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Registration number: 04267046

MORLEY ACCIDENT REPAIR LIMITED

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

MORLEY ACCIDENT REPAIR LIMITED

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

MORLEY ACCIDENT REPAIR LIMITED

Company Information

Director

Mr RJ Morley

Registered office

Stanhope House
Mark Rake
Bromborough
Wirral
Merseyside
CH62 2DN

 

Accountants

Pennington Williams Limited
Chartered Certified Accountants
Stanhope House
Mark Rake
Bromborough
Wirral
Merseyside
CH62 2DN

 

MORLEY ACCIDENT REPAIR LIMITED

(Registration number: 04267046)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

1,125

1,687

Tangible assets

5

32,469

15,595

 

33,594

17,282

Current assets

 

Stocks

6

49,073

140,799

Debtors

7

196,960

205,062

Cash at bank and in hand

 

246,537

34,874

 

492,570

380,735

Creditors: Amounts falling due within one year

8

(445,540)

(384,937)

Net current assets/(liabilities)

 

47,030

(4,202)

Total assets less current liabilities

 

80,624

13,080

Provisions for liabilities

(5,520)

(2,651)

Net assets

 

75,104

10,429

Capital and reserves

 

Called up share capital

9

500

500

Retained earnings

74,604

9,929

Shareholders' funds

 

75,104

10,429

For the financial year ending 31 January 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

 

MORLEY ACCIDENT REPAIR LIMITED

(Registration number: 04267046)
Balance Sheet as at 31 January 2024

Approved and authorised by the director on 30 October 2024
 

.........................................

Mr RJ Morley
Director

 

MORLEY ACCIDENT REPAIR LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 31 January 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:
Stanhope House
Mark Rake
Bromborough
Wirral
Merseyside
CH62 2DN
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.

The presentation currency of the financial statements is the Pound Sterling (£).

Going concern

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

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 sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

MORLEY ACCIDENT REPAIR LIMITED

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

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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

Plant and machinery

15% on cost

Motor cars

25% on cost

Computer equipment

25% on cost

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised evenly over its useful life of twenty years.

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.

 

MORLEY ACCIDENT REPAIR LIMITED

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

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

MORLEY ACCIDENT REPAIR LIMITED

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

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 13 (2023 - 10).

 

MORLEY ACCIDENT REPAIR LIMITED

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

4

Intangible assets

Goodwill
 £

Total
£

Cost

At 1 February 2023

7,500

7,500

At 31 January 2024

7,500

7,500

Amortisation

At 1 February 2023

5,812

5,812

Amortisation charge

563

563

At 31 January 2024

6,375

6,375

Carrying amount

At 31 January 2024

1,125

1,125

At 31 January 2023

1,687

1,687

5

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

30,507

28,242

36,288

95,037

Additions

1,243

1,100

27,045

29,388

At 31 January 2024

31,750

29,342

63,333

124,425

Depreciation

At 1 February 2023

30,158

27,906

21,378

79,442

Charge for the year

396

387

11,731

12,514

At 31 January 2024

30,554

28,293

33,109

91,956

Carrying amount

At 31 January 2024

1,196

1,049

30,224

32,469

At 31 January 2023

349

336

14,910

15,595

 

MORLEY ACCIDENT REPAIR LIMITED

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

6

Stocks

2024
£

2023
£

Work in progress

49,073

98,660

Other inventories

-

42,139

49,073

140,799

7

Debtors

Current

2024
£

2023
£

Trade debtors

121,567

193,602

Prepayments

11,200

11,460

Other debtors

64,193

-

 

196,960

205,062

 

MORLEY ACCIDENT REPAIR LIMITED

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

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

29,910

46,663

Trade creditors

 

26,449

84,006

Taxation and social security

 

381,462

236,757

Accruals and deferred income

 

7,242

6,662

Other creditors

 

477

10,849

 

445,540

384,937

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

500

500

500

500

         

10

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Other borrowings

29,910

46,663

11

Financial commitments, guarantees and contingencies

Amounts disclosed in the balance sheet

Included in the balance sheet are financial commitments of £Nil (2023 - £Nil). On the15 June 2022 Marketfinance Limited registered a fixed and floating charge over all the property or undertaking of the company to secure against monies due.

 

MORLEY ACCIDENT REPAIR LIMITED

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

12

Related party transactions

The director holds a fixed and floating charge over the undertaking and all property and assets present and future including goodwill, book debts, uncalled capital, building, fixtures, plant and machinery.

Transactions with the director

2024

At 1 February 2023
£

Advances to director
£

Repayments by director
£

At 31 January 2024
£

Mr RJ Morley

Interest charged at 2.25% of the average outstanding balance

19,847

(47,805)

28,474

516

         
       

 

2023

At 1 February 2022
£

Advances to director
£

Repayments by director
£

At 31 January 2023
£

Mr RJ Morley

Interest charged at 2.25% of the average outstanding balance

(51,252)

(34,734)

105,833

19,847