Registration number:
Algerie Motors Ltd
for the Year Ended 31 December 2023
Algerie Motors Ltd
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
Algerie Motors Ltd
Company Information
Directors |
Odilo Javier Otero Jacqueline Nabih |
Registered office |
|
Algerie Motors Ltd
(Registration number: 12147383)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
|
Current assets |
|||
Debtors |
|
|
|
Creditors: Amounts falling due within one year |
( |
( |
|
Total assets less current liabilities |
( |
( |
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net liabilities |
( |
( |
|
Capital and reserves |
|||
Called up share capital |
1 |
1 |
|
Retained earnings |
(93,189) |
(62,964) |
|
Shareholders' deficit |
(93,188) |
(62,963) |
For the financial 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.
Directors' responsibilities:
• |
|
• |
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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
......................................... |
......................................... |
Algerie Motors Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
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.
Algerie Motors Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Going concern
The financial statements have been prepared on a going concern basis as the directors consider that the company has the financial resources to continue for at least a twelve month period from the date that these financial statements are signed. The company continues to be a party to a commercial agreement under which it is expected that future income will be earned by the company. This will allow the company to meet its liabilities as they fall due over the next twelve months.
The shareholders of 100% of the issued share capital of the company have confirmed that the loan made to the Company will not be called upon in whole or in part for the next 12 months or until such time as the Company's affairs are solvent without the benefit of such a loan. On this basis, the Directors consider it appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments which would result from a withdrawal of the support of the shareholders of the Company.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
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.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Algerie Motors Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Debtors |
Current |
2023 |
2022 |
Other debtors |
|
|
|
|
Algerie Motors Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
- |
|
|
|
Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
|
Due after one year |
|||
Loans and borrowings |
|
|
Algerie Motors Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
USD |
No. |
USD |
|
|
|
1 |
|
1 |
Loans and borrowings |
Non-current loans and borrowings
2023 |
2022 |
|
Other borrowings |
|
|
Current loans and borrowings
2023 |
2022 |
|
Other borrowings |
|
|
Other borrowings
Shareholder loan is denominated in US$ with a nominal interest rate of 0%. The carrying amount at year end is USD15,419 (2022 - USD999). The long term loan from the Shareholder is interest free, unsecured with no repayable fixed date in less than 12 months. |
Related party transactions |
Algerie Motors Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Directors' remuneration
The directors' remuneration for the year was as follows:
2023 |
2022 |
|
Remuneration |
|
|
Summary of transactions with other related parties
Loans to related parties
2023 |
Other related parties |
Total |
At start of period |
|
|
At end of period |
|
|
|
2022 |
Other related parties |
Total |
At start of period |
|
|
At end of period |
|
|
|
Terms of loans to related parties
Loans from related parties
2023 |
Other related parties |
Total |
At start of period |
|
|
Advanced |
|
|
At end of period |
|
|
|
2022 |
Other related parties |
Total |
At start of period |
|
|
At end of period |
|
|
|
Terms of loans from related parties
The loan from the shareholder of US$15,419 (2022 US$999) is unsecured interest free and repayable in more than one year.