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COMPANY REGISTRATION NUMBER: 05447109
Major Motors Limited
Filleted Unaudited Financial Statements
31 July 2024
Major Motors Limited
Financial Statements
Year ended 31 July 2024
Contents
Pages
Balance sheet
1 to 2
Notes to the financial statements
3 to 6
Major Motors Limited
Balance Sheet
31 July 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
14,506
15,774
Current assets
Stocks
9,680
11,000
Debtors
6
39,883
39,024
Cash at bank and in hand
378,599
233,963
---------
---------
428,162
283,987
Creditors: amounts falling due within one year
7
185,751
137,927
---------
---------
Net current assets
242,411
146,060
---------
---------
Total assets less current liabilities
256,917
161,834
Provisions
Taxation including deferred tax
4,000
4,000
---------
---------
Net assets
252,917
157,834
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
252,817
157,734
---------
---------
Shareholders funds
252,917
157,834
---------
---------
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 profit and loss account has not been delivered.
For the year ending 31 July 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 .
Major Motors Limited
Balance Sheet (continued)
31 July 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 R C Bailey
Director
Company registration number: 05447109
Major Motors Limited
Notes to the Financial Statements
Year ended 31 July 2024
1. General information
The company is a private company limited by shares, registered in England and Wales, registration number 05447109 . The address of the registered office is Chapel Street, May Bank, Newcastle-under-Lyme, Staffordshire, ST5 9LY.
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. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
Judgements and key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: As described in the accounting policies of the financial statements, depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidenced by disposals during current and prior accounting periods.
Revenue recognition
Turnover comprises the value of sales (exclusive of VAT and trade discounts) of goods and services provided in the normal course of business. Turnover in respect of service contracts is recognised when the company obtains the right to receive consideration for services provided.
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. 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 material 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.
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:
Leasehold Property
-
20% reducing balance
Plant and Machinery
-
25% reducing balance
Fixtures and Fittings
-
15% reducing balance
Motor Vehicles
-
25% reducing balance
Equipment
-
25% straight line
Stocks
Stock is valued at the lower of cost and net realisable value. Cost is the purchase price of raw materials calculated on an actual basis. Net realisable value is the estimated proceeds from the sale of stock items.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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. The basic financial instruments of the company are as follows: Debtors Debtors do not carry any interest and are stated at their nominal values. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired. Cash at bank and in hand This comprises cash at bank and cash in hand. Trade creditors Trade creditors are not interest bearing and are stated at their nominal value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2023: 12 ).
5. Tangible assets
Leasehold Property
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Aug 2023
10,416
65,672
9,015
6,500
3,737
95,340
Additions
2,545
627
3,172
Disposals
( 625)
( 625)
--------
--------
-------
-------
-------
--------
At 31 Jul 2024
10,416
67,592
9,015
6,500
4,364
97,887
--------
--------
-------
-------
-------
--------
Depreciation
At 1 Aug 2023
10,021
54,851
5,999
4,958
3,737
79,566
Charge for the year
79
3,335
450
386
157
4,407
Disposals
( 592)
( 592)
--------
--------
-------
-------
-------
--------
At 31 Jul 2024
10,100
57,594
6,449
5,344
3,894
83,381
--------
--------
-------
-------
-------
--------
Carrying amount
At 31 Jul 2024
316
9,998
2,566
1,156
470
14,506
--------
--------
-------
-------
-------
--------
At 31 Jul 2023
395
10,821
3,016
1,542
15,774
--------
--------
-------
-------
-------
--------
6. Debtors
2024
2023
£
£
Trade debtors
32,565
32,203
Other debtors
7,318
6,821
--------
--------
39,883
39,024
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
48,966
41,876
Corporation tax
77,734
46,541
Social security and other taxes
31,292
26,942
Other creditors
27,759
22,568
---------
---------
185,751
137,927
---------
---------
8. Related party transactions
The company's premises are owned by the director Mr Bailey and his spouse and no rent has been charged during the year.