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Registration number: 03222540

Motorway Direct Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2023

 

Motorway Direct Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 13

 

Motorway Direct Limited

Company Information

Directors

Mr D Antcliff

Mr A J Saunders

Company secretary

Miss H Robinson

Registered office

Courtwood House
Silver Street Head
Sheffield
South Yorkshire
S1 2DD

Accountants

CHF Accountancy Limited
Courtwood House
Silver Street Head
Sheffield
South Yorkshire
S1 2DD

 

Motorway Direct Limited

(Registration number: 03222540)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

1,862

13,989

Investments

6

1,104

1,105

 

2,966

15,094

Current assets

 

Debtors

7

5,455,819

3,290,479

Cash at bank and in hand

 

108,146

326,847

 

5,563,965

3,617,326

Creditors: Amounts falling due within one year

8

(3,477,881)

(2,773,040)

Net current assets

 

2,086,084

844,286

Total assets less current liabilities

 

2,089,050

859,380

Provisions for liabilities

(51,673)

(191,195)

Net assets

 

2,037,377

668,185

Capital and reserves

 

Called up share capital

9

50,000

50,000

Retained earnings

1,987,377

618,185

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 11 September 2024 and signed on its behalf by:
 

.........................................
Mr D Antcliff
Director

 

Motorway Direct Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Courtwood House
Silver Street Head
Sheffield
South Yorkshire
S1 2DD
United Kingdom

These financial statements were authorised for issue by the Board on 11 September 2024.

2

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2022 - 12).

 

Motorway Direct Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2023

4

Intangible assets

Computer software
 £

Total
£

Cost or valuation

At 1 October 2022

549,898

549,898

Disposals

(238,929)

(238,929)

At 30 September 2023

310,969

310,969

Amortisation

At 1 October 2022

549,898

549,898

Amortisation eliminated on disposals

(238,929)

(238,929)

At 30 September 2023

310,969

310,969

Carrying amount

At 30 September 2023

-

-

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2022

143,081

376,878

14,779

534,738

Additions

-

3,140

-

3,140

Disposals

(143,081)

(374,001)

(14,779)

(531,861)

At 30 September 2023

-

6,017

-

6,017

Depreciation

At 1 October 2022

143,081

376,190

1,478

520,749

Charge for the year

-

1,658

1,773

3,431

Eliminated on disposal

(143,081)

(373,693)

(3,251)

(520,025)

At 30 September 2023

-

4,155

-

4,155

Carrying amount

At 30 September 2023

-

1,862

-

1,862

At 30 September 2022

-

688

13,301

13,989

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

6

Investments

2023
£

2022
£

Investments in subsidiaries

1,104

1,105

Subsidiaries

£

Cost or valuation

At 1 October 2022

1,051,180

Disposals

(1)

At 30 September 2023

1,051,179

Provision

At 1 October 2022

1,050,075

Carrying amount

At 30 September 2023

1,104

At 30 September 2022

1,105

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

     

2023

2022

Subsidiary undertakings

AA Mechanical Insurance Services Limited

Courtwood House,
Silver Street Head
Sheffield
S1 2DD

England and Wales

Ordinary shares

100%

100%

Business & Domestic Insurance Services Limited

Courtwood House,
Silver Street Head,
Sheffield
S1 2DD

England and Wales

Ordinary shares

75%

75%

Car Protect Limited

Courtwood House,
Silver Street Head,
Sheffield
S1 2DD

England and Wales

Ordinary shares

100%

100%

 

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

Cobdell Limited

Courtwood House,
Silver Street Head,
Sheffield
S1 2DD

England and Wales

Ordinary shares

100%

100%

Direct Contact Centres Limited

Courtwood House,
Silver Street Head,
Sheffield
S1 2DD

England and Wales

Ordinary shares

100%

100%

Excess Protect Limited

Courtwood House,
Silver Street Head,
Sheffield
S1 2DD

England and Wales

Ordinary shares

100%

100%

London Wall Insurance Services Limited

Courtwood House,
Silver Street Head,
Sheffield
S1 2DD

England and Wales

Ordinary shares

100%

100%

Wallside Holdings Limited

Courtwood House,
Silver Street Head,
Sheffield
S1 2DD

England and Wales

Ordinary shares

100%

100%

Subsidiary undertakings

AA Mechanical Insurance Services Limited

The principal activity of AA Mechanical Insurance Services Limited is that of insurance brokers. The profit for the financial period of AA Mechanical Insurance Services Limited was £- and the aggregate amount of capital and reserves at the end of the period was £1.

