Acorah Software Products - Accounts Production 15.0.600 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 06924394 Mrs C Lachlan Mr C Lachlan Mr A Lachlan iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 06924394 2022-12-31 06924394 2023-12-31 06924394 2023-01-01 2023-12-31 06924394 frs-core:CurrentFinancialInstruments 2023-12-31 06924394 frs-core:Non-currentFinancialInstruments 2023-12-31 06924394 frs-core:BetweenOneFiveYears 2023-12-31 06924394 frs-core:ComputerEquipment 2023-12-31 06924394 frs-core:ComputerEquipment 2023-01-01 2023-12-31 06924394 frs-core:ComputerEquipment 2022-12-31 06924394 frs-core:FurnitureFittings 2023-12-31 06924394 frs-core:FurnitureFittings 2023-01-01 2023-12-31 06924394 frs-core:FurnitureFittings 2022-12-31 06924394 frs-core:NetGoodwill 2023-12-31 06924394 frs-core:NetGoodwill 2022-12-31 06924394 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-12-31 06924394 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 06924394 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2022-12-31 06924394 frs-core:MotorVehicles 2023-12-31 06924394 frs-core:MotorVehicles 2023-01-01 2023-12-31 06924394 frs-core:MotorVehicles 2022-12-31 06924394 frs-core:PlantMachinery 2023-12-31 06924394 frs-core:PlantMachinery 2023-01-01 2023-12-31 06924394 frs-core:PlantMachinery 2022-12-31 06924394 frs-core:WithinOneYear 2023-12-31 06924394 frs-core:ShareCapital 2023-12-31 06924394 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 06924394 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06924394 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 06924394 frs-bus:SmallEntities 2023-01-01 2023-12-31 06924394 frs-bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 06924394 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 06924394 frs-core:DeferredTaxation 2023-01-01 2023-12-31 06924394 frs-core:DeferredTaxation 2022-12-31 06924394 frs-core:DeferredTaxation 2023-12-31 06924394 frs-core:UnlistedNon-exchangeTraded 2023-12-31 06924394 frs-core:UnlistedNon-exchangeTraded 2022-12-31 06924394 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2022-12-31 06924394 frs-core:DisposalsRepaymentsInvestments frs-core:UnlistedNon-exchangeTraded 2023-12-31 06924394 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2023-12-31 06924394 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2022-12-31 06924394 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2023-12-31 06924394 frs-bus:Director1 2023-01-01 2023-12-31 06924394 frs-bus:Director2 2023-01-01 2023-12-31 06924394 frs-bus:Director3 2023-01-01 2023-12-31 06924394 frs-countries:EnglandWales 2023-01-01 2023-12-31 06924394 2021-12-31 06924394 2022-12-31 06924394 2022-01-01 2022-12-31 06924394 frs-core:CurrentFinancialInstruments 2022-12-31 06924394 frs-core:Non-currentFinancialInstruments 2022-12-31 06924394 frs-core:BetweenOneFiveYears 2022-12-31 06924394 frs-core:MotorVehicles 2022-01-01 2022-12-31 06924394 frs-core:WithinOneYear 2022-12-31 06924394 frs-core:ShareCapital 2022-12-31 06924394 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 06924394
Motor Spirit Limited
Financial Statements
For The Year Ended 31 December 2023
AM Taxation Limited
Church View Barn
Beech Tree Court
Whitchurch
Buckinghamshire
HP22 4JR
Financial Statements
Contents
Page
Accountant's Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—8
Page 1
Accountant's Report
In accordance with the engagement letter dated 16 August 2010, and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company from the accounting records and information and explanations you have given to us.
This report is made to the directors in accordance with the terms of our engagement. Our work has been undertaken to prepare for approval by the directors the financial statements that we have been engaged to compile, to report to the directors that we have done so, and to state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's directors for our work or for this report.
