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REGISTERED NUMBER: 01930246 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 October 2023

for

North East Motor Salvage Limited

North East Motor Salvage Limited (Registered number: 01930246)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


North East Motor Salvage Limited

Company Information
for the Year Ended 31 October 2023







DIRECTORS: C Usher
A Usher





SECRETARY: A Usher





REGISTERED OFFICE: 7b Mill Hill
North West Industrial Estate
Peterlee
Co. Durham
SR8 2HR





REGISTERED NUMBER: 01930246 (England and Wales)





ACCOUNTANTS: Tindle's LLP
Chartered Accountants and Business Advisers
Medway House
Fudan Way
Teesdale Business Park
Stockton on Tees
TS17 6EN

North East Motor Salvage Limited (Registered number: 01930246)

Balance Sheet
31 October 2023

31/10/23 31/10/22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 491,191 544,281

CURRENT ASSETS
Stocks 432,652 392,652
Debtors 5 155,989 129,248
Cash at bank and in hand 103,867 118,979
692,508 640,879
CREDITORS
Amounts falling due within one year 6 369,127 303,866
NET CURRENT ASSETS 323,381 337,013
TOTAL ASSETS LESS CURRENT
LIABILITIES

814,572

881,294

CREDITORS
Amounts falling due after more than one
year

7

466,455

472,009
NET ASSETS 348,117 409,285

CAPITAL AND RESERVES
Called up share capital 9 5,000 5,000
Retained earnings 343,117 404,285
SHAREHOLDERS' FUNDS 348,117 409,285

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

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.

North East Motor Salvage Limited (Registered number: 01930246)

Balance Sheet - continued
31 October 2023


The 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.

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2024 and were signed on its behalf by:





A Usher - Director


North East Motor Salvage Limited (Registered number: 01930246)

Notes to the Financial Statements
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

North East Motor Salvage Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

TURNOVER
Turnover 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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - 10% on cost and 4% on cost
Plant and machinery - 20% on reducing balance and 10% on reducing balance
Fixtures and fittings - 33% on reducing balance and 10% on reducing balance
Motor vehicles - 25% on reducing balance

STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

North East Motor Salvage Limited (Registered number: 01930246)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued

HIRE PURCHASE AND LEASING COMMITMENTS
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2022 - 18 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 November 2022 490,674 872,921 1,363,595
Additions - 15,844 15,844
Disposals - (174,587 ) (174,587 )
At 31 October 2023 490,674 714,178 1,204,852
DEPRECIATION
At 1 November 2022 233,912 585,402 819,314
Charge for year 19,592 37,443 57,035
Eliminated on disposal - (162,688 ) (162,688 )
At 31 October 2023 253,504 460,157 713,661
NET BOOK VALUE
At 31 October 2023 237,170 254,021 491,191
At 31 October 2022 256,762 287,519 544,281

Costs incurred during the inception of a lease in 2004 have been reclassified from intangible fixed assets to tangible fixed assets and have been included in land and buildings above.

North East Motor Salvage Limited (Registered number: 01930246)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 November 2022
and 31 October 2023 160,000
DEPRECIATION
At 1 November 2022 8,066
Charge for year 15,193
At 31 October 2023 23,259
NET BOOK VALUE
At 31 October 2023 136,741
At 31 October 2022 151,934

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/10/23 31/10/22
£    £   
Trade debtors 77,420 51,358
Other debtors 78,569 77,890
155,989 129,248

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/10/23 31/10/22
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts 22,507 21,077
Trade creditors 123,250 113,836
Taxation and social security 113,121 94,831
Other creditors 100,249 64,122
369,127 303,866

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/10/23 31/10/22
£    £   
Bank loans 20,833 30,833
Hire purchase contracts 64,766 87,274
Other creditors 380,856 353,902
466,455 472,009

North East Motor Salvage Limited (Registered number: 01930246)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

8. SECURED DEBTS

The following secured debts are included within creditors:

31/10/23 31/10/22
£    £   
Hire purchase contracts 87,273 108,351

Hire purchase contracts are secured on the assets to which they relate.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/10/23 31/10/22
value: £    £   
5,000 Ordinary £1 5,000 5,000

10. RELATED PARTY DISCLOSURES

The following transactions for the years ended 31 October 2023 and 31 October 2022 are disclosed pursuant to section 1AC.35 of FRS 102 as applicable to small companies.

During the years ended 31 October 2023 and 31 October 2022 the Owners of the Company provided funds to the Company. No finance costs were incurred and there were no fixed repayment terms. The amount owed to the Owners of the Company at 31 October 2023 was £333,828 (2022: £403,854).

During the years ended 31 October 2023 and 31 October 2022 the Owners of the Company secured £nil (2022: £nil) of the Company's loans against assets held by the Owners personally.