MOTO HUB ENGINEERING LIMITED
Registered number: 12623424
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 42,009 42,093
Current assets
Stocks 129,415 132,265
Debtors 4 31,069 6,274
Cash at bank and in hand 22,359 5,634
182,843 144,173
Creditors: amounts falling due within one year 5 (216,101) (174,212)
Net current liabilities (33,258) (30,039)
Total assets less current liabilities 8,751 12,054
Creditors: amounts falling due after more than one year 6 - (6,460)
Net assets 8,751 5,594
Capital and reserves
Called up share capital 2 2
Profit and loss account 8,749 5,592
Shareholder's funds 8,751 5,594
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 member has 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.
Mr Ben Wylie
Director
Approved by the board on 12 February 2024
MOTO HUB ENGINEERING LIMITED
Notes to the Accounts
for the year ended 31 May 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 (as applied to small entities by section 1A of the standard).
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 machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
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.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 -
3 Tangible fixed assets
Office Equipment Plant and machinery etc Fixtures and Fittings Total
£ £ £ £
Cost
At 1 June 2022 1,035 24,701 23,715 49,451
Additions - 1,658 10,212 11,870
At 31 May 2023 1,035 26,359 33,927 61,321
Depreciation
At 1 June 2022 453 6,905 - 7,358
Charge for the year 146 5,023 6,785 11,954
At 31 May 2023 599 11,928 6,785 19,312
Net book value
At 31 May 2023 436 14,431 27,142 42,009
At 31 May 2022 582 17,796 23,715 42,093
4 Debtors 2023 2022
£ £
Trade debtors 31,069 5,994
VAT - 280
31,069 6,274
5 Creditors: amounts falling due within one year 2023 2022
£ £
Stocking loans 42,471 58,918
Finance lease and HP contracts - 3,744
Trade creditors 55,711 20,931
Other taxes and social security costs 16,072 4,331
Directors loans 99,847 84,288
Accruals 2,000 2,000
216,101 174,212
6 Creditors: amounts falling due after one year 2023 2022
£ £
Finance lease and HP contracts - 6,460
7 Other information
MOTO HUB ENGINEERING LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Unit 11 Etruria Valley Trade Park
Fowlea Road
Stoke-On-Trent
ST1 5GQ
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