REGISTERED NUMBER: |
REPORT OF THE DIRECTORS AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST JANUARY 2024 |
FOR |
MOTORWISE ONLINE SERVICES LIMITED |
REGISTERED NUMBER: |
REPORT OF THE DIRECTORS AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST JANUARY 2024 |
FOR |
MOTORWISE ONLINE SERVICES LIMITED |
MOTORWISE ONLINE SERVICES LIMITED (REGISTERED NUMBER: 08097560) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST JANUARY 2024 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Balance Sheet | 3 |
Notes to the Financial Statements | 4 |
MOTORWISE ONLINE SERVICES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST JANUARY 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Manufactory House |
Bell Lane |
Hertford |
Hertfordshire |
SG14 1BP |
MOTORWISE ONLINE SERVICES LIMITED (REGISTERED NUMBER: 08097560) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31ST JANUARY 2024 |
The directors present their report with the financial statements of the company for the year ended 31st January 2024. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1st February 2023 to the date of this report. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
MOTORWISE ONLINE SERVICES LIMITED (REGISTERED NUMBER: 08097560) |
BALANCE SHEET |
31ST JANUARY 2024 |
2024 | 2023 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the Board of Directors and authorised for issue on |
MOTORWISE ONLINE SERVICES LIMITED (REGISTERED NUMBER: 08097560) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST JANUARY 2024 |
1. | STATUTORY INFORMATION |
Motorwise Online Services Limited is a |
2. | ACCOUNTING POLICIES |
Accounting convention |
Going Concern Justification |
The directors have assessed various factors and risks affecting the company and its ability in these difficult economic times to continue to trade as a going concern. The directors have not identified any material uncertainties or risks related to events or conditions that could affect the carrying values of the company's assets and liabilities as at the balance sheet date. Therefore the financial statements for the year ended 31st January 2024 have been prepared using the going concern basis of accounting. |
Revenue |
Revenue - Described as turnover - is the value of goods (net of VAT) provided to customers during the year, |
Revenue is recognised on the sale of goods when the goods are delivered and title has passed. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
MOTORWISE ONLINE SERVICES LIMITED (REGISTERED NUMBER: 08097560) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JANUARY 2024 |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Corporation tax |
Social security and other taxes |
VAT | 59,283 | 55,561 |
Other creditors |
Accrued expenses |
6. | RELATED PARTY DISCLOSURES |
Charles Trent Limited |
Common Directors and Shareholders. |
During the year the company made sales of £1,265,030 (2023: £1,242,046) to Charles Trent Ltd. |
Included in Trade Debtors is £272,763.60 (2023 : £214,690) owed by Charles Trent Ltd. |
During the year the company was charged £11,829 (2023: £7,474) by Charles Trent Ltd for expenses. |
Included in Trade Creditors is £2,434.90 (2023: £3,175) owed to Charles Trent Ltd. |
Included in other debtors is £125,000 (2023: £125,000) owed by Charles Trent Ltd. |
Included in other creditors is £0.00 (2023: £126) owed to Charles Trent Ltd. |
Mr S Usher |
Close family member of Mrs J Usher, a Director. |
During the year the company incurred expenses of £89,314 (2023 £66,244) for digital marketing services from Mr S Usher. |
7. | ULTIMATE CONTROLLING PARTY |
The directors do not consider that there is one single controlling party. |