Motor-Count Limited 01927486 false 2022-07-01 2023-06-30 2023-06-30 The principal activity of the company is retail of motor vehicle parts and accessories. Digita Accounts Production Advanced 6.30.9574.0 true true 01927486 2022-07-01 2023-06-30 01927486 2023-06-30 01927486 bus:OrdinaryShareClass1 2023-06-30 01927486 bus:Revised 2023-06-30 01927486 core:CurrentFinancialInstruments 2023-06-30 01927486 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 01927486 core:FurnitureFittingsToolsEquipment 2023-06-30 01927486 core:MotorVehicles 2023-06-30 01927486 bus:SmallEntities 2022-07-01 2023-06-30 01927486 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 01927486 bus:FullAccounts 2022-07-01 2023-06-30 01927486 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 01927486 bus:RegisteredOffice 2022-07-01 2023-06-30 01927486 bus:Director1 2022-07-01 2023-06-30 01927486 bus:Director2 2022-07-01 2023-06-30 01927486 bus:Director3 2022-07-01 2023-06-30 01927486 bus:Director4 2022-07-01 2023-06-30 01927486 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 01927486 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 01927486 core:FurnitureFittings 2022-07-01 2023-06-30 01927486 core:FurnitureFittingsToolsEquipment 2022-07-01 2023-06-30 01927486 core:MotorCars 2022-07-01 2023-06-30 01927486 core:MotorVehicles 2022-07-01 2023-06-30 01927486 countries:UnitedKingdom 2022-07-01 2023-06-30 01927486 2022-06-30 01927486 core:FurnitureFittingsToolsEquipment 2022-06-30 01927486 core:MotorVehicles 2022-06-30 01927486 2021-07-01 2022-06-30 01927486 2022-06-30 01927486 bus:OrdinaryShareClass1 2022-06-30 01927486 core:CurrentFinancialInstruments 2022-06-30 01927486 core:CurrentFinancialInstruments core:WithinOneYear 2022-06-30 01927486 core:FurnitureFittingsToolsEquipment 2022-06-30 01927486 core:MotorVehicles 2022-06-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 01927486

Motor-Count Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Motor-Count Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Motor-Count Limited

(Registration number: 01927486)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

12,186

16,238

Current assets

 

Stocks

6

148,946

193,578

Debtors

7

14,645

17,275

Cash at bank and in hand

 

66,242

100,342

 

229,833

311,195

Creditors: Amounts falling due within one year

8

(78,607)

(92,449)

Net current assets

 

151,226

218,746

Total assets less current liabilities

 

163,412

234,984

Provisions for liabilities

(2,315)

(3,383)

Net assets

 

161,097

231,601

Capital and reserves

 

Called up share capital

9

50,000

50,000

Retained earnings

111,097

181,601

Shareholders' funds

 

161,097

231,601

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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

Approved and authorised by the Board on 7 November 2023 and signed on its behalf by:
 

 

Motor-Count Limited

(Registration number: 01927486)
Balance Sheet as at 30 June 2023

.........................................
Mr S E Barnes
Director

.........................................
Mrs Z Martin
Director

.........................................
Mr B B Barnes
Director

.........................................
Mrs J Barnes
Director

 

Motor-Count Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Units 6 & 7 Poole Court
Pasture Road
Goole
East Yorkshire
DN14 6HD
United Kingdom

These financial statements were authorised for issue by the Board on 7 November 2023.

2

Accounting policies

Statement of compliance

These 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 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 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.

 

Motor-Count Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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

Fixtures, fittings & equipment

10% straight line

Motor vehicles

20% straight line

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Motor-Count Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

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 7 (2022 - 7).

4

Loss before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

4,053

4,052

 

Motor-Count Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

108,948

44,678

153,626

Disposals

(54,730)

(12,795)

(67,525)

At 30 June 2023

54,218

31,883

86,101

Depreciation

At 1 July 2022

107,932

29,456

137,388

Charge for the year

137

3,915

4,052

Eliminated on disposal

(54,730)

(12,795)

(67,525)

At 30 June 2023

53,339

20,576

73,915

Carrying amount

At 30 June 2023

879

11,307

12,186

At 30 June 2022

1,016

15,222

16,238

6

Stocks

2023
£

2022
£

Other inventories

148,946

193,578

7

Debtors

Current

2023
£

2022
£

Trade debtors

7,063

4,202

Prepayments

7,582

6,862

Other debtors

-

6,211

 

14,645

17,275

 

Motor-Count Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

35,000

40,000

Trade creditors

 

22,289

29,305

Taxation and social security

 

18,860

16,414

Accruals and deferred income

 

2,200

5,644

Other creditors

 

258

1,086

 

78,607

92,449

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

50,000

50,000

50,000

50,000

         

10

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

35,000

40,000