REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31st December 2023 |
for |
MOTOCOM LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31st December 2023 |
for |
MOTOCOM LIMITED |
MOTOCOM LIMITED (REGISTERED NUMBER: 04601835) |
Contents of the Financial Statements |
for the year ended 31st December 2023 |
Page |
Company Information | 1 |
Chartered Accountants' Report | 2 |
Statement of Financial Position | 3 |
Notes to the Financial Statements | 5 |
MOTOCOM LIMITED |
Company Information |
for the year ended 31st December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Suffolk House |
George Street |
Croydon |
Surrey |
CR0 0YN |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Motocom Limited |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Motocom Limited for the year ended 31st December 2023 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of Motocom Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Motocom Limited and state those matters that we have agreed to state to the Board of Directors of Motocom Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Motocom Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Motocom Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Motocom Limited. You consider that Motocom Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Motocom Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Chartered Accountants |
Suffolk House |
George Street |
Croydon |
Surrey |
CR0 0YN |
Date: ............................................. |
MOTOCOM LIMITED (REGISTERED NUMBER: 04601835) |
Statement of Financial Position |
31st December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Capital redemption reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
MOTOCOM LIMITED (REGISTERED NUMBER: 04601835) |
Statement of Financial Position - continued |
31st December 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
MOTOCOM LIMITED (REGISTERED NUMBER: 04601835) |
Notes to the Financial Statements |
for the year ended 31st December 2023 |
1. | STATUTORY INFORMATION |
Motocom Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Revenue |
Revenue compromises amounts receivable for the rendering of marketing and PR services, and is recognised at the point of sale to the extent that it is probably that the economic benefits will flow to the company and the turnover can be reliably measured. Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Tangible fixed assets under the cost model are stated at the historical cost less accumulated depreciation. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
Depreciation is charged as so to allocate the cost of assets less their residual values over their estimated useful lives, on the following basis: |
Motor Vehicles | - 25% reducing balance |
Computer Equipment | - 33% straight line |
Improvements to property | - 10% straight line |
Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the statement of comprehensive income. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date. |
Foreign currencies |
Functional and presentation currency |
The company's functional and presentational currency is pound sterling. |
Transactions and balances |
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. |
At each period end foreign currency monetary items are translated using the current rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. |
MOTOCOM LIMITED (REGISTERED NUMBER: 04601835) |
Notes to the Financial Statements - continued |
for the year ended 31st December 2023 |
2. | ACCOUNTING POLICIES - continued |
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised within administrative expenses in the statement of comprehensive income. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Debtors |
Short term debtors are measured at transaction price, less any impairment. |
Cash and cash equivalents |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. |
Creditors |
Short term creditors are measured at the transaction price. |
Financial instruments |
The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors and loans to related parties. |
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. |
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date. |
Dividends |
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
MOTOCOM LIMITED (REGISTERED NUMBER: 04601835) |
Notes to the Financial Statements - continued |
for the year ended 31st December 2023 |
4. | PROPERTY, PLANT AND EQUIPMENT |
Improvements |
to | Motor | Computer |
property | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1st January 2023 |
Additions |
At 31st December 2023 |
DEPRECIATION |
At 1st January 2023 |
Charge for year |
At 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
5. | FIXED ASSET INVESTMENTS |
Investments (neither listed nor unlisted) were as follows: |
31.12.23 | 31.12.22 |
£ | £ |
Investment property | 500,000 | 500,000 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade debtors |
Amounts owed by associates |
Other debtors |
Directors' current accounts | 187 | 17,359 |
Prepayments |
MOTOCOM LIMITED (REGISTERED NUMBER: 04601835) |
Notes to the Financial Statements - continued |
for the year ended 31st December 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans and overdrafts (see note 9) |
Hire purchase contracts |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 73,091 | 68,352 |
Other creditors |
Directors' current accounts | 77,061 | 42,253 |
Accruals and deferred income |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans (see note 9) |
Hire purchase contracts |
Other creditors | 15,000 | 27,000 |
9. | LOANS |
An analysis of the maturity of loans is given below: |
31.12.23 | 31.12.22 |
Bank loans: | £ | £ |
Amounts falling due within one year | 28,415 | 27,361 |
Amounts falling due between one and two years | 30,759 | 28,662 |
Amounts falling due between two and five years | 5,371 | 34,825 |
64,545 | 90,848 |
The bank loan is repayable in instalments over 4 years. Interest is payable on the loan at a fixed rate of 4.47% per annum. |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
value: | £ | £ |
Ordinary | £1 | 158 | 158 |
There is a single class of share. There are no restrictions on the distribution of dividends and the repayment of capital. |
11. | RELATED PARTY DISCLOSURES |
At the balance sheet date, the company was owed £1,000 by Motocom Group Holdings Limited, a company under common control (2022 - £1,000). |