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REGISTERED NUMBER: 10962738 (England and Wales)


































Unaudited Financial Statements

for the Year Ended 31 October 2023

for

CLEASBY ENGINE SERVICES
(MOTOR FACTORS) LTD

CLEASBY ENGINE SERVICES
(MOTOR FACTORS) LTD (REGISTERED NUMBER: 10962738)






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


CLEASBY ENGINE SERVICES
(MOTOR FACTORS) LTD

Company Information
for the year ended 31 October 2023







DIRECTORS: R Beresford
Mrs L J Beresford





REGISTERED OFFICE: 1A Bowden Place
St Johns Road
Meadowfield
Durham
Co. Durham
DH7 8TB





REGISTERED NUMBER: 10962738 (England and Wales)





ACCOUNTANTS: Mitchells Grievson Limited
Kensington House
3 Kensington
Bishop Auckland
Co. Durham
DL14 6HX

CLEASBY ENGINE SERVICES
(MOTOR FACTORS) LTD (REGISTERED NUMBER: 10962738)

Balance Sheet
31 October 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 237,143 217,650

CURRENT ASSETS
Stocks and Work in Progress 133,568 117,356
Debtors 5 71,626 141,063
Cash at bank and in hand 24,472 24,216
229,666 282,635
CREDITORS
Amounts falling due within one year 6 203,756 207,184
NET CURRENT ASSETS 25,910 75,451
TOTAL ASSETS LESS CURRENT
LIABILITIES

263,053

293,101

CREDITORS
Amounts falling due after more than one
year

7

(217,517

)

(255,107

)

PROVISIONS FOR LIABILITIES (47,753 ) (32,623 )
NET (LIABILITIES)/ASSETS (2,217 ) 5,371

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (2,317 ) 5,271
(2,217 ) 5,371

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.

CLEASBY ENGINE SERVICES
(MOTOR FACTORS) LTD (REGISTERED NUMBER: 10962738)

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 24 July 2024 and were signed on its behalf by:





R Beresford - Director


CLEASBY ENGINE SERVICES
(MOTOR FACTORS) LTD (REGISTERED NUMBER: 10962738)

Notes to the Financial Statements
for the year ended 31 October 2023

1. STATUTORY INFORMATION

Cleasby Engine Services (Motor Factors) Ltd 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.

The financial statements have been prepaed under the going concern basis of accounting.

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 estimate useful life.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 10 % on cost
Computer equipment - 25 % on cost

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks and work in progress to their present location and condition.

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.

CLEASBY ENGINE SERVICES
(MOTOR FACTORS) LTD (REGISTERED NUMBER: 10962738)

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 11 (2022 - 17 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 November 2022 48,200 241,532 8,429
Additions - 76,600 -
Disposals - (23,062 ) -
At 31 October 2023 48,200 295,070 8,429
DEPRECIATION
At 1 November 2022 2,250 94,375 2,681
Charge for year 1,928 31,427 843
Eliminated on disposal - (7,387 ) -
At 31 October 2023 4,178 118,415 3,524
NET BOOK VALUE
At 31 October 2023 44,022 176,655 4,905
At 31 October 2022 45,950 147,157 5,748

CLEASBY ENGINE SERVICES
(MOTOR FACTORS) LTD (REGISTERED NUMBER: 10962738)

Notes to the Financial Statements - continued
for the year ended 31 October 2023

4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 November 2022 17,500 18,922 334,583
Additions - - 76,600
Disposals - - (23,062 )
At 31 October 2023 17,500 18,922 388,121
DEPRECIATION
At 1 November 2022 7,504 10,123 116,933
Charge for year 3,299 3,935 41,432
Eliminated on disposal - - (7,387 )
At 31 October 2023 10,803 14,058 150,978
NET BOOK VALUE
At 31 October 2023 6,697 4,864 237,143
At 31 October 2022 9,996 8,799 217,650

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
Additions 62,701
At 31 October 2023 62,701
DEPRECIATION
Charge for year 9,405
At 31 October 2023 9,405
NET BOOK VALUE
At 31 October 2023 53,296

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 37,356 94,377
Other debtors 34,270 46,686
71,626 141,063

CLEASBY ENGINE SERVICES
(MOTOR FACTORS) LTD (REGISTERED NUMBER: 10962738)

Notes to the Financial Statements - continued
for the year ended 31 October 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 59,884 56,793
Hire purchase contracts 11,703 -
Trade creditors 49,893 53,921
Taxation and social security 26,190 58,998
Other creditors 56,086 37,472
203,756 207,184

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 89,791 142,415
Hire purchase contracts 44,390 -
Other creditors 83,336 112,692
217,517 255,107

8. SECURED DEBTS

The above debts are secured by a floating and a fixed charge which covers all property or undertakings of the company.

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 October 2023 and 31 October 2022:

2023 2022
£    £   
R Beresford and Mrs L J Beresford
Balance outstanding at start of year 35,235 21,616
Amounts advanced - 13,619
Amounts repaid (13,710 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 21,525 35,235