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COMPANY REGISTRATION NUMBER: 05101623
Motor Clinic Limited
Filleted Unaudited Financial Statements
31 December 2023
Motor Clinic Limited
Financial Statements
Year ended 31 December 2023
Contents
Pages
Balance sheet
1 to 2
Notes to the financial statements
3 to 6
Motor Clinic Limited
Balance Sheet
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
302,975
168,868
Current assets
Stocks
81,491
89,427
Debtors
6
635,046
527,701
Cash at bank and in hand
89,904
81,852
---------
---------
806,441
698,980
Creditors: amounts falling due within one year
7
636,659
423,711
---------
---------
Net current assets
169,782
275,269
---------
---------
Total assets less current liabilities
472,757
444,137
Creditors: amounts falling due after more than one year
8
19,063
29,098
Provisions
Taxation including deferred tax
46,000
32,000
---------
---------
Net assets
407,694
383,039
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
407,594
382,939
---------
---------
Shareholders funds
407,694
383,039
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit or loss has not been delivered.
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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Motor Clinic Limited
Balance Sheet (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 20 September 2024 , and are signed on behalf of the board by:
Mr J Keeling
Director
Company registration number: 05101623
Motor Clinic Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales, registration number 05101623 . The address of the registered office is Trentham Road, Stoke-on-Trent, Staffordshire, ST3 4DJ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
Judgements and key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: As described in the accounting policies of the financial statements, depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate.
Revenue recognition
Turnover comprises the value of sales (exclusive of VAT) of goods and services provided in the normal course of business. Revenue is recognised when goods are despatched, which is the same day on which goods are delivered and hence the point at which the risks and rewards of ownership pass to the buyer. Turnover in respect of service contracts is recognised when the company obtains the right to receive consideration for services provided.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property
-
20% straight line
Tools and equipment
-
10% reducing balance
Fixtures and fittings
-
10% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
20% straight line, 25% straight line on computer equipment
A full years depreciation is charged in the year of acquisition and no depreciation is charged in the year of disposal.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Estimated selling price is the amount expected to received for the sale of the stock item.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. The basic financial instruments of the company are as follows: Debtors Debtors do not carry any interest and are stated at their nominal values. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired. Cash at bank and in hand This comprises cash at bank and cash in hand. Trade creditors Trade creditors are not interest bearing and are stated at their nominal value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 22 (2022: 22 ).
5. Tangible assets
Leasehold property
Tools and equipment
Fixtures and fittings
Motor vehicles
Office equipment
Total
£
£
£
£
£
£
Cost
At 1 Jan 2023
73,250
97,695
15,187
385,770
15,925
587,827
Additions
149,420
50,968
5,621
11,348
1,654
219,011
Disposals
( 11,725)
( 4,463)
( 16,188)
---------
---------
--------
---------
--------
---------
At 31 Dec 2023
222,670
148,663
20,808
385,393
13,116
790,650
---------
---------
--------
---------
--------
---------
Depreciation
At 1 Jan 2023
73,250
65,407
8,194
256,933
15,175
418,959
Charge for the year
29,884
8,329
1,262
40,206
1,081
80,762
Disposals
( 7,583)
( 4,463)
( 12,046)
---------
---------
--------
---------
--------
---------
At 31 Dec 2023
103,134
73,736
9,456
289,556
11,793
487,675
---------
---------
--------
---------
--------
---------
Carrying amount
At 31 Dec 2023
119,536
74,927
11,352
95,837
1,323
302,975
---------
---------
--------
---------
--------
---------
At 31 Dec 2022
32,288
6,993
128,837
750
168,868
---------
---------
--------
---------
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
542,890
394,064
Amounts owed by group undertakings and undertakings in which the company has a participating interest
80,008
79,633
Other debtors
12,148
54,004
---------
---------
635,046
527,701
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,035
9,788
Trade creditors
182,640
183,734
Corporation tax
24,690
35,125
Social security and other taxes
23,471
124,292
Other creditors
395,823
70,772
---------
---------
636,659
423,711
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
19,063
29,098
--------
--------
9. Controlling party
The ultimate parent company is Loxley Holdings Limited, a company incorporated in England and Wales. The registered office address is Motor Clinic Limited , Trentham Road, Longton, Stoke-On-Trent, Staffordshire, ST3 4DJ.