Caseware UK (AP4) 2023.0.135 2023.0.135 2024-01-312024-01-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-02-01falseNo description of principal activity33falsetruefalse 07908702 2023-02-01 2024-01-31 07908702 2022-02-01 2023-01-31 07908702 2024-01-31 07908702 2023-01-31 07908702 c:Director1 2023-02-01 2024-01-31 07908702 d:MotorVehicles 2023-02-01 2024-01-31 07908702 d:MotorVehicles 2024-01-31 07908702 d:MotorVehicles 2023-01-31 07908702 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 07908702 d:OfficeEquipment 2023-02-01 2024-01-31 07908702 d:OfficeEquipment 2024-01-31 07908702 d:OfficeEquipment 2023-01-31 07908702 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 07908702 d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 07908702 d:CurrentFinancialInstruments 2024-01-31 07908702 d:CurrentFinancialInstruments 2023-01-31 07908702 d:Non-currentFinancialInstruments 2024-01-31 07908702 d:Non-currentFinancialInstruments 2023-01-31 07908702 d:CurrentFinancialInstruments d:WithinOneYear 2024-01-31 07908702 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 07908702 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-01-31 07908702 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-01-31 07908702 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-01-31 07908702 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-01-31 07908702 c:OrdinaryShareClass1 2023-02-01 2024-01-31 07908702 c:OrdinaryShareClass1 2024-01-31 07908702 c:OrdinaryShareClass1 2023-01-31 07908702 c:FRS102 2023-02-01 2024-01-31 07908702 c:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 07908702 c:FullAccounts 2023-02-01 2024-01-31 07908702 c:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 07908702 2 2023-02-01 2024-01-31 07908702 e:PoundSterling 2023-02-01 2024-01-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 07908702









EMD MOTORS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2024

 
EMD MOTORS LIMITED
REGISTERED NUMBER: 07908702

BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
£
£


Fixed assets
10,676
4,692

Current assets
1,003,418
1,099,446

Creditors: amounts falling due within one year
(547,869)
(573,046)

Net current assets
 
 
455,549
 
 
526,400

Total assets less current liabilities
466,225
531,092

Creditors: amounts falling due after more than one year
(21,667)
(325,967)


Net assets
444,558
205,125



Capital and reserves
444,558
205,125


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


Engin Omurtak
Director

Date: 1 October 2024

The notes on pages 2 to 9 form part of these financial statements.

Page 1

 
EMD MOTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

EMD Motors Limited is a private company limited by share capital, incorporated in England and Wales, registration number 07908702. The address of the registered office is 291 Green Lanes, Palmers Green, London, N13 4XS.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 2

 
EMD MOTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
Reducing balance
Office equipment
-
25%
Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 3

 
EMD MOTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Page 4

 
EMD MOTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)


2.11
Financial instruments (continued)

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 3).

Page 5

 
EMD MOTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

4.


Tangible fixed assets





Motor vehicles
Office equipment
Total

£
£
£



Cost or valuation


At 1 February 2023
-
9,336
9,336


Additions
8,595
947
9,542



At 31 January 2024

8,595
10,283
18,878



Depreciation


At 1 February 2023
-
4,643
4,643


Charge for the year on owned assets
2,149
1,410
3,559



At 31 January 2024

2,149
6,053
8,202



Net book value



At 31 January 2024
6,446
4,230
10,676



At 31 January 2023
-
4,692
4,692


5.


Debtors

2024
2023
£
£


Trade debtors
123,983
86,706

Other debtors
442,512
636,608

Prepayments and accrued income
45,500
-

611,995
723,314



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
377,823
177,821

377,823
177,821


Page 6

 
EMD MOTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
10,000
10,000

Payments received on account
236,450
199,414

Trade creditors
27,781
97,344

Corporation tax
73,912
28,439

Other taxation and social security
13,180
241

Other creditors
183,940
235,539

Accruals and deferred income
2,606
2,069

547,869
573,046



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
21,667
325,967

21,667
325,967



9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
10,000
10,000


10,000
10,000

Amounts falling due 1-2 years

Bank loans
10,000
294,300

Amounts falling due 2-5 years

Bank loans
11,667
31,667


31,667
335,967


Page 7

 
EMD MOTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



11.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £1,168 (2023 - £173) Contributions totalling £2,356 (2023 - £34) were payable to the fund at the balance sheet date and are included in creditors.


12.


Related party transactions

Included within other creditors at the year end is an amount of £181,584 (2023: £235,506) owed to the Director by the company. During the year company made payments to and on behalf of the director of £90,903. The Director made contributions to the company of £36,981. No interest is charged on the loan and it is repayable on demand.

Page 8

 


 
EMD MOTORS LIMITED


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

13.


First time adoption of FRS 102

The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.


14.
 

Provisions available for audits of small entities

Enter text here - user input

 
Page 9