Company registration number 04102589 (England and Wales)
MOTOGEAR LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
MOTOGEAR LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
MOTOGEAR LTD
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
21,323
36,232
Current assets
Stocks
987,971
734,894
Debtors
5
480,318
425,134
Cash at bank and in hand
215,687
299,036
1,683,976
1,459,064
Creditors: amounts falling due within one year
6
(1,249,895)
(1,035,221)
Net current assets
434,081
423,843
Total assets less current liabilities
455,404
460,075
Creditors: amounts falling due after more than one year
7
(43,531)
(56,432)
Provisions for liabilities
(3,555)
(6,278)
Net assets
408,318
397,365
Capital and reserves
Called up share capital
5,000
5,000
Profit and loss reserves
403,318
392,365
Total equity
408,318
397,365
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
MOTOGEAR LTD
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 3 May 2024
Mr T Hall
Director
Company Registration No. 04102589
MOTOGEAR LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
MotoGear Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Thorpe House, 93 Headlands, Kettering, Northamptonshire, United Kingdom, NN15 6BL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
The turnover is attributable to the company's principal activity which is carried on wholly within the United Kingdom.
1.3
Tangible fixed assets
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
15% on cost
Computer equipment
15% on cost
Motor vehicles
25% on cost
1.4
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.5
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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
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.
MOTOGEAR LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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.
1.6
Leases
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.
1.7
Foreign exchange
Assets and liabilities stated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date or at forward contract rates if known. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. All exchange differences are taken into account in arriving at the operating profit.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is 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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
7
6
MOTOGEAR LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
4
Tangible fixed assets
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
58,136
7,477
66,337
131,950
Additions
3,393
533
3,926
At 31 December 2023
61,529
8,010
66,337
135,876
Depreciation and impairment
At 1 January 2023
48,720
7,477
39,521
95,718
Depreciation charged in the year
8,720
10,115
18,835
At 31 December 2023
57,440
7,477
49,636
114,553
Carrying amount
At 31 December 2023
4,089
533
16,701
21,323
At 31 December 2022
9,416
26,816
36,232
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
466,966
415,845
Other debtors
9,100
8,401
Prepayments and accrued income
4,252
888
480,318
425,134
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
5,514
5,580
Obligations under finance leases
7,453
7,453
Trade creditors
1,161,103
945,727
Corporation tax
42,241
54,933
Other taxation and social security
11,388
2,624
Other creditors
16,019
11,031
Accruals and deferred income
6,177
7,873
1,249,895
1,035,221
MOTOGEAR LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
7
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
29,868
35,316
Obligations under finance leases
13,663
21,116
43,531
56,432
8
Financial commitments, guarantees and contingent liabilities
The company has a property lease commitment of £30,000 per annum with 3 years and 8 months to run as at 31 December 2023.
9
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Advances and credits
-
1,158
9,100
(1,158)
9,100
1,158
9,100
(1,158)
9,100
10
Ultimate Controlling Party
The ultimate controlling party is Mr T E Hall who holds 100% of the issued share capital.