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REGISTERED NUMBER: 02525083 (England and Wales)









MAJOR MOTOR SERVICES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023






MAJOR MOTOR SERVICES LIMITED (REGISTERED NUMBER: 02525083)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MAJOR MOTOR SERVICES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2023







DIRECTORS: D Patel
Mrs S Patel





SECRETARY: D Patel





REGISTERED OFFICE: City House
64 Sloper Road
Leckwith
Cardiff
CF1 8AB





REGISTERED NUMBER: 02525083 (England and Wales)






MAJOR MOTOR SERVICES LIMITED (REGISTERED NUMBER: 02525083)

BALANCE SHEET
31 JULY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 554,345 554,959

CURRENT ASSETS
Stocks 94,500 98,500
Debtors 5 5,024 15,757
Cash at bank and in hand 9,964 14,658
109,488 128,915
CREDITORS
Amounts falling due within one year 6 392,992 417,533
NET CURRENT LIABILITIES (283,504 ) (288,618 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

270,841

266,341

CREDITORS
Amounts falling due after more than one year 7 68,208 72,865
NET ASSETS 202,633 193,476

MAJOR MOTOR SERVICES LIMITED (REGISTERED NUMBER: 02525083)

BALANCE SHEET - continued
31 JULY 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 10 98 98
Non distributable reserve 320,742 320,742
Retained earnings (118,207 ) (127,364 )
SHAREHOLDERS' FUNDS 202,633 193,476

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 April 2024 and were signed on its behalf by:





D Patel - Director


MAJOR MOTOR SERVICES LIMITED (REGISTERED NUMBER: 02525083)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1. STATUTORY INFORMATION

Major Motor Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. In making their assessment, the directors have reviewed the balance sheet, the likely future cashflows of the business and have considered the facilities that are available to the company along with their continued support.

At the date of approving the financial statements the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and that the going concern basis of accounting remains appropriate. The directors continue to adopt the going concern basis of accounting in preparing the financial statements.

MAJOR MOTOR SERVICES LIMITED (REGISTERED NUMBER: 02525083)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

2. ACCOUNTING POLICIES - continued

Significant judgements and estimates
In the application of the company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate id revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Management makes an estimate of the recoverable value of trade and other debtors. When assessing these balances for impairment, management considers a range of factors including the current credit rating of the debtor, ageing profile as well as historical experience.

In assessing the recoverability of balances with connected companies, management periodically reviews the financial of these entities to gain assurance as to the recoverability.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for the services provided to the customer during the normal course of business. Turnover is recognised at the point when all benefits of the services provided are transferred to the customer.

Rental income is recognised at the fair value received or receivable in the normal course of business and in the period which it relates.

Employee Benefits
The company provides a wide range of benefits which includes; paid holidays and defined contribution pension plans. Short term employee benefit are recognised as an expense in the profit and loss account for the period in which the service is received.

MAJOR MOTOR SERVICES LIMITED (REGISTERED NUMBER: 02525083)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation is provided at the following annual rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives:

Plant and machinery - 25% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment -25% on reducing balance

In the opinion of the directors the residual value of the freehold property is in line with the valuation. No depreciation has been charged in the year.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Stocks
Stocks are valued at the estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


MAJOR MOTOR SERVICES LIMITED (REGISTERED NUMBER: 02525083)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

MAJOR MOTOR SERVICES LIMITED (REGISTERED NUMBER: 02525083)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

2. ACCOUNTING POLICIES - continued

Cash and cash equivalents
Cash and cash equivalents are basic financial instruments and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments
The company has elected to apply the provisions of Section 11 "Basic Financial Instruments".
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets are liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other debtors, loans to related companies and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors, loans to related companies and bank loans are initially recognised at transaction price unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the assets cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit and loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefit will be required in settlement and the amount can be reliably estimated.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

MAJOR MOTOR SERVICES LIMITED (REGISTERED NUMBER: 02525083)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST OR VALUATION
At 1 August 2022
and 31 July 2023 800,000 74,653 43,021
DEPRECIATION
At 1 August 2022 247,985 74,559 40,585
Charge for year - 24 487
At 31 July 2023 247,985 74,583 41,072
NET BOOK VALUE
At 31 July 2023 552,015 70 1,949
At 31 July 2022 552,015 94 2,436

Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1 August 2022
and 31 July 2023 13,250 18,482 949,406
DEPRECIATION
At 1 August 2022 13,076 18,242 394,447
Charge for year 43 60 614
At 31 July 2023 13,119 18,302 395,061
NET BOOK VALUE
At 31 July 2023 131 180 554,345
At 31 July 2022 174 240 554,959

MAJOR MOTOR SERVICES LIMITED (REGISTERED NUMBER: 02525083)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 July 2023 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2010 347,739 - 347,739
Cost 452,261 149,406 601,667
800,000 149,406 949,406

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,572 -
Other debtors 3,452 15,757
5,024 15,757

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 8) 20,029 35,400
Trade creditors 1,149 17,015
Taxation and social security 5,865 2,283
Other creditors 365,949 362,835
392,992 417,533

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 8) 68,208 72,865

MAJOR MOTOR SERVICES LIMITED (REGISTERED NUMBER: 02525083)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

8. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans < 1 year 20,029 35,400

Amounts falling due between two and five years:
Bank loans 68,208 72,865

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loan 76,337 92,165

The bank loan is secured through fixed and floating charges on all property.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
98 Ordinary Shares of £1 98 98

11. TRANSACTIONS WITH DIRECTORS

As at 31 July 2023 the company owes the directors £264,023 (2022: £261,831).

The loans are interest free and repayable on demand and included within creditors falling due within one year.