1 December 2022 false No description of principal activity Taxfiler 2024.5 08786851business:PrivateLimitedCompanyLtd2022-12-012023-11-30 087868512022-11-30 087868512022-12-012023-11-30 08786851business:AuditExempt-NoAccountantsReport2022-12-012023-11-30 08786851business:AbridgedAccounts2022-12-012023-11-30 087868512023-11-30 087868512022-11-30 08786851core:WithinOneYear2023-11-30 08786851core:WithinOneYear2022-11-30 08786851core:ShareCapitalcore:PreviouslyStatedAmount2023-11-30 08786851core:ShareCapitalcore:PreviouslyStatedAmount2022-11-30 08786851core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2023-11-30 08786851core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2022-11-30 08786851core:PreviouslyStatedAmount2023-11-30 08786851core:PreviouslyStatedAmount2022-11-30 08786851business:SmallEntities2022-12-012023-11-30 08786851business:Director12022-12-012023-11-30 08786851countries:EnglandWales2022-12-012023-11-30 08786851business:RegisteredOffice2022-12-012023-11-30 08786851core:PlantMachinery2022-12-012023-11-30 08786851core:FurnitureFittings2022-12-012023-11-30 08786851core:ComputerEquipment2022-12-012023-11-30 087868512021-12-012022-11-30 iso4217:GBP xbrli:pure
Company Registration No. 08786851 (England and Wales)
M.A.D. MOTOR SPARES LIMITED UNAUDITED ACCOUNTS FOR FILING WITH THE REGISTRAR for the year ended 30 November 2023
M.A.D. MOTOR SPARES LIMITED UNAUDITED ACCOUNTS FOR FILING WITH THE REGISTRAR Contents
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M.A.D. MOTOR SPARES LIMITED Statement of financial position as at 30 November 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
17,442 
18,124 
Current assets
Inventories
40,500 
36,000 
Debtors
2,918 
- 
Cash at bank and in hand
86,739 
48,384 
130,157 
84,384 
Creditors: amounts falling due within one year
(33,495)
(19,327)
Net current assets
96,662 
65,057 
Total assets less current liabilities
114,104 
83,181 
Provisions for liabilities
Deferred tax
(464)
- 
Net assets
113,640 
83,181 
Capital and reserves
Called up share capital
1,000 
1,000 
Profit and loss account
112,640 
82,181 
Shareholders' funds
113,640 
83,181 
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for the year in accordance with Section 444(2A).
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 30 June 2024 and were signed on its behalf by
James Morgan Director Company Registration No. 08786851
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M.A.D. MOTOR SPARES LIMITED Notes to the Accounts for the year ended 30 November 2023
1
Statutory information
M.A.D. MOTOR SPARES LIMITED is a private company, limited by shares, registered in England and Wales, registration number 08786851. The registered office is 119A ST. ALBANS ROAD, WATFORD, WD17 1RD, UNITED KINGDOM.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% Reducing Balance
Fixtures & fittings
15% Reducing Balance
Computer equipment
25% Reducing Balance
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
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M.A.D. MOTOR SPARES LIMITED Notes to the Accounts for the year ended 30 November 2023
4
Tangible fixed assets
Total 
£ 
Cost or valuation
At 1 December 2022
32,446 
At 30 November 2023
32,446 
Depreciation
At 1 December 2022
14,322 
Charge for the year
682 
At 30 November 2023
15,004 
Net book value
At 30 November 2023
17,442 
At 30 November 2022
18,124 
5
Transactions with related parties
As at the balance sheet date, the company owed £1,361 (2022:£1,458) to the directors. There are no specific terms of repayment for this loan. During the year, total dividend of £41,600 (2022: £20,000) was paid to the shareholders of the company.
6
Average number of employees
During the year the average number of employees was 5 (2022: 5).
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