Registration number:
Motorway Direct Limited
for the Year Ended 30 September 2023
Motorway Direct Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Motorway Direct Limited
Company Information
Directors |
Mr D Antcliff Mr A J Saunders |
Company secretary |
Miss H Robinson |
Registered office |
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Accountants |
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Motorway Direct Limited
(Registration number: 03222540)
Balance Sheet as at 30 September 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
50,000 |
50,000 |
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Retained earnings |
1,987,377 |
618,185 |
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Shareholders' funds |
2,037,377 |
668,185 |
For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Motorway Direct Limited
Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover represents insurance commission net of underwriting, third party commission and claims administration provisions.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Motorway Direct Limited
Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2023
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Short leasehold property |
straight line basis over 7 years |
Fixtures and fittings |
straight line basis over 5 years |
Computer equipment |
straight line basis over 2 years |
Other office equipment |
straight line basis over 5 years |
Motor vehicles |
20% on a reducing balance basis |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Intangible assets
Intangible assets are stated in the statement of financial position at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Computer software |
straight line basis over 2 years |
Motorway Direct Limited
Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2023
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Motorway Direct Limited
Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2023
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Motorway Direct Limited
Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2023
Intangible assets |
Computer software |
Total |
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Cost or valuation |
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At 1 October 2022 |
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Disposals |
( |
( |
At 30 September 2023 |
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Amortisation |
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At 1 October 2022 |
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Amortisation eliminated on disposals |
( |
( |
At 30 September 2023 |
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Carrying amount |
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At 30 September 2023 |
- |
- |
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 October 2022 |
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Additions |
- |
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- |
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Disposals |
( |
( |
( |
( |
At 30 September 2023 |
- |
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- |
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Depreciation |
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At 1 October 2022 |
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Charge for the year |
- |
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Eliminated on disposal |
( |
( |
( |
( |
At 30 September 2023 |
- |
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- |
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Carrying amount |
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At 30 September 2023 |
- |
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- |
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At 30 September 2022 |
- |
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Included within the net book value of land and buildings above is £Nil (2022 - £Nil) in respect of short leasehold land and buildings.
Motorway Direct Limited
Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2023
Investments |
2023 |
2022 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 October 2022 |
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Disposals |
( |
At 30 September 2023 |
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Provision |
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At 1 October 2022 |
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Carrying amount |
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At 30 September 2023 |
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At 30 September 2022 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2023 |
2022 |
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Subsidiary undertakings |
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Courtwood House,
England and Wales |
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Courtwood House,
England and Wales |
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Courtwood House,
England and Wales |
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Motorway Direct Limited
Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2023
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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Courtwood House,
England and Wales |
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Courtwood House,
England and Wales |
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Courtwood House,
England and Wales |
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Courtwood House,
England and Wales |
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Courtwood House,
England and Wales |
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Subsidiary undertakings |
AA Mechanical Insurance Services Limited The principal activity of AA Mechanical Insurance Services Limited is |
Business & Domestic Insurance Services Limited The principal activity of Business & Domestic Insurance Services Limited is |
Car Protect Limited The principal activity of Car Protect Limited is |
Cobdell Limited The principal activity of Cobdell Limited is |
Motorway Direct Limited
Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2023
Direct Contact Centres Limited The principal activity of Direct Contact Centres Limited is |
Excess Protect Limited The principal activity of Excess Protect Limited is |
London Wall Insurance Services Limited The principal activity of London Wall Insurance Services Limited is |
Wallside Holdings Limited The principal activity of Wallside Holdings Limited is |
Debtors |
Current |
Note |
2023 |
2022 |
Trade debtors |
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Amounts owed by related parties |
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Prepayments |
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Other debtors |
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Motorway Direct Limited
Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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49,999 |
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49,999 |
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1 |
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1 |
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Motorway Direct Limited
Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2023
Related party transactions |
Key management compensation
2023 |
2022 |
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Salaries and other short term employee benefits |
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Summary of transactions with key management
Transactions with directors |
2023 |
At 1 October 2022 |
Advances to director |
At 30 September 2023 |
Mr D Antcliff |
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Mr A J Saunders |
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2022 |
At 1 October 2021 |
Advances to director |
Repayments by director |
At 30 September 2022 |
Mr D Antcliff |
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- |
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Mr A J Saunders |
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- |
( |
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Motorway Direct Limited
Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2023
Directors' remuneration
The directors' remuneration for the year was as follows:
2023 |
2022 |
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Remuneration |
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Contributions paid to money purchase schemes |
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487,203 |
261,944 |
In respect of the highest paid director:
2023 |
2022 |
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Remuneration |
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Loans to related parties
2023 |
Parent |
Subsidiary |
Total |
At start of period |
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( |
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Advanced |
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Repaid |
( |
- |
( |
At end of period |
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2022 |
Parent |
Subsidiary |
Total |
At start of period |
- |
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Advanced |
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Repaid |
- |
( |
( |
Expenses recognised as bad debt |
- |
( |
( |
At end of period |
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( |
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Summary of transactions with entities with joint control or significant interest
Professional fees were paid on normal commercial terms to an accountancy practice under the control of a director of the company. Total fees in the year were £68,980 (2022 : £115,680) excluding VAT.
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate controlling party is