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REGISTERED NUMBER: 03798814 (England and Wales)















MARCOS HERITAGE SPARES LIMITED

Financial Statements for the Year Ended 31 December 2023






MARCOS HERITAGE SPARES LIMITED (REGISTERED NUMBER: 03798814)






Contents of the Financial Statements
for the year ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


MARCOS HERITAGE SPARES LIMITED

Company Information
for the year ended 31 December 2023







DIRECTORS: H S Nash
Mrs R C Laws





REGISTERED OFFICE: Nightingale House
46-48 East Street
Epsom
Surrey
KT17 1HQ





REGISTERED NUMBER: 03798814 (England and Wales)





AUDITORS: Xeinadin Audit Limited
Chartered Accountants and Statutory Auditors
Nightingale House
46-48 East Street
Epsom
Surrey
KT17 1HQ

MARCOS HERITAGE SPARES LIMITED (REGISTERED NUMBER: 03798814)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 6,191 8,255
Tangible assets 5 91,689 3,943
97,880 12,198

CURRENT ASSETS
Stocks 102,196 155,854
Debtors 6 19,626 17,158
Cash at bank and in hand 14,776 32
136,598 173,044
CREDITORS
Amounts falling due within one year 7 299,384 176,200
NET CURRENT LIABILITIES (162,786 ) (3,156 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(64,906

)

9,042

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (65,006 ) 8,942
(64,906 ) 9,042

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 2 August 2024 and were signed on its behalf by:





H S Nash - Director


MARCOS HERITAGE SPARES LIMITED (REGISTERED NUMBER: 03798814)

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

1. STATUTORY INFORMATION

Marcos Heritage Spares 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.

The company had net liabilities and net current liabilities of £64,906 at the year-end. The directors consider that it is appropriate to prepare the accounts on a going concern basis as the parent company, Automotive Vision Limited, has undertaken to continue to provide financial support for the company as required for a period of at least twelve months from the date of approval of these accounts.

The financial statements are presented in Sterling which is the functional currency of the company.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

INTANGIBLE ASSETS
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of four years.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance, 15% on reducing balance and 3.33% on reducing balance

STOCKS
Stocks 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 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.


MARCOS HERITAGE SPARES LIMITED (REGISTERED NUMBER: 03798814)

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

2. ACCOUNTING POLICIES - continued
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.

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 5 (2022 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023
and 31 December 2023 10,150
AMORTISATION
At 1 January 2023 1,895
Charge for year 2,064
At 31 December 2023 3,959
NET BOOK VALUE
At 31 December 2023 6,191
At 31 December 2022 8,255

MARCOS HERITAGE SPARES LIMITED (REGISTERED NUMBER: 03798814)

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

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 50,380
Additions 2,419
Reclassification/transfer 188,464
At 31 December 2023 241,263
DEPRECIATION
At 1 January 2023 46,437
Charge for year 1,089
Reclassification/transfer 102,048
At 31 December 2023 149,574
NET BOOK VALUE
At 31 December 2023 91,689
At 31 December 2022 3,943

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 14,056 12,191
Other debtors 5,570 4,967
19,626 17,158

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 20,870
Trade creditors 22,210 15,942
Amounts owed to group undertakings 261,539 128,412
Taxation and social security 8,615 6,454
Other creditors 7,020 4,522
299,384 176,200

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Donald Nelson, FCA (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited

MARCOS HERITAGE SPARES LIMITED (REGISTERED NUMBER: 03798814)

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

9. ULTIMATE CONTROLLING PARTY

At 31 December 2023 the parent company is Automotive Vision Ltd and the ultimate controlling party is Mr H S Nash.