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Registration number: 01124969

Tarsel Motors Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Tarsel Motors Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Tarsel Motors Ltd

Company Information

Directors

S Olivier

M Olivier

Registered office

173 Church Hill Road,
Thurmaston
Leicester
LE4 8DH

Accountants

Alex Kinley AIMS Accountant
75 Swingbridge Road
Loughborough
LEICS
LE11 5JB

 

Tarsel Motors Ltd

(Registration number: 01124969)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,614

3,267

Current assets

 

Debtors

5

7,314

5,466

Cash at bank and in hand

 

9,495

8,947

 

16,809

14,413

Creditors: Amounts falling due within one year

6

(17,981)

(15,171)

Net current liabilities

 

(1,172)

(758)

Net assets

 

1,442

2,509

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

1,342

2,409

Shareholders' funds

 

1,442

2,509

For the financial year ending 31 July 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 8 November 2023 and signed on its behalf by:
 

 

Tarsel Motors Ltd

(Registration number: 01124969)
Balance Sheet as at 31 July 2023

.........................................
M Olivier
Director

 

Tarsel Motors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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:
173 Church Hill Road,
Thurmaston
Leicester
LE4 8DH

These financial statements were authorised for issue by the Board on 8 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

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

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

 

Tarsel Motors Ltd

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

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.

Tangible assets

Tangible assets are stated in the balance sheet 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

Fixtures & Fittings

20% reducing balance basis

Plant & Machinery

20% reducing balance basis

Motor Vehicles

25% reducing balance basis

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Tarsel Motors Ltd

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

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

 

Tarsel Motors Ltd

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

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2022

7,939

53,732

400

62,071

At 31 July 2023

7,939

53,732

400

62,071

Depreciation

At 1 August 2022

7,795

50,609

400

58,804

Charge for the year

29

624

-

653

At 31 July 2023

7,824

51,233

400

59,457

Carrying amount

At 31 July 2023

115

2,499

-

2,614

At 31 July 2022

144

3,123

-

3,267

5

Debtors

Current

2023
£

2022
£

Trade debtors

7,314

5,466

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

6,859

5,108

Taxation and social security

11,049

9,974

Other creditors

73

89

17,981

15,171

 

Tarsel Motors Ltd

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

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

         

8

Dividends

The directors are recommending a final dividend of £Nil (2022 - £Nil) per share totalling £Nil (2022 - £Nil). This dividend has not been accrued in the balance sheet.

Final dividends paid

   

2023
£

 

2022
£

Final dividend of £Nil per each Ordinary Shares

 

-

 

-

         

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £272.00 (2022 - £341.00) per each Ordinary Shares

 

27,200

 

34,100

         

9

Related party transactions

 

Tarsel Motors Ltd

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

19,023

19,368