M Y A Solutions Ltd 09485348 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of second hand car sales and vehicle transportation. Digita Accounts Production Advanced 6.30.9574.0 true true 09485348 2023-04-01 2024-03-31 09485348 2024-03-31 09485348 bus:Director3 1 2024-03-31 09485348 core:CurrentFinancialInstruments 2024-03-31 09485348 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 09485348 core:Non-currentFinancialInstruments 2024-03-31 09485348 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 09485348 core:LandBuildings core:ShortLeaseholdAssets 2024-03-31 09485348 core:MotorVehicles 2024-03-31 09485348 core:OfficeEquipment 2024-03-31 09485348 bus:SmallEntities 2023-04-01 2024-03-31 09485348 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 09485348 bus:FilletedAccounts 2023-04-01 2024-03-31 09485348 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 09485348 bus:RegisteredOffice 2023-04-01 2024-03-31 09485348 bus:Director1 2023-04-01 2024-03-31 09485348 bus:Director3 2023-04-01 2024-03-31 09485348 bus:Director3 1 2023-04-01 2024-03-31 09485348 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 09485348 core:LandBuildings core:ShortLeaseholdAssets 2023-04-01 2024-03-31 09485348 core:LeaseholdImprovements 2023-04-01 2024-03-31 09485348 core:MotorVehicles 2023-04-01 2024-03-31 09485348 core:OfficeEquipment 2023-04-01 2024-03-31 09485348 core:Vehicles 2023-04-01 2024-03-31 09485348 core:KeyManagementPersonnel 2023-04-01 2024-03-31 09485348 countries:EnglandWales 2023-04-01 2024-03-31 09485348 2023-03-31 09485348 bus:Director3 1 2023-03-31 09485348 core:LandBuildings core:ShortLeaseholdAssets 2023-03-31 09485348 core:MotorVehicles 2023-03-31 09485348 core:OfficeEquipment 2023-03-31 09485348 2022-04-01 2023-03-31 09485348 2023-03-31 09485348 bus:Director3 1 2023-03-31 09485348 core:CurrentFinancialInstruments 2023-03-31 09485348 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 09485348 core:Non-currentFinancialInstruments 2023-03-31 09485348 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 09485348 core:LandBuildings core:ShortLeaseholdAssets 2023-03-31 09485348 core:MotorVehicles 2023-03-31 09485348 core:OfficeEquipment 2023-03-31 09485348 bus:Director3 1 2022-04-01 2023-03-31 09485348 bus:Director3 1 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 09485348

M Y A Solutions Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

M Y A Solutions Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

M Y A Solutions Ltd

(Registration number: 09485348)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

30,029

35,484

Current assets

 

Stocks

5

60,850

86,500

Debtors

6

26,087

2,841

Cash at bank and in hand

 

78

2,968

 

87,015

92,309

Creditors: Amounts falling due within one year

7

(89,292)

(61,517)

Net current (liabilities)/assets

 

(2,277)

30,792

Total assets less current liabilities

 

27,752

66,276

Creditors: Amounts falling due after more than one year

7

(60,951)

(91,573)

Net liabilities

 

(33,199)

(25,297)

Capital and reserves

 

Called up share capital

1

1

Retained earnings

(33,200)

(25,298)

Shareholders' deficit

 

(33,199)

(25,297)

 

M Y A Solutions Ltd

(Registration number: 09485348)
Balance Sheet as at 31 March 2024

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 14 October 2024
 

.........................................
J Bennet
Director

 

M Y A Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
England

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 that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

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 value added tax.

Tangible assets

Tangible assets are stated in the balance sheet 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

Motor vehicles

20% reducing balance

Office equipment

25% reducing balance

Parking area

15% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

M Y A Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

 

M Y A Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Short leasehold land and buildings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

1,500

5,727

81,500

88,727

Additions

-

1,929

-

1,929

At 31 March 2024

1,500

7,656

81,500

90,656

Depreciation

At 1 April 2023

934

4,950

47,359

53,243

Charge for the year

85

456

6,843

7,384

At 31 March 2024

1,019

5,406

54,202

60,627

Carrying amount

At 31 March 2024

481

2,250

27,298

30,029

At 31 March 2023

566

777

34,141

35,484

Included within the net book value of land and buildings above is £481 (2023 - £566) in respect of short leasehold land and buildings.
 

5

Stocks

2024
£

2023
£

Stock of cars

60,850

86,500

6

Debtors

Current

2024
£

2023
£

Trade debtors

8,665

300

Other debtors

17,422

2,541

 

26,087

2,841

 

M Y A Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

22,226

5,826

Trade creditors

 

2,051

2,932

Taxation and social security

 

2,862

-

Other creditors

 

62,153

52,759

 

89,292

61,517

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

60,951

91,573

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

11,413

2,000

Bank overdrafts

10,813

3,826

22,226

5,826

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

26,645

41,766

Other borrowings

34,306

49,807

60,951

91,573

 

M Y A Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

9

Related party transactions

J Bennett had a loan with the company. At the balance sheet date the amount due to J Bennett was £54,153 (2023: £50,259).

A loan was made to Swindon Trade Centre Limited, a company of which J Bennett is sole director. At the balance sheet date, the amount owed bt Swindon Trade Centre Limited was £15,370.

In addition to the above, C Savigar made the following long term loans to the company:

2024

At 1 April 2023
£

Repayments by director
£

At 31 March 2024
£

C Savigar

(49,805)

9,500

(40,305)

2023

At 1 April 2022
£

Repayments by director
£

At 31 March 2023
£

C Savigar

(65,005)

15,200

(49,805)

11 Going concern

The company has sufficient financial support from the directors together with a number of customers and suppliers across different geographic areas. As a consequence, the directors believe that the company is well placed to manage its business risks successfully despite the current uncertain economic outlook.

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.