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Registered number: 12341664










MOTION FRAME LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2023

 
MOTION FRAME LIMITED
REGISTERED NUMBER: 12341664

BALANCE SHEET
AS AT 31 DECEMBER 2023

31 December
30 November
2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 5 
15,112
9,797

Cash at bank and in hand
 6 
409
4,659

  
15,521
14,456

Creditors: amounts falling due within one year
 7 
(263,031)
(245,277)

Net current liabilities
  
 
 
(247,510)
 
 
(230,821)

Total assets less current liabilities
  
(247,510)
(230,821)

Creditors: amounts falling due after more than one year
 8 
-
(24,955)

  

Net liabilities
  
(247,510)
(255,776)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(247,610)
(255,876)

  
(247,510)
(255,776)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 September 2024.




Cormac McCloskey
Director

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
MOTION FRAME LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

Motion Frame Limited is a private company limited by shares incorporated in England and Wales. The registered office is 8 Oliver Avenue, South Norwood, London, England, SE25 6TY. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

During the period the company incurred a loss before tax of £11,734 (year ended November 2022: £113,082), and has net current liabilities of £247,510 (2022: £255,776). The company is still in the set up stage and so was expected to make a loss. However, the company has the support and continues to have the support from other group companies which will allow it to meet its obligations during the course of the 12 months following the date of signing the financial statements. The company has taken active steps to ensure that the company will become profitable and to ensure that the company will continue to be in operation for the next 12 months. 

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

Page 2

 
MOTION FRAME LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

 
2.7

Development costs

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Page 3

 
MOTION FRAME LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

4.


Employees




The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL).

The average monthly number of employees, including directors, during the period was 0 (2022 - 0).


5.


Debtors

31 December
30 November
2023
2022
£
£


Other debtors
5,827
512

Tax recoverable
9,285
9,285

15,112
9,797



6.


Cash and cash equivalents

31 December
30 November
2023
2022
£
£

Cash at bank and in hand
409
4,659

409
4,659



7.


Creditors: Amounts falling due within one year

31 December
30 November
2023
2022
£
£

Bank loans
-
3,888

Amounts owed to group undertakings
181,496
81,500

Other creditors
77,585
158,164

Accruals and deferred income
3,950
1,725

263,031
245,277


Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

Page 4

 
MOTION FRAME LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

8.


Creditors: Amounts falling due after more than one year

31 December
30 November
2023
2022
£
£

Bank loans
-
24,955

-
24,955



9.


Loans


Analysis of the maturity of loans is given below:


31 December
30 November
2023
2022
£
£

Amounts falling due within one year

Bank loans
-
3,888


-
3,888


Amounts falling due 2-5 years

Bank loans
-
24,955


-
24,955


-
28,843



10.


Controlling party

The immediate parent undertaking of the company is Errigal IWI (Holdings) Limited a company incorporated in Northern Ireland and the ultimate parent undertaking is Errigal Contracts Group Limited, a company registered in the Republic of Ireland.
The smallest and largest undertaking of which the company is a member, and for which group financial statements are prepared is Errigal Contracts Group Limited, a company incorporated in the Republic of Ireland. Group financial statements for this company are prepared and are available to the public from the company's registered office.
Mr Damien Treanor and Mr Cormac McCloskey are considered to be the ultimate controlling parties of Errigal Contracts Group Limited by virtue of their shareholding in the company.

Page 5

 
MOTION FRAME LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

11.


Auditors' information

The auditors' report on the financial statements for the period ended 31 December 2023 was unqualified.

The audit report was signed on 19 September 2024 by Teresa Campbell (Senior statutory auditor) on behalf of AAB Group Accountants Limited.


Page 6