1 July 2022 v2024.6.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP14306162022-07-012023-06-3014306162023-06-3014306162022-06-301430616core:WithinOneYear2023-06-301430616core:WithinOneYear2022-06-301430616core:AfterOneYear2023-06-301430616core:AfterOneYear2022-06-301430616core:ShareCapital2023-06-301430616core:ShareCapital2022-06-301430616core:RetainedEarningsAccumulatedLosses2023-06-301430616core:RetainedEarningsAccumulatedLosses2022-06-301430616bus:Director12022-07-012023-06-301430616bus:RegisteredOffice2022-07-012023-06-301430616core:PlantMachinery2022-07-012023-06-301430616core:FurnitureFittings2022-07-012023-06-301430616core:MotorVehicles2022-07-012023-06-3014306162021-07-012022-06-301430616core:PlantMachinery2022-07-011430616core:PlantMachinery2023-06-301430616core:PlantMachinery2022-06-30143061612022-07-012023-06-301430616countries:EnglandWales2022-07-012023-06-301430616bus:AuditExempt-NoAccountantsReport2022-07-012023-06-301430616bus:PrivateLimitedCompanyLtd2022-07-012023-06-301430616bus:SmallEntities2022-07-012023-06-301430616bus:FullAccounts2022-07-012023-06-301430616bus:Director22022-07-012023-06-30
Company registration number:
1430616
Motor Service Centre Limited
Unaudited Filleted Financial Statements for the year ended
30 June 2023
Motor Service Centre Limited
Statement of Financial Position
30 June 2023
20232022
Note££
Fixed assets    
Tangible assets 5
342,339
 
251,502
 
Current assets    
Stocks
137,791
 
202,631
 
Debtors 6
1,448,190
 
1,380,277
 
Cash at bank and in hand
377,693
 
225,420
 
1,963,674
 
1,808,328
 
Creditors: amounts falling due within one year 7
(940,905
)
(969,647
)
Net current assets
1,022,769
 
838,681
 
Total assets less current liabilities 1,365,108   1,090,183  
Creditors: amounts falling due after more than one year 8
(48,250
)
(48,579
)
Provisions for liabilities
(42,157
)
(36,399
)
Net assets
1,274,701
 
1,005,205
 
Capital and reserves    
Called up share capital
1,087
 
1,087
 
Profit and loss account
1,273,614
 
1,004,118
 
Shareholders funds
1,274,701
 
1,005,205
 
For the year ending
30 June 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 financial statements for the year in question in accordance with section 476;
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
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.
These
financial statements
were approved by the board of directors and authorised for issue on
10 October 2023
, and are signed on behalf of the board by:
James Punter
Director
Company registration number:
1430616
Motor Service Centre Limited
Notes to the Financial Statements
Year ended
30 June 2023

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Unit 6, Bullsbridge Industrial Estate
,
Hayes Road
,
Southall
,
Middlesex
,
UB2 5NB
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Plant and machinery
20% straight line
Fixtures and fittings
20% straight line
Motor vehicles
25% straight line except vintage vehicles undergoing restoration which are not depreciated

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Provisions for liabilities

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4 Average number of employees

The average number of persons employed by the company during the year was
38
(2022:
37.00
).

5 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 July 2022
1,250,021
 
Additions
132,167
 
At
30 June 2023
1,382,188
 
Depreciation  
At
1 July 2022
998,519
 
Charge
41,330
 
At
30 June 2023
1,039,849
 
Carrying amount  
At
30 June 2023
342,339
 
At 30 June 2022
251,502
 

6 Debtors

20232022
££
Trade debtors
1,317,367
 
1,219,239
 
Other debtors
130,823
 
161,038
 
1,448,190
 
1,380,277
 
The debtors above include the following amounts falling due after more than one year:
20232022
££
Trade debtors
200,000
 
200,000
 

7 Creditors: amounts falling due within one year

20232022
££
Bank loans and overdrafts
13,496
 
29,166
 
Trade creditors
324,204
 
301,134
 
Taxation and social security
332,491
 
352,144
 
Other creditors
270,714
 
287,203
 
940,905
 
969,647
 

8 Creditors: amounts falling due after more than one year

20232022
££
Bank loans and overdrafts
35,083
 
48,579
 
Other creditors
13,167
  -  
48,250
 
48,579