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Registration number: NI653620

Ballynahinch Motor Factors Limited

Filleted Financial Statements

for the Year Ended 30 June 2023

 

Ballynahinch Motor Factors Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 10

 

Ballynahinch Motor Factors Limited

Company Information

Directors

Mr Gary Rodgers

Mrs Margaret Rodgers

Registered office

34a Magheratimpany Road
Ballynahinch
Down
BT24 8NZ

 

Ballynahinch Motor Factors Limited

(Registration number: NI653620)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

11,700

14,040

Tangible assets

5

83,299

81,764

 

94,999

95,804

Current assets

 

Stocks

6

205,000

235,000

Debtors

7

189,474

201,995

Cash at bank and in hand

 

401,803

294,508

 

796,277

731,503

Creditors: Amounts falling due within one year

8

(500,457)

(526,524)

Net current assets

 

295,820

204,979

Total assets less current liabilities

 

390,819

300,783

Creditors: Amounts falling due after more than one year

8

(25,948)

(39,698)

Net assets

 

364,871

261,085

Capital and reserves

 

Called up share capital

12

100

100

Retained earnings

364,771

260,985

Shareholders' funds

 

364,871

261,085

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.

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.

 

Ballynahinch Motor Factors Limited

(Registration number: NI653620)
Balance Sheet as at 30 June 2023

Approved and authorised by the Board on 15 November 2023 and signed on its behalf by:
 

.........................................
Mr Gary Rodgers
Director

 

Ballynahinch Motor Factors Limited

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

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
34a Magheratimpany Road
Ballynahinch
Down
BT24 8NZ

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.

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 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.

 

Ballynahinch Motor Factors Limited

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

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

Motor Vehicles

25% Reducing Balance

Fixtures and Fittings

15% Reducing Balance

Plant and Machinery

15% Reducing Balance

Office Equipment

20% Reducing Balance

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.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% Straight Line

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.

 

Ballynahinch Motor Factors Limited

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

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.

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.

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Ballynahinch Motor Factors Limited

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

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 8 (2022 - 8).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2022

23,400

23,400

At 30 June 2023

23,400

23,400

Amortisation

At 1 July 2022

9,360

9,360

Amortisation charge

2,340

2,340

At 30 June 2023

11,700

11,700

Carrying amount

At 30 June 2023

11,700

11,700

At 30 June 2022

14,040

14,040

 

Ballynahinch Motor Factors Limited

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

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2022

4,611

88,053

23,418

116,082

Additions

3,501

20,095

-

23,596

Disposals

-

(7,650)

-

(7,650)

At 30 June 2023

8,112

100,498

23,418

132,028

Depreciation

At 1 July 2022

2,148

25,439

6,730

34,317

Charge for the year

834

16,305

2,503

19,642

Eliminated on disposal

-

(5,230)

-

(5,230)

At 30 June 2023

2,982

36,514

9,233

48,729

Carrying amount

At 30 June 2023

5,130

63,984

14,185

83,299

At 30 June 2022

2,462

62,614

16,688

81,764

6

Stocks

2023
£

2022
£

Other inventories

205,000

235,000

7

Debtors

2023
£

2022
£

Trade debtors

187,853

201,995

Prepayments

1,621

-

189,474

201,995

 

Ballynahinch Motor Factors Limited

Notes to the 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

9

308,210

318,640

Trade creditors

 

93,568

135,492

Taxation and social security

 

93,423

68,633

Accruals and deferred income

 

2,750

2,750

Other creditors

 

2,506

1,009

 

500,457

526,524

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

25,948

39,698

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

20,001

30,000

Finance lease liabilities

5,947

9,698

25,948

39,698

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Finance lease liabilities

3,750

3,750

Other borrowings

294,460

304,890

308,210

318,640

 

Ballynahinch Motor Factors Limited

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

10

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £200.00 per each Ordinary Share

 

20,000

 

20,000

         

11

Related party transactions

2023

At 1 July 2022
£

Advances to director
£

Repayments by director
£

At 30 June 2023
£

Mr Gary Rodgers

Director's loan account

212,380

(14,790)

-

197,589

         
       

Mrs Margaret Rodgers

Director's loan account

92,512

-

4,358

96,870

         
       

 

2022

At 1 July 2021
£

Advances to director
£

At 30 June 2022
£

Mr Gary Rodgers

Director's loan account

231,164

(18,784)

212,380

       
     

Mrs Margaret Rodgers

Director's loan account

100,071

(7,560)

92,512

       
     

 

12

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100