M-Line Automotive Services Ltd
Registered number: 09899314
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 2,674 1,676
Current assets
Stocks 38,000 40,323
Debtors 4 3,732 16,032
Cash at bank and in hand 48,414 30,668
90,146 87,023
Creditors: amounts falling due within one year 5 (20,258) (13,217)
Net current assets 69,888 73,806
Total assets less current liabilities 72,562 75,482
Creditors: amounts falling due after more than one year 6 (7,572) (11,358)
Net assets 64,990 64,124
Capital and reserves
Called up share capital 1 1
Profit and loss account 64,989 64,123
Shareholder's funds 64,990 64,124
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Mr M Zorrilla
Director
Approved by the board on 21 August 2024
M-Line Automotive Services Ltd
Notes to the Accounts
for the year ended 30 November 2023
1 Accounting policies
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.
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:
Fixtures, fittings, tools and equipment 20% reducing balance
Motor vehicles 20% 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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 December 2022 3,328 1,650 4,978
Additions 1,666 - 1,666
At 30 November 2023 4,994 1,650 6,644
Depreciation
At 1 December 2022 2,249 1,053 3,302
Charge for the year 549 119 668
At 30 November 2023 2,798 1,172 3,970
Net book value
At 30 November 2023 2,196 478 2,674
At 30 November 2022 1,079 597 1,676
4 Debtors 2023 2022
£ £
Trade debtors 3,732 16,032
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 6,810 5,646
Trade creditors 870 -
Corporation tax 8,522 5,668
Other taxes and social security costs 3,005 (537)
Other creditors 1,051 2,440
20,258 13,217
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 7,572 11,358
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr M Zorrilla
Directors loan account (80) 23,051 (23,151) (180)
(80) 23,051 (23,151) (180)
8 Controlling party
The Company is controlled by its director by virtue of their shareholding.
9 Other information
M-Line Automotive Services Ltd is a private company limited by shares and incorporated in England. Its registered office is:
24 Raglan Street
Risca
Newport
Gwent
NP11 7AA
M-Line Automotive Services Ltd 09899314 false 2022-12-01 2023-11-30 2023-11-30 VT Final Accounts April 2024 Mr M Zorrilla No description of principal activity 09899314 2021-12-01 2022-11-30 09899314 core:WithinOneYear 2022-11-30 09899314 core:AfterOneYear 2022-11-30 09899314 core:ShareCapital 2022-11-30 09899314 core:RetainedEarningsAccumulatedLosses 2022-11-30 09899314 2022-12-01 2023-11-30 09899314 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 09899314 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 09899314 bus:Director40 2022-12-01 2023-11-30 09899314 1 2022-12-01 2023-11-30 09899314 2 2022-12-01 2023-11-30 09899314 core:PlantMachinery 2022-12-01 2023-11-30 09899314 core:Vehicles 2022-12-01 2023-11-30 09899314 bus:Director1 2022-12-01 2023-11-30 09899314 bus:Director1 1 2022-12-01 2023-11-30 09899314 countries:England 2022-12-01 2023-11-30 09899314 bus:FRS102 2022-12-01 2023-11-30 09899314 bus:FilletedAccounts 2022-12-01 2023-11-30 09899314 2023-11-30 09899314 core:WithinOneYear 2023-11-30 09899314 core:AfterOneYear 2023-11-30 09899314 core:ShareCapital 2023-11-30 09899314 core:RetainedEarningsAccumulatedLosses 2023-11-30 09899314 core:PlantMachinery 2023-11-30 09899314 core:Vehicles 2023-11-30 09899314 bus:Director1 1 2023-11-30 09899314 2022-11-30 09899314 core:PlantMachinery 2022-11-30 09899314 core:Vehicles 2022-11-30 09899314 bus:Director1 1 2022-11-30 iso4217:GBP xbrli:pure