Mobility For You Limited 08848522 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is that of the sale of wheelchairs, powerchairs, rehab buggies, accessories and daily living aids. Digita Accounts Production Advanced 6.30.9574.0 true true 08848522 2022-04-01 2023-03-31 08848522 2023-03-31 08848522 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-03-31 08848522 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-03-31 08848522 core:CurrentFinancialInstruments 2023-03-31 08848522 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 08848522 core:Non-currentFinancialInstruments 2023-03-31 08848522 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 08848522 core:FurnitureFittingsToolsEquipment 2023-03-31 08848522 core:MotorVehicles 2023-03-31 08848522 bus:SmallEntities 2022-04-01 2023-03-31 08848522 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 08848522 bus:FullAccounts 2022-04-01 2023-03-31 08848522 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 08848522 bus:RegisteredOffice 2022-04-01 2023-03-31 08848522 bus:Director2 2022-04-01 2023-03-31 08848522 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 08848522 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 08848522 core:MotorVehicles 2022-04-01 2023-03-31 08848522 core:OfficeEquipment 2022-04-01 2023-03-31 08848522 countries:EnglandWales 2022-04-01 2023-03-31 08848522 2022-03-31 08848522 core:FurnitureFittingsToolsEquipment 2022-03-31 08848522 core:MotorVehicles 2022-03-31 08848522 2021-04-01 2022-03-31 08848522 2022-03-31 08848522 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-03-31 08848522 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-03-31 08848522 core:CurrentFinancialInstruments 2022-03-31 08848522 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 08848522 core:Non-currentFinancialInstruments 2022-03-31 08848522 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 08848522 core:FurnitureFittingsToolsEquipment 2022-03-31 08848522 core:MotorVehicles 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 08848522

Mobility For You Limited

Unaudited Financial Statements

for the Year Ended 31 March 2023

Brebners
Chartered Accountants
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

 

Mobility For You Limited

Statement of Financial Position as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

70,399

81,865

Current assets

 

Stocks

5

81,158

57,500

Debtors

6

165,703

192,200

Cash at bank and in hand

 

73,877

132,909

 

320,738

382,609

Creditors: Amounts falling due within one year

7

(301,060)

(325,295)

Net current assets

 

19,678

57,314

Total assets less current liabilities

 

90,077

139,179

Creditors: Amounts falling due after more than one year

7

(62,869)

(83,337)

Provisions for liabilities

-

(1,374)

Net assets

 

27,208

54,468

Capital and reserves

 

Called up share capital

100

100

Retained earnings

27,108

54,368

Shareholders' funds

 

27,208

54,468

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

 

Mobility For You Limited

Statement of Financial Position as at 31 March 2023

Approved and authorised by the Board on 28 March 2024 and signed on its behalf by:
 

.........................................

Mr Andrew Leese

Director

Company registration number: 08848522

 

Mobility For You Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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:
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

The principal activity of the company is that of the sale of wheelchairs, powerchairs, rehab buggies, accessories and daily living aids.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

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.

Going concern

The company made a loss for the year ended 31 March 2023 but had net assets at that date amounting to £27,208 including cash at bank and in hand of £73,877.

The company's cash flow forecasts indicate that the company has sufficient working capital to continue to operate for a period of at least twelve months from the approval of the financial statements.

On the basis of the above, and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

Where a legally binding contract is entered into and a deposit is paid, revenue is recognised at that point as the risks and rewards of ownership have passed to the customer.

 

Mobility For You Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Government grants

Grants are accounted for under the accruals model. Grants of a revenue nature are recognised in other income in the same period as the related expenditure.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Furniture, fittings and equipment

20% straight line

Motor Vehicles

20% 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.

 

Mobility For You Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Finance leases and hire purchase

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Statement of Financial Position as a finance lease obligation.

Lease payments are apportioned between finance costs in the Income Statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Assets held under hire purchase contracts are capitalised at the lesser of fair value or present value of minimum lease payments in the statement of financial position. The present value of the minimum lease payments is calculated using the interest rate implicit in the lease. A corresponding liability is recognised at the same value in the statement of financial position. The asset is then depreciated over its useful life.

The minimum lease payments are apportioned between the finance charge recognised in the income statement and the reduction of the outstanding liability using the effective interest method. The finance charge in each period is allocated so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

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.

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 income statement 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.

3

Staff numbers

The average number of persons employed by the company during the year was 7 (2022 - 7).

 

Mobility For You Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

25,584

77,017

102,601

Additions

6,262

-

6,262

At 31 March 2023

31,846

77,017

108,863

Depreciation

At 1 April 2022

13,034

7,702

20,736

Charge for the year

3,865

13,863

17,728

At 31 March 2023

16,899

21,565

38,464

Carrying amount

At 31 March 2023

14,947

55,452

70,399

At 31 March 2022

12,550

69,315

81,865

5

Stocks

2023
£

2022
£

Stock

81,158

57,500

6

Debtors

2023
£

2022
£

Trade debtors

89,129

100,316

Other debtors

76,574

91,884

165,703

192,200

 

Mobility For You Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Loans and borrowings

8

20,468

19,268

Trade creditors

 

139,821

125,839

Taxation and social security

 

12,528

13,656

Other creditors

 

128,243

166,532

 

301,060

325,295

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Loans and borrowings

8

62,869

83,337

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank loan

10,000

10,000

Hire purchase liabilities

10,468

9,268

20,468

19,268

2023
£

2022
£

Non-current loans and borrowings

Bank loan

21,667

31,666

Hire purchase liabilities

41,202

51,671

62,869

83,337

Amounts due under hire purchase contracts are secured on the assets involved.

9

Financial commitments, guarantees and contingencies

The total of future minimum lease payments not reflected in the statement of financial position amounts to £19,417 (2022: £27,739).

10

Transactions with Directors

At 31 March 2023 an amount of £7,107 (2022: £563) was due from a director. During the year advances of £6,544 and repayments of £nil were made. No interest was charged and there are no agreed terms in place.