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Registered number: 07747087
MH Vehicle Services Limited
Unaudited Financial Statements
For The Year Ended 31 August 2023
Richards Associates Limited
North Lodge
Hawkesyard
Rugeley
Staffordshire
WS15 1PS
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 07747087
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 456,514 456,992
456,514 456,992
CURRENT ASSETS
Debtors 5 33,670 36,271
Cash at bank and in hand 52,627 73,390
86,297 109,661
Creditors: Amounts Falling Due Within One Year 6 (120,264 ) (89,409 )
NET CURRENT ASSETS (LIABILITIES) (33,967 ) 20,252
TOTAL ASSETS LESS CURRENT LIABILITIES 422,547 477,244
Creditors: Amounts Falling Due After More Than One Year 7 (365,629 ) (407,574 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (6,441 ) (5,058 )
NET ASSETS 50,477 64,612
CAPITAL AND RESERVES
Called up share capital 10 2 2
Profit and Loss Account 50,475 64,610
SHAREHOLDERS' FUNDS 50,477 64,612
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For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr M Hanson
Director
9 April 2024
The notes on pages 3 to 7 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
MH Vehicle Services Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07747087 . The registered office is Unit 1 Castle View Court Castle Point Park, Fauld, Nr Tutbury, Burton On Trent, Staffordshire, DE13 9DX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
At the time 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.
The directors continue to adopt the going concern basis of accounting in preparing financial statements.
2.3. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2% - on cost
Plant & Machinery 20% - on cost
Motor Vehicles 20% - on cost
Fixtures & Fittings 20% - on cost
Computer Equipment 33% - on cost
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2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Financial Instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, and loans to related parties.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2.8. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2.9. Hire purchase and leasing commitments
Rentals paid under opertaing leases are charged to profit or loss on a striaght line basis over the period of the lease.
2.10. Pension costs and otherpost-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit and loss in the period to which they relate.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2022: 9)
7 9
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 September 2022 475,972 101,094 22,382 30,943
Additions - 14,353 - -
As at 31 August 2023 475,972 115,447 22,382 30,943
Depreciation
As at 1 September 2022 46,070 89,591 8,132 30,874
Provided during the period 7,758 3,573 3,000 68
As at 31 August 2023 53,828 93,164 11,132 30,942
Net Book Value
As at 31 August 2023 422,144 22,283 11,250 1
As at 1 September 2022 429,902 11,503 14,250 69
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Computer Equipment Total
£ £
Cost
As at 1 September 2022 13,746 644,137
Additions - 14,353
As at 31 August 2023 13,746 658,490
Depreciation
As at 1 September 2022 12,478 187,145
Provided during the period 432 14,831
As at 31 August 2023 12,910 201,976
Net Book Value
As at 31 August 2023 836 456,514
As at 1 September 2022 1,268 456,992
Included in cost of land and buildings is freehold land of £88,000 (2022 - £88,000) which is not depreciated.
There is no depreciation of the land beacuse the value is not less than cost.
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 18,763 9,747
Prepayments and accrued income 300 317
Other debtors 14,607 26,207
33,670 36,271
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 4,428 9,069
Trade creditors 35,155 179
Bank loans and overdrafts 49,273 50,833
Corporation tax 8,375 13,484
Other taxes and social security - 1,355
VAT 15,189 13,489
Pension creditor - 34
Accruals and deferred income 728 658
Director's loan account 7,116 308
120,264 89,409
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7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 365,629 407,574
365,629 407,574
8. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 4,428 9,069
9. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 September 2022 5,058 5,058
Deferred taxation 1,383 1,383
Balance at 31 August 2023 6,441 6,441
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2 2
11. Related Party Transactions
During the year there was a loan of £11,600 to Elite LED Letters Limited (2022: £11,600). This loan is interest free and repayable on demand.
12. Ultimate Controlling Party
The company's ultimate controlling party is Mr M R Hanson by virtue of his ownership of 100% of the issued share capital in the company.
13. Working capital deficit
Current liabilities exceed current assets however, the company is able to meet any liabilities that may fall due.
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