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Registration number: 05017686

Moreland Motor Services Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 March 2023

 

Moreland Motor Services Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 8

 

Moreland Motor Services Limited

Company Information

Directors

Mr. G. M. Carter

Mr. S. J. Harding

Company secretary

Mr. S. J. Harding

Registered office

First Floor, Unit E2
Fareham Heights
Standard Way
Fareham
Hampshire
PO16 8XT

Accountants

Palmer, Riley & Co.
Chartered Accountants
First Floor, Unit E2
Fareham Heights
Standard Way
Fareham
Hampshire
PO16 8XT

 

Moreland Motor Services Limited

(Registration number: 05017686)
Abridged Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

33,653

34,670

Current assets

 

Stocks

5

16,802

16,002

Debtors

6

61,463

62,774

Cash at bank and in hand

 

121,143

90,057

 

199,408

168,833

Prepayments and accrued income

 

6,439

6,606

Creditors: Amounts falling due within one year

(93,332)

(83,841)

Net current assets

 

112,515

91,598

Total assets less current liabilities

 

146,168

126,268

Provisions for liabilities

(6,394)

(6,587)

Accruals and deferred income

 

(1,833)

(2,054)

Net assets

 

137,941

117,627

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

137,939

117,625

Shareholders' funds

 

137,941

117,627

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.


 

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 8 November 2023 and signed on its behalf by:
 

.........................................
Mr. G. M. Carter
Director

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Moreland Motor Services Limited

(Registration number: 05017686)
Abridged Balance Sheet as at 31 March 2023

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Moreland Motor Services Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
First Floor, Unit E2
Fareham Heights
Standard Way
Fareham
Hampshire
PO16 8XT

These financial statements were authorised for issue by the Board on 8 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Moreland Motor Services Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and Machinery

15% Reducing Balance

Motor Vehicles

25% Reducing Balance

Office Equipment

15% Reducing Balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Moreland Motor Services Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2022 - 10).

 

Moreland Motor Services Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

6,000

9,417

77,885

93,302

Additions

-

-

5,059

5,059

At 31 March 2023

6,000

9,417

82,944

98,361

Depreciation

At 1 April 2022

4,091

8,265

46,276

58,632

Charge for the year

285

290

5,501

6,076

At 31 March 2023

4,376

8,555

51,777

64,708

Carrying amount

At 31 March 2023

1,624

862

31,167

33,653

At 31 March 2022

1,909

1,152

31,609

34,670

5

Stocks

2023
£

2022
£

Other inventories

16,802

16,002

6

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

2

2

2

2

         
 

Moreland Motor Services Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

8

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £38,040.00 (2022 - £39,000.00) per ordinary share

 

76,080

 

78,000

         

9

Related party transactions

Transactions with directors

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Mr. G. M. Carter

Loan charged interest at 2.5% p.a.

15,845

50,393

(49,962)

16,276

         
       

Mr. S. J. Harding

Loan charged interest at 2.5% p.a.

12,831

42,599

(47,777)

7,653

         
       

 

2022

At 1 April 2021
£

Advances to director
£

Repayments by director
£

At 31 March 2022
£

Mr. G. M. Carter

Loan charged interest at 2.5% p.a.

13,518

58,063

(55,736)

15,845

         
       

Mr. S. J. Harding

Loan charged interest at 2.5% p.a.

10,811

48,743

(46,723)

12,831

         
       

 

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

23,811

24,460

Contributions paid to money purchase schemes

3,600

3,600

27,411

28,060

In respect of the highest paid director:

2023
£

2022
£

Remuneration

11,924

12,486