Business & Domestic Insurance Services Limited

The principal activity of Business & Domestic Insurance Services Limited is that of insurance brokers.

Car Protect Limited

The principal activity of Car Protect Limited is that of insurance brokers. The profit for the financial period of Car Protect Limited was £- and the aggregate amount of capital and reserves at the end of the period was £1,000.

Cobdell Limited

The principal activity of Cobdell Limited is that of insurance brokers.

 

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 that of outbound telemarketing.

Excess Protect Limited

The principal activity of Excess Protect Limited is a dormant company. The profit for the financial period of Excess Protect Limited was £- and the aggregate amount of capital and reserves at the end of the period was £1.

London Wall Insurance Services Limited

The principal activity of London Wall Insurance Services Limited is that of insurance brokers. The profit for the financial period of London Wall Insurance Services Limited was £- and the aggregate amount of capital and reserves at the end of the period was £100.

Wallside Holdings Limited

The principal activity of Wallside Holdings Limited is property development. The profit for the financial period of Wallside Holdings Limited was £187 and the aggregate amount of capital and reserves at the end of the period was £1,344.

7

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

22,119

125,315

Amounts owed by related parties

10

968,199

1,229,804

Prepayments

 

18,937

47,444

Other debtors

 

4,446,564

1,887,916

   

5,455,819

3,290,479

 

Motorway Direct Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

42,584

485,326

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

1,101

4,702

Taxation and social security

 

450,790

41,729

Accruals and deferred income

 

1,114,971

414,117

Other creditors

 

1,868,435

1,827,166

 

3,477,881

2,773,040

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

49,999

49,999

49,999

49,999

Ordinary B shares of £1 each

1

1

1

1

 

50,000

50,000

50,000

50,000

 

Motorway Direct Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2023

10

Related party transactions

Key management compensation

2023
£

2022
£

Salaries and other short term employee benefits

513,050

296,832

Summary of transactions with key management

The reported compensation figure of £513,050 included accrued remuneration of £249,046, which has not yet been paid.
 

Transactions with directors

2023

At 1 October 2022
£

Advances to director
£

At 30 September 2023
£

Mr D Antcliff

136,968

54,779

191,747

       
     

Mr A J Saunders

103,250

3,250

106,500

       
     

 

2022

At 1 October 2021
£

Advances to director
£

Repayments by director
£

At 30 September 2022
£

Mr D Antcliff

123,877

13,091

-

136,968

         
       

Mr A J Saunders

104,132

-

(882)

103,250

         
       

 

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
£

Remuneration

484,287

259,202

Contributions paid to money purchase schemes

2,916

2,742

487,203

261,944

In respect of the highest paid director:

2023
£

2022
£

Remuneration

387,651

186,323

Loans to related parties

2023

Parent
£

Subsidiary
£

Total
£

At start of period

1,229,804

(3,600)

1,226,204

Advanced

33,149

3,721

36,870

Repaid

(294,875)

-

(294,875)

At end of period

968,078

121

968,199

2022

Parent
£

Subsidiary
£

Total
£

At start of period

-

1,986,742

1,986,742

Advanced

1,229,804

30,356

1,260,160

Repaid

-

(1,720,000)

(1,720,000)

Expenses recognised as bad debt

-

(300,698)

(300,698)

At end of period

1,229,804

(3,600)

1,226,204

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.

11

Parent and ultimate parent undertaking

The company's immediate parent is Car Protect Holdings Limited, incorporated in Gibraltar.

 The ultimate controlling party is the board of directors of Motorway Direct Limited.