Registered number
07968411
MEM Motors Ltd
Filleted Accounts
28 February 2023
MEM Motors Ltd
Registered number: 07968411
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 5,116 2,706
Current assets
Stocks 333 333
Debtors 4 18,058 15,496
Cash at bank and in hand 324,435 275,927
342,826 291,756
Creditors: amounts falling due within one year 5 (63,756) (90,276)
Net current assets 279,070 201,480
Total assets less current liabilities 284,186 204,186
Creditors: amounts falling due after more than one year 6 (39,392) (46,050)
Net assets 244,794 158,136
Capital and reserves
Called up share capital 3 3
Profit and loss account 244,791 158,133
Shareholders' funds 244,794 158,136
The director is 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 director acknowledges his 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.
M Graves
Director
Approved by the board on 24 November 2023
MEM Motors 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 received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
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:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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. Unrelieved tax losses assets are recognised only to the extent that it is probable that they will be recovered against other future taxable profits. Current tax liabilities are not discounted.
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 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 March 2022 2,729 11,926 14,655
Additions 2,950 - 2,950
At 28 February 2023 5,679 11,926 17,605
Depreciation
At 1 March 2022 2,205 9,744 11,949
Charge for the year 104 436 540
At 28 February 2023 2,309 10,180 12,489
Net book value
At 28 February 2023 3,370 1,746 5,116
At 28 February 2022 524 2,182 2,706
4 Debtors 2023 2022
£ £
Trade debtors 18,058 15,496
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 27,461 26,459
Corporation tax 20,466 10,287
Other taxes and social security costs 8,201 12,919
Other creditors 7,628 40,611
63,756 90,276
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 39,392 46,050
7 Other information
MEM Motors Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Allan Street
Darlington
Dl1 2NR
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