A & M Motors (Norfolk) Limited 06727556 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is Motor Engineers Digita Accounts Production Advanced 6.30.9574.0 true 06727556 2022-04-01 2023-03-31 06727556 2023-03-31 06727556 bus:OrdinaryShareClass1 2023-03-31 06727556 core:RetainedEarningsAccumulatedLosses 2023-03-31 06727556 core:ShareCapital 2023-03-31 06727556 core:CurrentFinancialInstruments 2023-03-31 06727556 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 06727556 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 06727556 core:Goodwill 2023-03-31 06727556 core:LandBuildings 2023-03-31 06727556 core:MotorVehicles 2023-03-31 06727556 core:OtherPropertyPlantEquipment 2023-03-31 06727556 bus:SmallEntities 2022-04-01 2023-03-31 06727556 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 06727556 bus:FullAccounts 2022-04-01 2023-03-31 06727556 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 06727556 bus:RegisteredOffice 2022-04-01 2023-03-31 06727556 bus:Director1 2022-04-01 2023-03-31 06727556 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 06727556 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 06727556 core:Goodwill 2022-04-01 2023-03-31 06727556 core:LandBuildings 2022-04-01 2023-03-31 06727556 core:LeaseholdImprovements 2022-04-01 2023-03-31 06727556 core:MotorVehicles 2022-04-01 2023-03-31 06727556 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 06727556 core:PlantMachinery 2022-04-01 2023-03-31 06727556 countries:EnglandWales 2022-04-01 2023-03-31 06727556 2022-03-31 06727556 core:Goodwill 2022-03-31 06727556 core:LandBuildings 2022-03-31 06727556 core:MotorVehicles 2022-03-31 06727556 core:OtherPropertyPlantEquipment 2022-03-31 06727556 2021-04-01 2022-03-31 06727556 2022-03-31 06727556 bus:OrdinaryShareClass1 2022-03-31 06727556 core:RetainedEarningsAccumulatedLosses 2022-03-31 06727556 core:ShareCapital 2022-03-31 06727556 core:CurrentFinancialInstruments 2022-03-31 06727556 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 06727556 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 06727556 core:Goodwill 2022-03-31 06727556 core:LandBuildings 2022-03-31 06727556 core:MotorVehicles 2022-03-31 06727556 core:OtherPropertyPlantEquipment 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 06727556

A & M Motors (Norfolk) Limited

trading as A & M Motors

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

A & M Motors (Norfolk) Limited
trading as A & M Motors

Contents


 

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

A & M Motors (Norfolk) Limited
trading as A & M Motors

Registration number: 06727556

Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

6,885

9,180

Tangible assets

5

32,286

14,842

 

39,171

24,022

Current assets

 

Stocks

6

3,200

3,000

Debtors

7

28,189

59,825

Cash at bank and in hand

 

217,287

175,494

 

248,676

238,319

Creditors: Amounts falling due within one year

8

(96,262)

(91,156)

Net current assets

 

152,414

147,163

Total assets less current liabilities

 

191,585

171,185

Creditors: Amounts falling due after more than one year

8

(22,500)

(32,500)

Provisions for liabilities

(5,206)

(1,738)

Net assets

 

163,879

136,947

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

163,779

136,847

Total equity

 

163,879

136,947



The director's statements required by sections 475 (2) and (3) are shown on the following page which forms part of this Balance Sheet.

 

A & M Motors (Norfolk) Limited
trading as A & M Motors

Registration number: 06727556

Balance Sheet as at 31 March 2023 (continued)

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.

Director's 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 director acknowledges his 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.

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 16 November 2023
 


A Wallace
Director

 

A & M Motors (Norfolk) Limited
trading as A & M Motors

Notes to the Unaudited 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:
Unit 14
Shepherds Business Park
Norwich Road
Norwich
Norfolk
NR9 5SG

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 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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

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.

 

A & M Motors (Norfolk) Limited
trading as A & M Motors

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

2

Accounting policies (continued)

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.

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

25% Reducing balance

Motor Vehicles

25% Reducing balance

Leasehold improvements

Straight line over the term of the lease

 

A & M Motors (Norfolk) Limited
trading as A & M Motors

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

2

Accounting policies (continued)

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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.

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 the director) during the year, was 3 (2022 - 3).

 

A & M Motors (Norfolk) Limited
trading as A & M Motors

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

36,000

36,000

At 31 March 2023

36,000

36,000

Amortisation

At 1 April 2022

26,820

26,820

Amortisation charge

2,295

2,295

At 31 March 2023

29,115

29,115

Carrying amount

At 31 March 2023

6,885

6,885

At 31 March 2022

9,180

9,180

 

A & M Motors (Norfolk) Limited
trading as A & M Motors

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

5

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

2,012

9,750

56,572

68,334

Additions

-

11,175

13,133

24,308

Disposals

-

-

(1,973)

(1,973)

At 31 March 2023

2,012

20,925

67,732

90,669

Depreciation

At 1 April 2022

2,012

8,032

43,448

53,492

Charge for the year

-

429

6,266

6,695

Eliminated on disposal

-

-

(1,804)

(1,804)

At 31 March 2023

2,012

8,461

47,910

58,383

Carrying amount

At 31 March 2023

-

12,464

19,822

32,286

At 31 March 2022

-

1,718

13,124

14,842

Included within the net book value of land and buildings above is £Nil (2022 - £Nil) in respect of short leasehold land and buildings.
 

6

Stocks

2023
£

2022
£

Other inventories

3,200

3,000

 

A & M Motors (Norfolk) Limited
trading as A & M Motors

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

7

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

16,718

19,505

Directors loan account

-

23,646

Prepayments

 

2,785

1,554

Other debtors

 

8,686

15,120

   

28,189

59,825



The amount owed to the company at the year end in respect of the director's loan is shown above. It is company policy to charge interest on any overdrawn account at HM Revenue & Customs official rate of interest.

 

A & M Motors (Norfolk) Limited
trading as A & M Motors

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

10,000

10,000

Trade creditors

 

10,827

9,669

Amounts owed to related parties

10,990

-

Taxation and social security

 

21,445

24,960

Other creditors

 

43,000

46,527

 

96,262

91,156

Due after one year

 

Bank Loan

22,500

32,500

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Bank loan

22,500

32,500

 

A & M Motors (Norfolk) Limited
trading as A & M Motors

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares class 1 of £1 each

100

100

100

100