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Registration number: 12147383

Algerie Motors Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Algerie Motors Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Algerie Motors Ltd

Company Information

Directors

Odilo Javier Otero

Jacqueline Nabih

Registered office

6 East Point
High Street
Seal
Sevenoaks
Kent
TN15 0EG

 

Algerie Motors Ltd

(Registration number: 12147383)
Balance Sheet as at 31 December 2023

Note

2023
USD

2022
USD

Current assets

 

Debtors

4

156,968

160,631

Creditors: Amounts falling due within one year

5

(234,737)

(222,595)

Total assets less current liabilities

 

(77,769)

(61,964)

Creditors: Amounts falling due after more than one year

5

(15,419)

(999)

Net liabilities

 

(93,188)

(62,963)

Capital and reserves

 

Called up share capital

6

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 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. 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 Board on 16 September 2024 and signed on its behalf by:
 

.........................................
Odilo Javier Otero
Director

.........................................
Jacqueline Nabih
Director

 

Algerie Motors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
6 East Point
High Street
Seal
Sevenoaks
Kent
TN15 0EG

These financial statements were authorised for issue by the Board on 16 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.

 

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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 4).

4

Debtors

Current

2023
USD

2022
USD

Other debtors

156,968

160,631

 

156,968

160,631

 

Algerie Motors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Creditors

Creditors: amounts falling due within one year

Note

2023
USD

2022
USD

Due within one year

 

Loans and borrowings

7

222,595

222,595

Trade creditors

 

12,142

-

 

234,737

222,595

Creditors: amounts falling due after more than one year

Note

2023
USD

2022
USD

Due after one year

 

Loans and borrowings

7

15,419

999

 

Algerie Motors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

USD

No.

USD

Ordinary share of €1 each

1

1

1

1

       

7

Loans and borrowings

Non-current loans and borrowings

2023
USD

2022
USD

Other borrowings

15,419

999

Current loans and borrowings

2023
USD

2022
USD

Other borrowings

222,595

222,595

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.

8

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
USD

2022
USD

Remuneration

6,095

5,751

Summary of transactions with other related parties

Algerie Motors SarL is a company which is under common control of the shareholder.
 

Loans to related parties

2023

Other related parties
USD

Total
USD

At start of period

140,095

140,095

At end of period

140,095

140,095

2022

Other related parties
USD

Total
USD

At start of period

140,095

140,095

At end of period

140,095

140,095

Terms of loans to related parties

The loan to the related party is unsecured interest free and repayable on demand.

Loans from related parties

2023

Other related parties
USD

Total
USD

At start of period

223,594

223,594

Advanced

14,420

14,420

At end of period

238,014

238,014

2022

Other related parties
USD

Total
USD

At start of period

223,594

223,594

At end of period

223,594

223,594

Terms of loans from related parties

The loan of US$ 222,595 (2022 US$222,595) from the related party is unsecured interest free and repayable on demand.

The loan from the shareholder of US$15,419 (2022 US$999) is unsecured interest free and repayable in more than one year.