Company registration number 05419281 (England and Wales)
FERDOTTI MOTOR SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
FERDOTTI MOTOR SERVICES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
FERDOTTI MOTOR SERVICES LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
240,509
209,265
Current assets
Stocks
10,000
5,900
Debtors
4
376,628
324,579
Cash at bank and in hand
340,430
396,169
727,058
726,648
Creditors: amounts falling due within one year
5
(573,952)
(556,865)
Net current assets
153,106
169,783
Total assets less current liabilities
393,615
379,048
Creditors: amounts falling due after more than one year
6
(31,667)
(41,667)
Provisions for liabilities
(28,898)
(17,091)
Net assets
333,050
320,290
Capital and reserves
Called up share capital
7
200
200
Profit and loss reserves
332,850
320,090
Total equity
333,050
320,290

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

FERDOTTI MOTOR SERVICES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2023
30 November 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 27 June 2024 and are signed on its behalf by:
Mr Timothy Guidotti
Director
Company Registration No. 05419281
FERDOTTI MOTOR SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -
1
Accounting policies
Company information

Ferdotti Motor Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is 40 Pleasant Street, The Lyng, West Bromwich, West Midlands, B70 7DP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Leasehold
No depreciation policy
Plant and machinery
25% Straight line
Fixtures, fittings & equipment
25% Straight line
Motor vehicles
25% Straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stock is valued at the lower of cost and estimated selling price less costs to sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacture/completion.

1.5
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

FERDOTTI MOTOR SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments

The following assets and liabilities are classified as financial instruments – trade debtors, trade creditors, bank loans and directors’ loans.

Directors’ loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of cash or other consideration expected to be paid or received.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

 

Tax deferred or accelerated is accounted for in respect of all material timing differences, in particular accelerated capital allowances. All deferred tax is charged/(credited) to the Statement of Income and Retained Earnings/Profit and Loss Account.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
25
22
FERDOTTI MOTOR SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 5 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 December 2022
141,804
301,113
442,917
Additions
23,325
71,521
94,846
Disposals
-
0
(3,000)
(3,000)
At 30 November 2023
165,129
369,634
534,763
Depreciation and impairment
At 1 December 2022
13,759
219,893
233,652
Depreciation charged in the year
8,258
55,344
63,602
Eliminated in respect of disposals
-
0
(3,000)
(3,000)
At 30 November 2023
22,017
272,237
294,254
Carrying amount
At 30 November 2023
143,112
97,397
240,509
At 30 November 2022
128,045
81,220
209,265
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
307,973
257,920
Other debtors
68,655
66,659
376,628
324,579
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
243,930
239,963
Amounts owed to group undertakings
116,197
110,596
Corporation tax
105,528
77,495
Other taxation and social security
77,735
95,934
Other creditors
30,562
32,877
573,952
556,865
FERDOTTI MOTOR SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
31,667
41,667
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
100
100
100
100
Ordinary B shares of £1 each
100
100
100
100
200
200
200
200
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
139,600
44,600
9
Related party transactions
Transactions with related parties

During the year the company has paid rent to Ferdotti Ventures Limited, a company which Mr T Guidotti is a director and is wholly owned by Ferdotti Holdings Ltd. Rent is paid on normal commercial terms and the total rent paid for this year was £24,600 (2022: £24,600).

 

At the balance sheet date an amount of £17,825 was owed to Ferdotti Ventures Limited.

10
Parent company

The ultimate parent company is Ferdotti Holdings Ltd, a company registered in England and Wales.

 

On 23rd May 2019, the entire equity share capital of Ferdotti Motor Services Limited was acquired by Ferdotti Holdings Ltd.

 

At the balance sheet date an amount of £98,372 was owed to Ferdotti Holdings Ltd.

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