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REGISTERED NUMBER: 02085860 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

M.B.MOTORS (ADDINGTON) LIMITED

M.B.MOTORS (ADDINGTON) LIMITED (REGISTERED NUMBER: 02085860)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


M.B.MOTORS (ADDINGTON) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mrs C D McGee
Mr S M Hammond
Mr M B Hammond





REGISTERED OFFICE: Unit 2.02
High Weald House
Glovers End
Bexhill
East Sussex
TN39 5ES





REGISTERED NUMBER: 02085860 (England and Wales)





ACCOUNTANTS: Acuity Professional Partnership LLP
Unit 2.02 High Weald House
Glovers End
Bexhill
East Sussex
TN39 5ES

M.B.MOTORS (ADDINGTON) LIMITED (REGISTERED NUMBER: 02085860)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 689,784 673,769

CURRENT ASSETS
Stocks 5 1,050 1,000
Debtors: amounts falling due within one year 6 15,584 27,599
Cash at bank 8 12,671
16,642 41,270
CREDITORS
Amounts falling due within one year 7 205,842 195,371
NET CURRENT LIABILITIES (189,200 ) (154,101 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

500,584

519,668

CREDITORS
Amounts falling due after more than one
year

8

103,913

160,538
NET ASSETS 396,671 359,130

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 396,571 359,030
SHAREHOLDERS' FUNDS 396,671 359,130

M.B.MOTORS (ADDINGTON) LIMITED (REGISTERED NUMBER: 02085860)

STATEMENT OF FINANCIAL POSITION - continued
31 DECEMBER 2023


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 directors acknowledge their 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.

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 Board of Directors and authorised for issue on 26 September 2024 and were signed on its behalf by:





Mrs C D McGee - Director


M.B.MOTORS (ADDINGTON) LIMITED (REGISTERED NUMBER: 02085860)

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


1. STATUTORY INFORMATION

M.B.Motors (Addington) 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. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
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. The financial statements have been prepared under the historical cost convention.

The preparation of financial statements in conformity with FRS 102 section 1A requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.

ACCOUNTING ESTIMATES AND JUDGEMENTS
In preparing the financial statements, the directors are required to make estimates and judgements about the carrying amounts of assets and liabilities. The estimates and assumptions are reviewed on an ongoing basis and are based on historical experience and other factors that are considered by the directors to be relevant. Revision to accounting estimates are recognised in the period in which the estimate is revised.

TURNOVER
Turnover represents the net invoiced sales of services and goods, excluding value added tax.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 10% on reducing balance
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer 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.

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 statement of financial position date.


M.B.MOTORS (ADDINGTON) LIMITED (REGISTERED NUMBER: 02085860)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued
DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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.

FINANCIAL INSTRUMENT
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

BASIC FINANCIAL ASSETS
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

CLASSIFICATION OF FINANCIAL LIABILITIES
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

BASIC FINANCIAL LIABILITIES
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payment is discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 7 ) .

M.B.MOTORS (ADDINGTON) LIMITED (REGISTERED NUMBER: 02085860)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
Cost
At 1 January 2023 614,179 24,977 54,272
Additions - - -
Disposals - - -
At 31 December 2023 614,179 24,977 54,272
Depreciation
At 1 January 2023 - 20,676 53,658
Charge for year - 430 154
Eliminated on disposal - - -
At 31 December 2023 - 21,106 53,812
Net book value
At 31 December 2023 614,179 3,871 460
At 31 December 2022 614,179 4,301 614

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
Cost
At 1 January 2023 5,459 120,657 7,764 827,308
Additions - 57,775 - 57,775
Disposals - (63,044 ) - (63,044 )
At 31 December 2023 5,459 115,388 7,764 822,039
Depreciation
At 1 January 2023 4,651 68,789 5,765 153,539
Charge for year 202 5,012 500 6,298
Eliminated on disposal - (27,582 ) - (27,582 )
At 31 December 2023 4,853 46,219 6,265 132,255
Net book value
At 31 December 2023 606 69,169 1,499 689,784
At 31 December 2022 808 51,868 1,999 673,769

M.B.MOTORS (ADDINGTON) LIMITED (REGISTERED NUMBER: 02085860)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
Cost
At 1 January 2023
and 31 December 2023 57,088
Depreciation
At 1 January 2023
and 31 December 2023 32,799
Net book value
At 31 December 2023 24,289
At 31 December 2022 24,289

5. STOCKS
31.12.23 31.12.22
£    £   
Stocks 1,050 1,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 15,584 18,499
Other debtors - 9,100
15,584 27,599

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 82,424 84,712
Hire purchase contracts 9,074 7,965
Taxation and social security 57,150 77,088
Other creditors 57,194 25,606
205,842 195,371

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans 59,712 118,898
Hire purchase contracts 44,201 41,640
103,913 160,538

M.B.MOTORS (ADDINGTON) LIMITED (REGISTERED NUMBER: 02085860)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


9. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank loans 121,746 180,932

There is a fixed and floating charge over the undertaking and all assets of the company.

10. DEFERRED TAX
£   
Balance at 1 January 2023 (6,833 )
Provided during year 6,833
Deferred tax
Balance at 31 December 2023 -

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
60 Ordinary 1 60 60
20 Ordinary 'A' 1 20 20
20 Ordinary 'B' 1 20 20
100 100