081core:CurrentFinancialInstrumentscore:WithinOneYear2022-06-3007993081core:Non-currentFinancialInstrumentscore:AfterOneYear2023-06-3007993081core:Non-currentFinancialInstrumentscore:AfterOneYear2022-06-3007993081core:CurrentFinancialInstruments2023-06-3007993081core:CurrentFinancialInstruments2022-06-3007993081core:ShareCapital2023-06-3007993081core:ShareCapital2022-06-3007993081core:RetainedEarningsAccumulatedLosses2023-06-3007993081core:RetainedEarningsAccumulatedLosses2022-06-3007993081bus:Director12022-07-012023-06-3007993081core:PlantMachinery2022-07-012023-06-3007993081core:FurnitureFittings2022-07-012023-06-3007993081core:MotorVehicles2022-07-012023-06-30079930812021-07-012022-06-3007993081core:PlantMachinery2022-06-3007993081core:FurnitureFittings2022-06-3007993081core:MotorVehicles2022-06-3007993081core:Non-currentFinancialInstruments2023-06-3007993081core:Non-currentFinancialInstruments2022-06-3007993081bus:PrivateLimitedCompanyLtd2022-07-012023-06-3007993081bus:SmallCompaniesRegimeForAccounts2022-07-012023-06-3007993081bus:FRS1022022-07-012023-06-3007993081bus:Audited2022-07-012023-06-3007993081bus:Director22022-07-012023-06-3007993081bus:Director32022-07-012023-06-3007993081bus:Director42022-07-012023-06-3007993081bus:FullAccounts2022-07-012023-06-30xbrli:purexbrli:sharesiso4217:GBP