Registered number
04641819
Motapart Wholesale Limited
Filleted Accounts
31 March 2024
Motapart Wholesale Limited
Registered number: 04641819
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 - 125
Tangible assets 4 9,481 14,958
9,481 15,083
Current assets
Stocks 28,058 22,368
Debtors 5 18,633 15,650
Cash at bank and in hand 8,659 22,178
55,350 60,196
Creditors: amounts falling due within one year 6 (29,466) (32,955)
Net current assets 25,884 27,241
Total assets less current liabilities 35,365 42,324
Provisions for liabilities (1,801) -
Net assets 33,564 42,324
Capital and reserves
Called up share capital 100 100
Profit and loss account 33,464 42,224
Shareholders' funds 33,564 42,324
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
R Card
Director
Approved by the board on 14 August 2024
Motapart Wholesale Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Furniture and fittings 15% reducing balance
Computer equipment over 3 years
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 30,000
At 31 March 2024 30,000
Amortisation
At 1 April 2023 29,875
Provided during the year 125
At 31 March 2024 30,000
Net book value
At 31 March 2024 -
At 31 March 2023 125
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Furniture and fittings Computer equipment Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 8,625 3,642 21,545 33,812
Additions - 483 - 483
Disposals (8,625) (2,575) - (11,200)
At 31 March 2024 - 1,550 21,545 23,095
Depreciation
At 1 April 2023 6,980 2,067 9,807 18,854
Charge for the year - 517 2,934 3,451
On disposals (6,980) (1,711) - (8,691)
At 31 March 2024 - 873 12,741 13,614
Net book value
At 31 March 2024 - 677 8,804 9,481
At 31 March 2023 1,645 1,575 11,738 14,958
5 Debtors 2024 2023
£ £
Trade debtors 16,436 15,632
Other debtors 2,197 18
18,633 15,650
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 5,825 6,184
Taxation and social security costs 2,289 2,170
Other creditors 21,352 24,601
29,466 32,955
7 Related party transactions
Included within other creditors is the amount of £21,352 (2023 - £23,826) owed to the directors by the company. This amount is undated, unsecured, interest free and repayable upon demand.
8 Controlling party
At 31st March 2024 Mr and Mrs Harbutt had control of the company by virtue of their shareholdings.
9 Other information
Motapart Wholesale Limited is a private company limited by shares and incorporated in England. Its registered office is:
1 The Briars
Waterberry Drive
Waterlooville
Hampshire
PO7 7YH
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