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Registration number: 11193046

Unit 4 Motor Services Ltd

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2023

 

Unit 4 Motor Services Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Unit 4 Motor Services Ltd

Company Information

Director

Mr Anthony Varney

Registered office

Unit 4 Gainsford Hall
Toppesfield
Essex
CO9 4EJ

Accountants

Anthony Russel Limited
Winghams House
9 Freeport Office Village
Century Drive
Braintree
Essex
CM77 8YG

 

Unit 4 Motor Services Ltd

(Registration number: 11193046)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

6,011

6,366

Current assets

 

Stocks

5

6,987

3,163

Debtors

6

9,898

4,561

Cash at bank and in hand

 

47,865

43,361

 

64,750

51,085

Creditors: Amounts falling due within one year

7

(27,516)

(20,290)

Net current assets

 

37,234

30,795

Total assets less current liabilities

 

43,245

37,161

Creditors: Amounts falling due after more than one year

7

(17,639)

(20,417)

Provisions for liabilities

(584)

(986)

Net assets

 

25,022

15,758

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

25,021

15,757

Shareholders' funds

 

25,022

15,758

 

Unit 4 Motor Services Ltd

(Registration number: 11193046)
Balance Sheet as at 28 February 2023

For the financial year ending 28 February 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 10 November 2023
 

.........................................
Mr Anthony Varney
Director

 

Unit 4 Motor Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 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 4 Gainsford Hall
Toppesfield
Essex
CO9 4EJ

These financial statements were authorised for issue by the director on 10 November 2023.

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 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.

 

Unit 4 Motor Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 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

Plant and machinery

25% reducing balance

Motor vehicles

25% reducing balance

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.

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.

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.

 

Unit 4 Motor Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 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 the director) during the year, was 3 (2022 - 2).

 

Unit 4 Motor Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2022

7,150

10,360

17,510

Additions

2,150

-

2,150

Disposals

(2,400)

-

(2,400)

At 28 February 2023

6,900

10,360

17,260

Depreciation

At 1 March 2022

4,200

6,944

11,144

Charge for the year

908

854

1,762

Eliminated on disposal

(1,657)

-

(1,657)

At 28 February 2023

3,451

7,798

11,249

Carrying amount

At 28 February 2023

3,449

2,562

6,011

At 28 February 2022

2,950

3,416

6,366

5

Stocks

2023
£

2022
£

Work in progress

4,927

1,183

Other inventories

2,060

1,980

6,987

3,163

6

Debtors

Current

2023
£

2022
£

Trade debtors

6,259

2,393

Prepayments

3,004

2,168

Other debtors

635

-

 

9,898

4,561

 

Unit 4 Motor Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
 £

2022
 £

Due within one year

 

Bank loans and overdrafts

9

4,371

2,603

trade creditors

 

11,097

6,253

PAYE and NIC

 

-

292

VAT

 

3,755

8,821

Other creditors

 

-

40

Corporation tax

 

6,703

796

Accrued expenses

 

1,590

1,485

 

27,516

20,290

Due after one year

 

Loans and borrowings

9

17,639

20,417

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

17,639

20,417

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

         
 

Unit 4 Motor Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

17,639

20,417

2023
£

2022
£

Current loans and borrowings

Bank borrowings

2,500

2,500

Other borrowings

1,871

103

4,371

2,603

10

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £17,600.00 (2022 - £10,000.00) per each Ordinary

 

17,600

 

10,000

         
 

Unit 4 Motor Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

11

Related party transactions

Transactions with directors

The following advances and credits to a director subsisted during the years ended 28 February 2023 and 28 February 2022:

Interest of 2% is charged on the loan.

Transactions with the director

2023

At 1 March 2022
£

Advances to director
£

Repayments by director
£

At 28 February 2023
£

(103)

33,423

(35,192)

(1,871)

         
       

 

2022

At 1 March 2021
£

Advances to director
£

Repayments by director
£

At 28 February 2022
£

(1,213)

28,081

(26,971)

(103)

         
       

 

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

11,935

12,960

Contributions paid to money purchase schemes

170

152

12,105

13,112