1
true
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
No description of principal activity
2023-02-01
Sage Accounts Production Advanced 2023 - FRS102_2023
3,740
1,308
486
1,794
1,946
2,432
xbrli:pure
xbrli:shares
iso4217:GBP
13148746
2023-02-01
2024-01-31
13148746
2024-01-31
13148746
2023-01-31
13148746
2022-02-01
2023-01-31
13148746
2023-01-31
13148746
2022-01-31
13148746
core:PlantMachinery
2023-02-01
2024-01-31
13148746
bus:LeadAgentIfApplicable
2023-02-01
2024-01-31
13148746
bus:Director1
2023-02-01
2024-01-31
13148746
bus:Director2
2023-02-01
2024-01-31
13148746
core:PlantMachinery
2023-01-31
13148746
core:PlantMachinery
2024-01-31
13148746
core:AfterOneYear
2023-01-31
13148746
core:WithinOneYear
2024-01-31
13148746
core:WithinOneYear
2023-01-31
13148746
core:ShareCapital
2024-01-31
13148746
core:ShareCapital
2023-01-31
13148746
core:RetainedEarningsAccumulatedLosses
2024-01-31
13148746
core:RetainedEarningsAccumulatedLosses
2023-01-31
13148746
core:PlantMachinery
2023-01-31
13148746
bus:Director1
2023-01-31
13148746
bus:Director1
2024-01-31
13148746
bus:Director2
2023-01-31
13148746
bus:Director2
2024-01-31
13148746
bus:Director1
2022-01-31
13148746
bus:Director1
2023-01-31
13148746
bus:Director2
2023-01-31
13148746
bus:Director1
2022-02-01
2023-01-31
13148746
bus:Director2
2022-02-01
2023-01-31
13148746
bus:SmallEntities
2023-02-01
2024-01-31
13148746
bus:AuditExemptWithAccountantsReport
2023-02-01
2024-01-31
13148746
bus:SmallCompaniesRegimeForAccounts
2023-02-01
2024-01-31
13148746
bus:PrivateLimitedCompanyLtd
2023-02-01
2024-01-31
13148746
bus:FullAccounts
2023-02-01
2024-01-31
13148746
core:EntitiesControlledByKeyManagementPersonnel
2023-02-01
2024-01-31
13148746
core:EntitiesControlledByKeyManagementPersonnel
2022-02-01
2023-01-31
13148746
core:EntitiesControlledByKeyManagementPersonnel
2024-01-31
13148746
core:EntitiesControlledByKeyManagementPersonnel
2023-01-31
COMPANY REGISTRATION NUMBER:
13148746
Filleted Unaudited Financial Statements |
|
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
Maben Vehicle Sales Ltd |
|
Year ended 31 January 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Maben Vehicle Sales Ltd for the year ended 31 January 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Maben Vehicle Sales Ltd, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Maben Vehicle Sales Ltd and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Maben Vehicle Sales Ltd and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Maben Vehicle Sales Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Maben Vehicle Sales Ltd. You consider that Maben Vehicle Sales Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Maben Vehicle Sales Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
PAUL PHILLIS & CO LIMITED
Chartered accountants
11a Corelli Street
Newport
South Wales
NP19 7AR
9 October 2024
Statement of Financial Position |
|
31 January 2024
Fixed assets
Tangible assets |
5 |
1,946 |
2,432 |
|
|
|
|
Current assets
Stocks |
524,405 |
486,811 |
Debtors |
6 |
304,540 |
68,331 |
Cash at bank and in hand |
11,016 |
522 |
|
--------- |
--------- |
|
839,961 |
555,664 |
|
|
|
|
Creditors: amounts falling due within one year |
7 |
721,313 |
432,176 |
|
--------- |
--------- |
Net current assets |
118,648 |
123,488 |
|
--------- |
--------- |
Total assets less current liabilities |
120,594 |
125,920 |
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
– |
19,207 |
|
--------- |
--------- |
Net assets |
120,594 |
106,713 |
|
--------- |
--------- |
|
|
|
|
Capital and reserves
Called up share capital |
2 |
2 |
Profit and loss account |
120,592 |
106,711 |
|
--------- |
--------- |
Shareholders funds |
120,594 |
106,713 |
|
--------- |
--------- |
|
|
|
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 statement of income and retained earnings has not been delivered.
For the year ending 31 January 2024 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
.
