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COMPANY REGISTRATION NUMBER: 10159299
Infiniti Motor Works Limited
Filleted Unaudited Financial Statements
31 May 2023
Infiniti Motor Works Limited
Statement of Financial Position
31 May 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
20,050
21,398
Current assets
Stocks
2,264
2,936
Debtors
6
2,675
1,325
Cash at bank and in hand
1,905
3,051
-------
-------
6,844
7,312
Creditors: amounts falling due within one year
7
6,685
7,148
-------
-------
Net current assets
159
164
--------
--------
Total assets less current liabilities
20,209
21,562
Creditors: amounts falling due after more than one year
Bank loans and overdrafts
10,997
Provisions
Taxation including deferred tax
2,290
2,963
--------
--------
Net assets
17,919
7,602
--------
--------
Capital and reserves
Called up share capital
2
2
Profit and loss account
17,917
7,600
--------
-------
Shareholders funds
17,919
7,602
--------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Infiniti Motor Works Limited
Statement of Financial Position (continued)
31 May 2023
These financial statements were approved by the board of directors and authorised for issue on 24 November 2023 , and are signed on behalf of the board by:
Mr J Hobbs
Director
Company registration number: 10159299
Infiniti Motor Works Limited
Notes to the Financial Statements
Year ended 31 May 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 177a Liverpool Road, Eccles, Manchester, M30 0WD.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% reducing balance
Motor vehicles
-
15% reducing balance
Stocks
Stocks are measured at the lower of cost and net realisable value.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Plant and Machinery
Motor Vehicles
Total
£
£
£
Cost
At 1 June 2022
26,042
14,495
40,537
Additions
2,400
16,777
19,177
Disposals
( 21,677)
( 21,677)
--------
--------
--------
At 31 May 2023
28,442
9,595
38,037
--------
--------
--------
Depreciation
At 1 June 2022
13,173
5,966
19,139
Charge for the year
2,290
1,248
3,538
Disposals
( 4,690)
( 4,690)
--------
--------
--------
At 31 May 2023
15,463
2,524
17,987
--------
--------
--------
Carrying amount
At 31 May 2023
12,979
7,071
20,050
--------
--------
--------
At 31 May 2022
12,869
8,529
21,398
--------
--------
--------
6. Debtors
2023
2022
£
£
Trade debtors
2,675
1,325
-------
-------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
5,004
Trade creditors
77
302
Social security and other taxes
4,799
617
Other creditors
1,809
1,225
-------
-------
6,685
7,148
-------
-------
8. Related party transactions
At the year end the Company owed to its director £193 (2022 £44).