REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
FOR |
D & P MOTOR FACTORS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
FOR |
D & P MOTOR FACTORS LIMITED |
D & P MOTOR FACTORS LIMITED (REGISTERED NUMBER: 04674510) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 30 November 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
D & P MOTOR FACTORS LIMITED |
COMPANY INFORMATION |
for the Year Ended 30 November 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Beckside Court |
Annie Reed Road |
Beverley |
East Yorkshire |
HU17 0LF |
D & P MOTOR FACTORS LIMITED (REGISTERED NUMBER: 04674510) |
BALANCE SHEET |
30 November 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
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 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
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. |
D & P MOTOR FACTORS LIMITED (REGISTERED NUMBER: 04674510) |
BALANCE SHEET - continued |
30 November 2023 |
The financial statements were approved by the Board of Directors and authorised for issue on |
D & P MOTOR FACTORS LIMITED (REGISTERED NUMBER: 04674510) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 30 November 2023 |
1. | STATUTORY INFORMATION |
D & P Motor Factors Limited is a private company, limited by shares and incorporated and domiciled in England. It has its registered office and principal place of business at Unit H Opus 36, New Potter Grange Road, Goole, DN14 6BZ. |
The company's principal activity during the year continued to be the distribution of motor parts. |
The presentational currency of the financial statements is Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Having regard to liquidity risk, current market conditions and other factors affecting the company, the use of the going concern basis of accounting is appropriate as, in the opinion of the directors, there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern. |
The directors, having taken into the factors discussed above as well as the uncertainties of the current economic environment, have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. |
Turnover |
Turnover is the amount derived from ordinary activities, measured at the fair value of the consideration received or receivable. Turnover excludes value added tax and trade discounts. Turnover is recognised at point of sale. |
Sales are recognised at the point which the company has fulfilled its contractual obligations and the risks and rewards attached to the product, have been transferred to the customer. |
Goodwill |
Goodwill is being amortised over its remaining useful life of 7 years. Goodwill is recognised at cost less any provision for impairment. |
Tangible fixed assets |
Equipment | - |
Motor vehicles | - |
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Stock is calculated on the first in first out basis. |
D & P MOTOR FACTORS LIMITED (REGISTERED NUMBER: 04674510) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 November 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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. |
Pensions |
Contributions to defined contribution plans are recognised in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 December 2022 |
and 30 November 2023 |
AMORTISATION |
At 1 December 2022 |
Charge for year |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
D & P MOTOR FACTORS LIMITED (REGISTERED NUMBER: 04674510) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 November 2023 |
5. | TANGIBLE FIXED ASSETS |
Motor |
Equipment | vehicles | Totals |
£ | £ | £ |
COST |
At 1 December 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 November 2023 |
DEPRECIATION |
At 1 December 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 11,435 | 7,652 |
Other creditors |
Directors' current accounts | - | 53,000 |
Accrued expenses |
D & P MOTOR FACTORS LIMITED (REGISTERED NUMBER: 04674510) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 November 2023 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
9. | OTHER FINANCIAL COMMITMENTS |
2022 | 2021 |
£ | £ |
Total future minimum payments under non-cancellable operating leases | 26,250 | 26,250 |