Registered number
08507906
N&E Motor Services Limited
Report and Accounts
30 April 2023
N&E Motor Services Limited
Registered number: 08507906
Balance Sheet
as at 30 April 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 155,802 66,355
Current assets
Stocks 231,358 215,013
Debtors 4 372 -
Cash at bank and in hand 3,687 11,064
235,417 226,077
Creditors: amounts falling due within one year 5 (168,792) (83,742)
Net current assets 66,625 142,335
Total assets less current liabilities 222,427 208,690
Creditors: amounts falling due after more than one year 6 (81,144) (31,293)
Provisions for liabilities (29,602) (12,448)
Net assets 111,681 164,949
Capital and reserves
Called up share capital 2 2
Profit and loss account 111,679 164,947
Shareholders' funds 111,681 164,949
The directors are 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 directors acknowledge their 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.
N Flear
Director
Approved by the board on 31 January 2024
N&E Motor Services Limited
Notes to the Accounts
for the year ended 30 April 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.
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 equipment 25% reducing balance
Motor vehicles 25% 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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 12 9
3 Tangible fixed assets
Plant and equipment Motor vehicles Total
£ £ £
Cost
At 1 May 2022 17,369 81,525 98,894
Additions 26,906 128,357 155,263
Disposals - (18,500) (18,500)
At 30 April 2023 44,275 191,382 235,657
Depreciation
At 1 May 2022 12,157 20,382 32,539
Charge for the year 8,034 43,907 51,941
On disposals - (4,625) (4,625)
At 30 April 2023 20,191 59,664 79,855
Net book value
At 30 April 2023 24,084 131,718 155,802
At 30 April 2022 5,212 61,143 66,355
4 Debtors 2023 2022
£ £
Other debtors 372 -
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 121,902 33,602
Trade creditors 3,151 305
Corporation tax - 11,271
Other taxes and social security costs 33,995 30,490
Directors' loan account 5,637 5,277
Accruals 1,522 1,812
Other creditors 2,585 985
168,792 83,742
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 81,144 31,293
7 Controlling party
The directors control 100% of the issued share capital of the Company.
8 Other information
N&E Motor Services Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 2 Silver Trees Farm
Westmoor Lane
Kettlethorpe
Lincoln
LN1 2JW
N&E Motor Services Limited 08507906 false 2022-05-01 2023-04-30 2023-04-30 VT Final Accounts October 2023 release 2 N Flear No description of principal activity 08507906 2021-05-01 2022-04-30 08507906 core:WithinOneYear 2022-04-30 08507906 core:AfterOneYear 2022-04-30 08507906 core:ShareCapital 2022-04-30 08507906 core:RetainedEarningsAccumulatedLosses 2022-04-30 08507906 2022-05-01 2023-04-30 08507906 bus:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 08507906 bus:AuditExemptWithAccountantsReport 2022-05-01 2023-04-30 08507906 bus:Director40 2022-05-01 2023-04-30 08507906 1 2022-05-01 2023-04-30 08507906 2 2022-05-01 2023-04-30 08507906 core:PlantMachinery 2022-05-01 2023-04-30 08507906 core:Vehicles 2022-05-01 2023-04-30 08507906 countries:England 2022-05-01 2023-04-30 08507906 bus:FRS102 2022-05-01 2023-04-30 08507906 bus:FullAccounts 2022-05-01 2023-04-30 08507906 2023-04-30 08507906 core:WithinOneYear 2023-04-30 08507906 core:AfterOneYear 2023-04-30 08507906 core:ShareCapital 2023-04-30 08507906 core:RetainedEarningsAccumulatedLosses 2023-04-30 08507906 core:PlantMachinery 2023-04-30 08507906 core:Vehicles 2023-04-30 08507906 2022-04-30 08507906 core:PlantMachinery 2022-04-30 08507906 core:Vehicles 2022-04-30 iso4217:GBP xbrli:pure