Metro Auto Centre Ltd
Registered number: SC552633
Balance Sheet
as at 31 December 2022
Notes 2022 2021
£ £
Fixed assets
Intangible assets 3 943 1,885
Tangible assets 4 36,942 32,230
37,885 34,115
Current assets
WIP and closing stocks 1,704 7,945
Cash at bank and in hand 112,893 77,878
114,597 85,823
Creditors: amounts falling due within one year 5 (82,817) (65,373)
Net current assets 31,780 20,450
Net assets 69,665 54,565
Capital and reserves
Called up share capital 100 100
Profit and loss account 69,565 54,465
Shareholder's funds 69,665 54,565
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 member has 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.
R Dunnet
Director
Approved by the board on 26 December 2023
Metro Auto Centre Ltd
Notes to the Accounts
for the year ended 31 December 2022
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.
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:
Plant and machinery 20% reducing balance
Motor vehicles 20% reducing balance
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. 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 2022 2021
Number Number
Average number of persons employed by the company 5 5
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2022 6,599
At 31 December 2022 6,599
Amortisation
At 1 January 2022 4,714
Provided during the year 942
At 31 December 2022 5,656
Net book value
At 31 December 2022 943
At 31 December 2021 1,885
Goodwill is being written off in equal annual instalments over its estimated economic life of 7 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2022 67,598 3,824 71,422
Additions 13,948 - 13,948
At 31 December 2022 81,546 3,824 85,370
Depreciation
At 1 January 2022 36,622 2,570 39,192
Charge for the year 8,985 251 9,236
At 31 December 2022 45,607 2,821 48,428
Net book value
At 31 December 2022 35,939 1,003 36,942
At 31 December 2021 30,976 1,254 32,230
5 Creditors: amounts falling due within one year 2022 2021
£ £
Directors current account 65,868 46,816
Other taxes and social security costs 14,475 17,433
Other creditors 2,474 1,124
82,817 65,373
6 Controlling party
The company was under the control of the director throughout the current and previous years.
7 Other information
Metro Auto Centre Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
Bonnington Bond
2 Anderson Place
Edinburgh
EH6 5NP
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