Acorah Software Products - Accounts Production 15.0.600 false true 30 November 2022 1 December 2021 false 1 December 2022 30 November 2023 30 November 2023 05820728 Mr Arshad Mahmood Mr Arshad Mahmood iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 05820728 2022-11-30 05820728 2023-11-30 05820728 2022-12-01 2023-11-30 05820728 frs-core:CurrentFinancialInstruments 2023-11-30 05820728 frs-core:Non-currentFinancialInstruments 2023-11-30 05820728 frs-core:ComputerEquipment 2023-11-30 05820728 frs-core:ComputerEquipment 2022-12-01 2023-11-30 05820728 frs-core:ComputerEquipment 2022-11-30 05820728 frs-core:MotorVehicles 2023-11-30 05820728 frs-core:MotorVehicles 2022-12-01 2023-11-30 05820728 frs-core:MotorVehicles 2022-11-30 05820728 frs-core:PlantMachinery 2023-11-30 05820728 frs-core:PlantMachinery 2022-12-01 2023-11-30 05820728 frs-core:PlantMachinery 2022-11-30 05820728 frs-core:ShareCapital 2023-11-30 05820728 frs-core:RetainedEarningsAccumulatedLosses 2023-11-30 05820728 frs-bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 05820728 frs-bus:FilletedAccounts 2022-12-01 2023-11-30 05820728 frs-bus:SmallEntities 2022-12-01 2023-11-30 05820728 frs-bus:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 05820728 frs-bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 05820728 frs-bus:Director1 2022-12-01 2023-11-30 05820728 frs-bus:CompanySecretary1 2022-12-01 2023-11-30 05820728 frs-countries:EnglandWales 2022-12-01 2023-11-30 05820728 2021-11-30 05820728 2022-11-30 05820728 2021-12-01 2022-11-30 05820728 frs-core:CurrentFinancialInstruments 2022-11-30 05820728 frs-core:Non-currentFinancialInstruments 2022-11-30 05820728 frs-core:ShareCapital 2022-11-30 05820728 frs-core:RetainedEarningsAccumulatedLosses 2022-11-30 05820728 frs-core:CurrentFinancialInstruments 1 2022-11-30
Registered number: 05820728
Mazda & Mitsubishi Spares Limited
Unaudited Financial Statements
For The Year Ended 30 November 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 05820728
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 5,006 6,157
Investment Properties 5 656,300 419,777
661,306 425,934
CURRENT ASSETS
Stocks 6 8,000 7,500
Debtors 7 15,515 4,982
Cash at bank and in hand 111,179 131,073
134,694 143,555
Creditors: Amounts Falling Due Within One Year 8 (114,305 ) (103,696 )
NET CURRENT ASSETS (LIABILITIES) 20,389 39,859
TOTAL ASSETS LESS CURRENT LIABILITIES 681,695 465,793
Creditors: Amounts Falling Due After More Than One Year 9 (124,576 ) (79,590 )
NET ASSETS 557,119 386,203
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 557,019 386,103
SHAREHOLDERS' FUNDS 557,119 386,203
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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 member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Arshad Mahmood
Director
30/08/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Mazda & Mitsubishi Spares Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05820728 . The registered office is Chichester House, 2 Chichester Street, Rochdale, Lancashire, OL16 2AX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15% Reducing Balance
Motor Vehicles 25% Reducing Balance
Computer Equipment 15% Reducing Balance
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. Stocks and Work in Progress
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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2022: 4)
4 4
4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 December 2022 20,932 16,672 270 37,874
As at 30 November 2023 20,932 16,672 270 37,874
Depreciation
As at 1 December 2022 17,100 14,410 207 31,717
Provided during the period 576 566 9 1,151
As at 30 November 2023 17,676 14,976 216 32,868
Net Book Value
As at 30 November 2023 3,256 1,696 54 5,006
As at 1 December 2022 3,832 2,262 63 6,157
5. Investment Property
2023
£
Fair Value
As at 1 December 2022 419,777
Additions 236,523
As at 30 November 2023 656,300
6. Stocks
2023 2022
£ £
Stock 8,000 7,500
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 12,949 4,982
Other debtors 2,566 -
15,515 4,982
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8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 8,675 42,181
Bank loans and overdrafts - 90
Corporation tax 54,243 35,054
Other taxes and social security 382 436
VAT 14,246 10,533
Net wages 1,984 1,817
Other creditors (1) - 25
Accruals and deferred income 31,950 1,627
Director's loan account 2,825 11,933
114,305 103,696
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 124,576 79,590
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
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