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Registration number: 07199386

Prepared for the registrar

Movit UK Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Movit UK Limited

(Registration number: 07199386)
Balance Sheet as at 31 December 2023

Note

2023
 £

2022
 £

Fixed assets

 

Tangible assets

4

1,068,684

1,079,749

Investments

5

72

72

 

1,068,756

1,079,821

Current assets

 

Debtors

6

74,529

74,529

Creditors: Amounts falling due within one year

7

(829,976)

(763,573)

Net current liabilities

 

(755,447)

(689,044)

Total assets less current liabilities

 

313,309

390,777

Creditors: Amounts falling due after more than one year

7

(247,379)

(284,158)

Net assets

 

65,930

106,619

Capital and reserves

 

Called up share capital

30

30

Profit and loss account

65,900

106,589

Total equity

 

65,930

106,619

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 26 September 2024 and signed on its behalf by:
 


Mr I D Litchfield
Director

 

Movit UK Limited

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

 

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:
Highfield Farmhouse
Tewkesbury Road
Deerhurst
Gloucester
GL19 4BP

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Group accounts not prepared

The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small group.

Judgements and key sources of estimation uncertainty

No significant judgements or key sources of estimation uncertainty have been made by management in preparing these financial statements.

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 and after eliminating sales within the company.

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.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Land and buildings

land at nil, buildings at 2% on cost

 

Movit UK Limited

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

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the profit or loss.

 

Movit UK Limited

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

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

4

Tangible assets

Land and buildings
 £

Cost

At 1 January 2023

1,112,944

At 31 December 2023

1,112,944

Depreciation

At 1 January 2023

33,195

Charge for the year

11,065

At 31 December 2023

44,260

Carrying amount

At 31 December 2023

1,068,684

At 31 December 2022

1,079,749

 

5

Investments

2023
£

2022
£

Investments in subsidiaries

72

72

Subsidiaries

£

Cost

At 1 January 2023 and 31 December 2022

72

Carrying amount

At 1 January 2022 and 31 December 2023

72

 

Movit UK Limited

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

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Litchfield Imports (Gloucestershire) Limited

Highfield Farmhouse,
Tewkesbury Road, Deerhurst,
GL19 4BP

Ordinary

100%

100%

 

England

     

Litchfield Motors Limited

Highfield Farmhouse,
Tewkesbury Road, Deerhurst,
GL19 4BP

Ordinary

100%

100%

 

England

     

Litchfield Imports Ltd

Highfield Farmhouse,
Tewkesbury Road, Deerhurst,
GL19 4BP

Ordinary

100%

100%

 

     

Litchfield Motorsport Ltd

Highfield Farmhouse,
Tewkesbury Road, Deerhurst,
GL19 4BP

Ordinary

100%

100%

 

     

Litchfield Performance Ltd

Highfield Farmhouse,
Tewkesbury Road, Deerhurst,
GL19 4BP

Ordinary

100%

100%

 

     

Litchfield Paint Protection

Highfield Farmhouse,
Tewkesbury Road, Deerhurst,
GL19 4BP

Ordinary

100%

100%

 

     

Litchfield Car Sales Ltd

Highfield Farmhouse,
Tewkesbury Road, Deerhurst,
GL19 4BP

Ordinary

100%

100%

 

     

Litchfield Electric Ltd

Highfield Farmhouse,
Tewkesbury Road, Deerhurst,
GL19 4BP

Ordinary

100%

100%

 

     

Litchfield EV Ltd

Highfield Farmhouse,
Tewkesbury Road, Deerhurst,
GL19 4BP

Ordinary

100%

100%

 

     

 

6

Debtors

Note

2023
 £

2022
 £

Amounts owed by related parties

9

74,529

74,529

 

Movit UK Limited

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

 

7

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

8

235,413

255,855

Amounts due to related parties

9

582,308

495,627

Other creditors

 

70

70

Accrued expenses

 

1,140

1,085

Corporation tax liability

11,045

10,936

 

829,976

763,573

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

247,379

284,158

 

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

30,277

30,897

Directors' loan account

205,136

224,958

235,413

255,855

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

247,379

284,158

 

9

Related party transactions

Summary of transactions with directors
At the balance sheet date, the amount owed to the directors, I D and J H Litchfield, was £205,136 (2022: £224,958) in the form of a directors' loan account. The loan is repayable on demand and is interest free.

Summary of transactions with subsidiaries
At the balance sheet date, the amount owed to their subsidiary company, Litchfield Imports (Gloucestershire) Limited, was £582,308 (2022: £495,627). This is an interest free loan and is repayable on demand.

At the balance sheet date, the amount owed from their subsidiary company, Litchfield Motors Limited, was £74,529 (2022: £74,529). This is an interest free loan and is repayable on demand.