REGISTERED NUMBER: |
STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
FOR |
MOTOSAVE LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
FOR |
MOTOSAVE LIMITED |
MOTOSAVE LIMITED (REGISTERED NUMBER: 01476510) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 January 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Statement of Comprehensive Income | 9 |
Balance Sheet | 10 |
Statement of Changes in Equity | 11 |
Notes to the Financial Statements | 12 |
MOTOSAVE LIMITED |
COMPANY INFORMATION |
for the year ended 31 January 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Certified Accountants |
& Statutory Auditor |
124 Thorpe Road |
Norwich |
Norfolk |
NR1 1RS |
SOLICITORS: |
Flint Buildings |
1 Bedding Lane |
Norwich |
Norfolk |
NR3 1RG |
MOTOSAVE LIMITED (REGISTERED NUMBER: 01476510) |
STRATEGIC REPORT |
for the year ended 31 January 2024 |
The directors present their strategic report for the year ended 31 January 2024. |
CHAIRMAN'S REPORT |
Motosave Limited had a turnover of over £14.1m, pre-tax profits of over £39k and net assets of over £4.8m. |
The principal activity of the company during the year was the retail trade of motor vehicle parts and |
accessories. |
A comprehensive business review is available in the consolidated group financial statements of K J Shortis Limited. |
As a retail-based business dealing directly with the end user, the past year has been exceedingly tough, with not only our customers dealing with the cost-of-living crisis, with interest rates hitting percentages not seen for over a decade, we were also being squeezed with additional costs forced upon us, like the living wage and business rates increases. Our turnover benefited however, as our customers were watching the pennies which meant keeping their car for longer, getting it serviced and repaired at independent garages, like ourselves, rather than at the main dealers. |
The current financial year started off strongly but since the announcement of the general election, business has slowed up, because consumers do not like uncertainty, so it will be interesting to see what the incoming labour government can do to restore consumer confidence. |
The group has also opened 2 new sites, one rented and one purchased site. The group has also purchased a |
property that will be revamped in due course and another site with legal at the moment. |
FAIR REVIEW OF THE BUSINESS INCLUDING PRINCIPAL RISKS AND UNCERTAINTIES |
Business risks: |
With the continuing reshaping of the UK Aftermarket, with mergers and formations of new buying groups our marketplace is in a state of flux. The high interest rates are likely to affect some of our competitors and with these increases in interest payments and refinancing, could present the Group's companies with opportunities to purchase additional businesses. When the right opportunities arise, the Group can take advantage of these opportunities, due to its strong financial position. The Company can afford to hold stocks when suitable deals become available via our good supplier and customer relationships. |
Competition: |
The UK Aftermarket is a highly competitive marketplace. We have always prided ourselves on being family owned and family run. This allows us to differentiate ourselves from the competition, which we feel our customers value. The Company manages this by continually assessing, reviewing and developing suitable systems and practises to ensure quality of service to maintain good customer relationships and competitive pricing. |
Regulatory compliance risk: |
The Company is subject to various laws and regulations set by local authorities and the Health and Safety Executive. The directors ensure that they are up to date and comply with all relevant areas of legislation to mitigate the risk of fines or other disciplinary actions. |
Financial risk management: |
The directors continually monitor the performance of the Company, trade debtors, stock levels and stock movements to minimise the financial risk of the business. In addition, the Company ensures adequate financing facilities are in place to meet the requirements of the business, along with the strong financial strength of the Group's companies. |
MOTOSAVE LIMITED (REGISTERED NUMBER: 01476510) |
STRATEGIC REPORT |
for the year ended 31 January 2024 |
Financial key performance indicators |
The directors consider that the key financial performance indicators are those that communicate the financial performance and strength of the Company as a whole, these being turnover and gross margin. |
31 January 2024 | 31 January 2023 |
£ | £ |
Turnover | 14,147,444 | 13,054,309 |
Gross margin | 60.7% | 58.2% |
The directors are pleased with the results of the past year in the current market place; however, this year is very testing. Inflationary costs are increasing the cost of wages, with fuel and heating being highest. As with most industries, being able to recruit staff has been the biggest problem. We are fortunate that we have loyal key staff to drive the group forward, to assist the group in continuing to reinvest and expand the business. |
