Registered number
11214911
LEYTON MIDLAND CARS LTD
Unaudited Filleted Accounts
28 February 2023
TEMPLETONS (UK) LIMITED
CHARTERED ACCOUNTANTS
309 HOE STREET
WALTHAMSTOW
LONDON E17 9BG
LEYTON MIDLAND CARS LTD
Registered number: 11214911
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 - 4,680
Tangible assets 4 3,585 2,727
3,585 7,407
Current assets
Cash at bank and in hand 137,556 54,329
Creditors: amounts falling due within one year 5 (38,148) (26,471)
Net current assets 99,408 27,858
Net assets 102,993 35,265
Capital and reserves
Called up share capital 100 100
Profit and loss account 102,893 35,165
Shareholders' funds 102,993 35,265
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S Khalid
Director
Approved by the board on 22 November 2023
LEYTON MIDLAND CARS LTD
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicle 25% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 6
3 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2022 23,400
At 28 February 2023 23,400
Amortisation
At 1 March 2022 18,720
Provided during the year 4,680
At 28 February 2023 23,400
Net book value
At 28 February 2023 -
At 28 February 2022 4,680
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 March 2022 550 8,068 8,618
Additions 2,053 - 2,053
At 28 February 2023 2,603 8,068 10,671
Depreciation
At 1 March 2022 376 5,515 5,891
Charge for the year 557 638 1,195
At 28 February 2023 933 6,153 7,086
Net book value
At 28 February 2023 1,670 1,915 3,585
At 28 February 2022 174 2,553 2,727
5 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 33,551 23,750
Other creditors 4,597 2,721
38,148 26,471
6 Controlling party
The company was under the control of Mr M K Bashir and Mrs S Khalid, directors and shareholders of the company, throughout the year.
7 Other information
LEYTON MIDLAND CARS LTD is a private company limited by shares and incorporated in England. Its registered office is:
309 Hoe Street
Walthamstow
London
E17 9BG
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