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REGISTERED NUMBER: 10957610 (England and Wales)











Financial Statements for the Year Ended 31 December 2023

for

MWF MOTORS LIMITED

MWF MOTORS LIMITED (REGISTERED NUMBER: 10957610)

Contents of the Financial Statements
for the Year Ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MWF MOTORS LIMITED

Company Information
for the Year Ended 31 December 2023







DIRECTOR: M W Farmery





SECRETARY:





REGISTERED OFFICE: MWF Motors
182 Market Street
Chapel-en-le-Frith
High Peak
SK23 0NT





REGISTERED NUMBER: 10957610 (England and Wales)





ACCOUNTANT: Mourne & Co
10 Market Street
Chapel-en-le-Frith
High Peak
Derbyshire
SK23 0HH

MWF MOTORS LIMITED (REGISTERED NUMBER: 10957610)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 76,039 83,881

CURRENT ASSETS
Stocks 6 429,185 494,009
Debtors 7 57,743 38,958
Cash at bank and in hand 775 17,680
487,703 550,647
CREDITORS
Amounts falling due within one year 8 255,987 430,157
NET CURRENT ASSETS 231,716 120,490
TOTAL ASSETS LESS CURRENT
LIABILITIES

307,755

204,371

CREDITORS
Amounts falling due after more than one
year

9

134,713

54,656
NET ASSETS 173,042 149,715

CAPITAL AND RESERVES
Called up share capital 12 2 2
Retained earnings 13 173,040 149,713
SHAREHOLDERS' FUNDS 173,042 149,715

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MWF MOTORS LIMITED (REGISTERED NUMBER: 10957610)

Balance Sheet - continued
31 December 2023


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 23 September 2024 and were signed by:





M W Farmery - Director


MWF MOTORS LIMITED (REGISTERED NUMBER: 10957610)

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


1. STATUTORY INFORMATION

MWF Motors Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The principal accounting policies adopted in the preparation of the financial statements are set out below.

The financial statements have been prepared under the historic cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised at the point when a customer takes full possession of the vehicle or the vehicle becomes unconditionally available. Deposits received in advance are reflected in the balance sheet as a liability.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Property improvements - in accordance with the property
Plant & machinery - at variable rates on reducing balance
Motor vehicles - 25% on reducing balance
Office equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The following assets and liabilities are classified as financial instruments; trade debtors, trade creditors, bank loans and directors loans.

Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.

Directors loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.


MWF MOTORS LIMITED (REGISTERED NUMBER: 10957610)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Employee benefits
Short term employee benefits, including holiday pay, are recognised as an expense in the Statement of Income and Retained Earnings in the period in which they are incurred.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 5 ) .

MWF MOTORS LIMITED (REGISTERED NUMBER: 10957610)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


5. TANGIBLE FIXED ASSETS
Property Plant & Motor Office
improvements machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 18,105 67,529 10,500 2,879 99,013
Additions - 2,643 - - 2,643
At 31 December 2023 18,105 70,172 10,500 2,879 101,656
DEPRECIATION
At 1 January 2023 6,533 4,619 3,466 514 15,132
Charge for year 3,858 4,278 1,758 591 10,485
At 31 December 2023 10,391 8,897 5,224 1,105 25,617
NET BOOK VALUE
At 31 December 2023 7,714 61,275 5,276 1,774 76,039
At 31 December 2022 11,572 62,910 7,034 2,365 83,881

6. STOCKS
31.12.23 31.12.22
£    £   
Stocks 429,185 494,009

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Other debtors - 25,000
MWF Autos Limited 48,743 4,958
Prepayments 9,000 9,000
57,743 38,958

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Other loans (see note 10) 117,242 336,143
Trade creditors 11,101 5,177
Taxation 40,079 33,449
Social security & other taxes 1,578 2,432
VAT 60,903 43,720
Other creditors 16,398 3,784
Directors' current accounts 3,636 1,902
Accrued expenses 5,050 3,550
255,987 430,157

MWF MOTORS LIMITED (REGISTERED NUMBER: 10957610)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans (see note 10) 34,813 39,656
Directors loan account - 15,000
Private loan 99,900 -
134,713 54,656

10. LOANS

An analysis of the maturity of loans is given below:

31.12.23 31.12.22
£    £   
Amounts falling due within one year or on demand:
Stocking loan (GOT) 76,341 78,085
Stocking loan (NGC) 19,380 76,883
Stocking loan (BMF) 21,521 181,175
117,242 336,143

Amounts falling due between two and five years:
Bank loans (BBLS) 34,813 39,656

11. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23 31.12.22
£    £   
Within one year 36,000 58,000
Between one and five years 144,000 232,000
180,000 290,000

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
2 Ordinary £1 2 2

MWF MOTORS LIMITED (REGISTERED NUMBER: 10957610)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


13. RESERVES
Retained
earnings
£   

At 1 January 2023 149,713
Profit for the year 43,327
Dividends (20,000 )
At 31 December 2023 173,040

14. RELATED PARTY DISCLOSURES

During the year, total dividends of £20,000 were paid to the director .

During the year the company recharged parts, rent and management overheads totalling £65,580 (2022: £7,333) to MWF Autos Limited on normal commercial terms. At the balance sheet date, an amount of £48,743 (2022: £4,958) was due from MWF Autos Limited.

M W Farmery is a director and shareholder of MWF Autos Limited.

15. ULTIMATE CONTROLLING PARTY

The company was throughout the year under the control of the director M W Farmery by virtue of his majority holding in the issued ordinary share capital.