You have acknowledged on the balance sheet as at year ended 31 December 2023 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
16th September 2024
AM Taxation Limited
Church View Barn
Beech Tree Court
Whitchurch
Buckinghamshire
HP22 4JR
Page 1
Page 2
Balance Sheet
Registered number: 06924394
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 7,311 22,381
Investments 6 3 34,678
7,314 57,059
CURRENT ASSETS
Stocks 303,080 309,474
Debtors 7 12,572 16,820
Cash at bank and in hand 12,688 15,303
328,340 341,597
Creditors: Amounts Falling Due Within One Year 8 (133,416 ) (83,845 )
NET CURRENT ASSETS (LIABILITIES) 194,924 257,752
TOTAL ASSETS LESS CURRENT LIABILITIES 202,238 314,811
Creditors: Amounts Falling Due After More Than One Year 9 (34,298 ) (64,657 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 11 (635 ) (1,634 )
NET ASSETS 167,305 248,520
CAPITAL AND RESERVES
Called up share capital 13 11 11
Profit and Loss Account 167,294 248,509
SHAREHOLDERS' FUNDS 167,305 248,520
Page 2
Page 3
For the year ending 31 December 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.
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
Mrs C Lachlan
Director
Mr C Lachlan
Director
13th September 2024
The notes on pages 4 to 8 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Motor Spirit Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06924394 . The registered office is Unit 96 Bicester Heritage, Buckingham Road, Bicester, Oxfordshire, OX27 8AL.
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. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
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.
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:
Leasehold 10% on a straight line basis
Plant & Machinery 20% on a straight line basis
Motor Vehicles 25% on a reducing balance basis
Fixtures & Fittings 20% on a reducing balance basis
Computer Equipment between 25% and 33% on a straight line basis
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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.
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 year 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.
...CONTINUED
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2.6. Taxation - continued
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 asset reflects 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.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.8. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2.9. Research and development
Expenditure and on research and development is written off in the year in which it is incurred.
2.10. Investment in subsidiaries
Investment in subsidiary undertakings are recognised at cost.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2022: 5)
5 5
4. Intangible Assets
Goodwill
£
Cost
As at 1 January 2023 5,000
As at 31 December 2023 5,000
Amortisation
As at 1 January 2023 5,000
As at 31 December 2023 5,000
Net Book Value
As at 31 December 2023 -
As at 1 January 2023 -
Page 5
Page 6
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 January 2023 29,841 38,038 27,008 3,882
Additions - 80 - 752
Disposals - - (26,442 ) -
As at 31 December 2023 29,841 38,118 566 4,634
Depreciation
As at 1 January 2023 22,600 37,301 14,867 2,279
Provided during the period 2,984 194 41 383
Disposals - - (14,465 ) -
As at 31 December 2023 25,584 37,495 443 2,662
Net Book Value
As at 31 December 2023 4,257 623 123 1,972
As at 1 January 2023 7,241 737 12,141 1,603
Computer Equipment Total
£ £
Cost
As at 1 January 2023 6,185 104,954
Additions - 832
Disposals - (26,442 )
As at 31 December 2023 6,185 79,344
Depreciation
As at 1 January 2023 5,526 82,573
Provided during the period 323 3,925
Disposals - (14,465 )
As at 31 December 2023 5,849 72,033
Net Book Value
As at 31 December 2023 336 7,311
As at 1 January 2023 659 22,381
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2023 2022
£ £
Motor Vehicles 8,650 11,533
8,650 11,533
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Page 7
6. Investments
Unlisted
£
Cost
As at 1 January 2023 34,678
Disposals (34,675 )
As at 31 December 2023 3
Provision
As at 1 January 2023 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 3
As at 1 January 2023 34,678
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 5,658 13,459
Other debtors 6,914 3,361
12,572 16,820
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 3,190 4,176
Trade creditors 11,733 5,964
Bank loans and overdrafts 21,685 21,067
Amounts owed to group undertakings - 1,440
Other creditors 85,824 36,819
Taxation and social security 10,984 14,379
133,416 83,845
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 3,323 6,512
Bank loans 30,640 52,325
Amounts owed to group undertakings - 4,680
Other creditors 335 1,140
34,298 64,657
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10. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 3,190 4,176
Later than one year and not later than five years 3,323 6,512
6,513 10,688
6,513 10,688
11. Deferred Taxation
The provision for deferred tax is made up as follows:
2023 2022
£ £
Other timing differences 635 1,634
12. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 January 2023 1,634 1,634
Utilised (999 ) (999)
Balance at 31 December 2023 635 635
13. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 11 11
14. Related Party Transactions
An amount from a loan of £nil (2022: £6,120) was owed to a company in which the company had a participating interest.
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