Statement of Financial Position (continued) |
|
31 January 2024
These financial statements were approved by the
board of directors
and authorised for issue on
9 October 2024
, and are signed on behalf of the board by:
Mr B Pearson |
Mr M Pearson |
Director |
Director |
|
|
Company registration number:
13148746
Notes to the Financial Statements |
|
Year ended 31 January 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 1 Pontyfelin Industrial Estate, New Inn, Pontypool, NP4 0DQ.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Stocking loans
Stocking loans are financing arrangements provided by various lenders. The funding is generally for specific, separately identifiable vehicles which are being held as stock and repayment is required upon sale of the vehicle. Based on these factors the Company considers it appropriate that such funding be recognised in creditors.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Turnover is recognised in most cases on the despatch of vehicles and parts. In some instances, a customer may pay in full for the vehicle and accept responsibility for it but request that the company retains possession of the vehicle for delivery at a specified later date. Turnover is recognised on these transactions at the point of payment as the company believes that the risks and rewards of ownership have substantially transferred.
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. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 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. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
|
Plant and machinery |
- |
20% reducing balance |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell and include interest bearing consignment vehicles. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Consignment stocks are considered to be under the control of the Company and are included in stock as the Company has the significant risks and rewards of ownership even though legal title has not yet passed. The corresponding liability in included within creditors.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
1
(2023: Nil).
5.
Tangible assets
|
Plant and machinery |
|
£ |
Cost |
|
At 1 February 2023 and 31 January 2024 |
3,740 |
|
------- |
Depreciation |
|
At 1 February 2023 |
1,308 |
Charge for the year |
486 |
|
------- |
At 31 January 2024 |
1,794 |
|
------- |
Carrying amount |
|
At 31 January 2024 |
1,946 |
|
------- |
At 31 January 2023 |
2,432 |
|
------- |
|
|
6.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
219,088 |
20,215 |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
73,360 |
– |
Other debtors |
12,092 |
48,116 |
|
--------- |
-------- |
|
304,540 |
68,331 |
|
--------- |
-------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Trade creditors |
457,035 |
370,818 |
Corporation tax |
15,713 |
24,211 |
Social security and other taxes |
14,226 |
– |
Other loans |
170,725 |
– |
Short term finance - vehicles |
29,375 |
– |
Other creditors |
34,239 |
37,147 |
|
--------- |
--------- |
|
721,313 |
432,176 |
|
--------- |
--------- |
|
|
|
The amount owed to short term finance relates to vehicle stock finance which is secured on the related assets.
8.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
– |
19,207 |
|
---- |
-------- |
|
|
|
There is no amount included within creditors that is due for repayment after more than five years after the balance sheet date.
9.
Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
|
2024 |
|
|
Balance brought forward |
Advances/ (credits) to the directors |
Amounts repaid |
Balance outstanding |
|
|
£ |
£ |
£ |
£ |
|
Mr B Pearson |
(
31,424) |
(
23,920) |
65,181 |
9,837 |
|
Mr M Pearson |
2,239 |
– |
14 |
2,253 |
|
|
-------- |
-------- |
-------- |
-------- |
|
|
(
29,185) |
(
23,920) |
65,195 |
12,090 |
|
|
-------- |
-------- |
-------- |
-------- |
|
|
|
|
|
|
|
2023 |
|
|
Balance brought forward |
Advances/ (credits) to the directors |
Amounts repaid |
Balance outstanding |
|
|
£ |
£ |
£ |
£ |
|
Mr B Pearson |
(
4,697) |
(
70,246) |
43,519 |
(
31,424) |
|
Mr M Pearson |
– |
(
16,103) |
18,342 |
2,239 |
|
|
------- |
-------- |
-------- |
-------- |
|
|
(
4,697) |
(
86,349) |
61,861 |
(
29,185) |
|
|
------- |
-------- |
-------- |
-------- |
|
|
|
|
|
|
The director's loans are interest free and repayable on demand.
10.
Related party transactions
During the year the company entered into the following transactions with related parties:
|
Transaction value |
Balance owed by/(owed to) |
|
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
Maben Vehicle Hire Ltd |
801,153 |
434,086 |
(
16,515) |
(
112,363) |
|
--------- |
--------- |
-------- |
--------- |
|
|
|
|
|
The directors Mr B. Pearson and Mr M. Pearson are also directors and controlling shareholders of Maben Vehicle Hire Ltd. Goods and services are provided to and from Maben Vehicle Hire Ltd at open market value.