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REGISTERED NUMBER: 06810722 (England and Wales)










The Motorists Centre (New Milton)
Limited

Unaudited Financial Statements

for the Year Ended 31 March 2023






The Motorists Centre (New Milton)
Limited (Registered number: 06810722)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


The Motorists Centre (New Milton)
Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: M S Vernam
K A Vernam





REGISTERED OFFICE: 7 Lynwood Court
Priestlands Place
Lymington
Hampshire
SO41 9GA





REGISTERED NUMBER: 06810722 (England and Wales)

The Motorists Centre (New Milton)
Limited (Registered number: 06810722)

Balance Sheet
31 March 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 140,522 145,899
140,522 145,899

CURRENT ASSETS
Stocks 6 150,181 122,346
Debtors 7 8,733 8,812
Cash at bank and in hand 267,151 232,755
426,065 363,913
CREDITORS
Amounts falling due within one year 8 (128,243 ) (96,102 )
NET CURRENT ASSETS 297,822 267,811
TOTAL ASSETS LESS CURRENT
LIABILITIES

438,344

413,710

PROVISIONS FOR LIABILITIES (1,029 ) (1,545 )

PENSION LIABILITY (279 ) -
NET ASSETS 437,036 412,165

CAPITAL AND RESERVES
Called up share capital 50 50
Retained earnings 436,986 412,115
437,036 412,165

The Motorists Centre (New Milton)
Limited (Registered number: 06810722)

Balance Sheet - continued
31 March 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 November 2023 and were signed on its behalf by:





M S Vernam - Director


The Motorists Centre (New Milton)
Limited (Registered number: 06810722)

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

1. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

2. ACCOUNTING POLICIES

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 company's functional and presentational currency is pound sterling.

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.

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

TANGIBLE ASSETS
Tangible assets are stated in the statement of financial position 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 classDepreciation method and rate
Freehold land and buildings50 years straight line basis
Fixtures and fittings25% reducing balance
Motor vehicles25% reducing balance
Office equipment25% reducing balance
Plant and Machinery25% reducing balance

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 and after eliminating sales within the company.

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.


The Motorists Centre (New Milton)
Limited (Registered number: 06810722)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued
TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

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 tradedebtors 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.

The Motorists Centre (New Milton)
Limited (Registered number: 06810722)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

TRADE CREDITORS
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of the 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 month 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.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 6 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 90,000
AMORTISATION
At 1 April 2022
and 31 March 2023 90,000
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 -

The Motorists Centre (New Milton)
Limited (Registered number: 06810722)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 April 2022 165,789 208 6,430
Disposals - - (948 )
At 31 March 2023 165,789 208 5,482
DEPRECIATION
At 1 April 2022 26,069 132 5,095
Charge for year 3,315 19 311
Eliminated on disposal - - (856 )
At 31 March 2023 29,384 151 4,550
NET BOOK VALUE
At 31 March 2023 136,405 57 932
At 31 March 2022 139,720 76 1,335

Motor Office
vehicles equipment Totals
£    £    £   
COST
At 1 April 2022 27,495 6,307 206,229
Disposals - (5,543 ) (6,491 )
At 31 March 2023 27,495 764 199,738
DEPRECIATION
At 1 April 2022 23,825 5,209 60,330
Charge for year 918 125 4,688
Eliminated on disposal - (4,946 ) (5,802 )
At 31 March 2023 24,743 388 59,216
NET BOOK VALUE
At 31 March 2023 2,752 376 140,522
At 31 March 2022 3,670 1,098 145,899

6. STOCKS
2023 2022
£    £   
Finished goods and goods for resale 150,181 122,346

The Motorists Centre (New Milton)
Limited (Registered number: 06810722)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 8,733 8,812

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 81,906 55,821
Corporation tax liability 31,422 26,846
Social security and other taxes 1,970 8,853
VAT 10,592 -
Other creditors 38 36
Directors' current accounts - 2,341
Accruals and deferred income 2,315 2,205
128,243 96,102