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Registration number: 06727556

A & M Motors (Norfolk) Limited

trading as A & M Motors

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

A & M Motors (Norfolk) Limited
trading as A & M Motors

Contents


 

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

A & M Motors (Norfolk) Limited
trading as A & M Motors

Registration number: 06727556

Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

4,590

6,885

Tangible assets

5

32,969

32,286

 

37,559

39,171

Current assets

 

Stocks

6

3,500

3,200

Debtors

7

19,095

28,189

Cash at bank and in hand

 

234,820

217,287

 

257,415

248,676

Creditors: Amounts falling due within one year

8

(86,224)

(96,262)

Net current assets

 

171,191

152,414

Total assets less current liabilities

 

208,750

191,585

Creditors: Amounts falling due after more than one year

8

(12,500)

(22,500)

Provisions for liabilities

(7,181)

(5,206)

Net assets

 

189,069

163,879

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

188,969

163,779

Shareholders' funds

 

189,069

163,879



The director's statements required by sections 475 (2) and (3) are shown on the following page which forms part of this Balance Sheet.

 

A & M Motors (Norfolk) Limited
trading as A & M Motors

Registration number: 06727556

Balance Sheet as at 31 March 2024 (continued)

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 17 September 2024
 

A Wallace
Director

   
     

 

A & M Motors (Norfolk) Limited
trading as A & M Motors

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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:
Unit 14
Shepherds Business Park
Norwich Road
Norwich
Norfolk
NR9 5SG

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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

 

A & M Motors (Norfolk) Limited
trading as A & M Motors

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

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.

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

Plant and machinery

25% Reducing balance

Motor Vehicles

25% Reducing balance

Leasehold improvements

Straight line over the term of the lease

 

A & M Motors (Norfolk) Limited
trading as A & M Motors

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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.

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 the director) during the year, was 4 (2023 - 3).

 

A & M Motors (Norfolk) Limited
trading as A & M Motors

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

36,000

36,000

At 31 March 2024

36,000

36,000

Amortisation

At 1 April 2023

29,115

29,115

Amortisation charge

2,295

2,295

At 31 March 2024

31,410

31,410

Carrying amount

At 31 March 2024

4,590

4,590

At 31 March 2023

6,885

6,885

 

A & M Motors (Norfolk) Limited
trading as A & M Motors

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

5

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

2,012

20,925

67,732

90,669

Additions

-

4,167

8,015

12,182

Disposals

-

(4,000)

(2,595)

(6,595)

At 31 March 2024

2,012

21,092

73,152

96,256

Depreciation

At 1 April 2023

2,012

8,461

47,910

58,383

Charge for the year

-

4,057

6,932

10,989

Eliminated on disposal

-

(3,600)

(2,485)

(6,085)

At 31 March 2024

2,012

8,918

52,357

63,287

Carrying amount

At 31 March 2024

-

12,174

20,795

32,969

At 31 March 2023

-

12,464

19,822

32,286

Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of short leasehold land and buildings.
 

6

Stocks

2024
£

2023
£

Other inventories

3,500

3,200

 

A & M Motors (Norfolk) Limited
trading as A & M Motors

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

7

Debtors

Current

2024
£

2023
£

Trade debtors

17,048

16,718

Prepayments

2,047

2,785

Other debtors

-

8,686

 

19,095

28,189

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

10,000

10,000

Trade creditors

 

12,197

10,827

Director/participator's loan accounts

32,940

10,989

Taxation and social security

 

30,654

21,445

Other creditors

 

433

43,001

 

86,224

96,262

Due after one year

 

Loans and borrowings

12,500

22,500

 

A & M Motors (Norfolk) Limited
trading as A & M Motors

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares class 1 of £1 each

100

100

100

100