ON BEHALF OF THE BOARD: |
Director |
25 October 2024 |
MOTOSAVE LIMITED (REGISTERED NUMBER: 01476510) |
REPORT OF THE DIRECTORS |
for the year ended 31 January 2024 |
The directors present their report with the financial statements of the company for the year ended 31 January 2024. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 January 2024. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 February 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
FUTURE DEVELOPMENTS |
Narrative for future developments is included within the strategic report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
MOTOSAVE LIMITED (REGISTERED NUMBER: 01476510) |
REPORT OF THE DIRECTORS |
for the year ended 31 January 2024 |
AUDITORS |
The auditors, Sexty & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MOTOSAVE LIMITED |
Opinion |
We have audited the financial statements of Motosave Limited (the 'company') for the year ended 31 January 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
_ |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 January 2024 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MOTOSAVE LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We have made enquiries with management regarding their procedures for complying with laws and regulations along with detecting and prevent fraud. We also review minutes of meetings and any published news articles to identify any instances of non-compliance with and regulations. |
Evidence has been obtained where applicable. Written representation has been obtained to confirm there have been no breaches of laws and regulations. |
The audit procedures are designed so that with reasonable assurance, material misstatements can be detected, including those relating to fraud. Specifically, areas which involve provisions or estimations have been tested where material. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MOTOSAVE LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Certified Accountants |
& Statutory Auditor |
124 Thorpe Road |
Norwich |
Norfolk |
NR1 1RS |
MOTOSAVE LIMITED (REGISTERED NUMBER: 01476510) |
STATEMENT OF COMPREHENSIVE |
INCOME |
for the year ended 31 January 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
26,278 | 47,680 |
Other operating income |
OPERATING PROFIT and |
PROFIT BEFORE TAXATION |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
MOTOSAVE LIMITED (REGISTERED NUMBER: 01476510) |
BALANCE SHEET |
31 January 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 7 |
Tangible assets | 8 |
CURRENT ASSETS |
Stocks | 9 |
Debtors | 10 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 13 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 14 |
Share premium | 15 |
Capital redemption reserve | 15 |
Retained earnings | 15 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
MOTOSAVE LIMITED (REGISTERED NUMBER: 01476510) |
STATEMENT OF CHANGES IN EQUITY |
for the year ended 31 January 2024 |
Called up | Capital |
share | Retained | Share | redemption | Total |
capital | earnings | premium | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 February 2022 |
Changes in equity |
Total comprehensive income | - | - |
Balance at 31 January 2023 |
Changes in equity |
Total comprehensive income | - | - |
Balance at 31 January 2024 |
MOTOSAVE LIMITED (REGISTERED NUMBER: 01476510) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 January 2024 |
1. | STATUTORY INFORMATION |
Motosave Limited is a |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are presented in pounds sterling and are rounded to the nearest pound. |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirement of paragraph 3.17(d); |
• | the requirement of paragraph 33.7. |
This information is included in the consolidated financial statements of K.J. Shortis Limited as at 31 January 2024 and these financial statements may be obtained from Companies House. |
Related party transactions |
The company has taken the disclosure exemption available as permitted by FRS 102 section 33.1A not to disclose transactions with group member companies which are also wholly owned subsidiaries within the same group. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
The turnover figure shown in the statement of comprehensive income relates wholly to sale of goods. |
Goodwill |
Goodwill represents the excess of cost of acquisition over the fair value of the separable net assets of businesses acquired. Goodwill is amortised through the profit and loss account in equal instalments over its estimated useful life. |
Tangible fixed assets |
Fixture & fittings | -15% straight line basis |
Motor vehicles | -25% straight line basis |
Improvements to leasehold property | -10% straight line basis |
MOTOSAVE LIMITED (REGISTERED NUMBER: 01476510) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 January 2024 |
3. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are stated at the lower of cost and net realisable value using the average cost method, after making due allowance for obsolete and slow moving items. |
Cost comprises the average cost of all purchases. |
To reflect market conditions and in accordance with good accounting practice all rebates have been taken into account. |
Financial instruments |
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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments 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. |
Equity instruments |
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
MOTOSAVE LIMITED (REGISTERED NUMBER: 01476510) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 January 2024 |
3. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
Leasing commitments |
The annual rentals due on operating leases are charged to the profit and loss account on a straight line basis over the term of the lease. |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
Sales and administration |
2024 | 2023 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
MOTOSAVE LIMITED (REGISTERED NUMBER: 01476510) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 January 2024 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Depreciation - owned assets |
Loss/(profit) on disposal of fixed assets | ( |
) |
Auditors' remuneration |
Operating leases - land and buildings |
Rent received |
The pension contributions for Mr R J Shortis are made by K J Shortis Limited, these are recharged in the management charges. |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax | ( |
) |
Under provision in prior year | - | (24 | ) |
Total current tax | ( |
) |
Deferred tax movement |
Tax on profit |
UK corporation tax has been charged at 24.03% . |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | - | ( |
) |
Depreciation in excess of capital allowances | - |
Profit/loss on disposal of assets | 259 | (14,166 | ) |
Rounding provision | (100 | ) | (358 | ) |
Allowable expenditure | - | (4,717 | ) |
Under/(Over) provision in prior year | - | (24 | ) |
Deferred tax movement | - | 70,000 |
Adjustment relating to blended corporation tax rate | (529 | ) | - |
Total tax charge | 13,000 | 45,976 |
MOTOSAVE LIMITED (REGISTERED NUMBER: 01476510) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 January 2024 |
6. | TAXATION - continued |
As of 1 April 2023, the main rate of UK corporation tax increased from 19% to 25%. As the company’s financial year straddles this date, a blended corporation tax rate of 24.03% has been applied which is calculated by apportioning the two tax rates on a weighted basis for the proportion of the financial year for which each main tax rate was applicable whilst also taking into account marginal relief. |
7. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 February 2023 |
and 31 January 2024 |
AMORTISATION |
At 1 February 2023 |
and 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
8. | TANGIBLE FIXED ASSETS |
Improvements |
to | Fixtures |
leasehold | and | Motor |
property | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 February 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
9. | STOCKS |
2024 | 2023 |
£ | £ |
Finished goods |
MOTOSAVE LIMITED (REGISTERED NUMBER: 01476510) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 January 2024 |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Amounts owed by group companies | 3,886,362 | 3,573,804 |
Prepayments and accrued income |
The amounts owed by group companies relates to accumulated cash in the group deposit account. |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Corporation tax |
Social security and other taxes |
Other creditors |
Accrued expenses |
12. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Between one and five years |
In more than five years |
13. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax |
Depreciation in excess of |
capital allowances | 70,000 | 70,000 |
70,000 | 70,000 |
Deferred |
tax |
£ |
Balance at 1 February 2023 |
Balance at 31 January 2024 |
The deferred tax relates to depreciation in excess of capital allowances. |
MOTOSAVE LIMITED (REGISTERED NUMBER: 01476510) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 January 2024 |
14. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
'A' Ordinary | £1 | 2,000 | 2,000 |
15. | RESERVES |
Capital |
Retained | Share | redemption |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 February 2023 | 4,813,326 |
Profit for the year |
At 31 January 2024 | 4,839,493 |
16. | PENSION COMMITMENTS |
The company operates a defined contribution pension scheme and contributions are charged in the profit and loss account as they accrue. The charge for the year was £185,339 (2023 £164,959). |
17. | ULTIMATE PARENT COMPANY |
The ultimate parent company is K J Shortis Limited. The direct parent company is Wilco Motor Spares Limited, a wholly owned subsidiary of K J Shortis Limited. Both K J Shortis Limited and Wilco Motor Spares Limited have the same registered office address. |