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Company No: SC096083 (Scotland)

MOTRALE LIMITED

Unaudited Financial Statements
For the financial year ended 31 October 2023
Pages for filing with the registrar

MOTRALE LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2023

Contents

MOTRALE LIMITED

BALANCE SHEET

As at 31 October 2023
MOTRALE LIMITED

BALANCE SHEET (continued)

As at 31 October 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 4,337 5,620
Investment property 5 180,000 180,000
184,337 185,620
Current assets
Stocks 11,559 11,909
Debtors 6 5,174 4,755
Cash at bank and in hand 120 261
16,853 16,925
Creditors: amounts falling due within one year 7 ( 178,944) ( 182,322)
Net current liabilities (162,091) (165,397)
Total assets less current liabilities 22,246 20,223
Creditors: amounts falling due after more than one year 8 ( 3,620) ( 11,147)
Net assets 18,626 9,076
Capital and reserves
Called-up share capital 9 19,000 19,000
Capital redemption reserve 20,333 20,333
Profit and loss account ( 20,707 ) ( 30,257 )
Total shareholders' funds 18,626 9,076

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Motrale Limited (registered number: SC096083) were approved and authorised for issue by the Board of Directors on 30 October 2024. They were signed on its behalf by:

Mr G Reid
Director
MOTRALE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
MOTRALE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Motrale Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the company's registered office is 1 East Craibstone Street, Bon Accord Square, Aberdeen, AB11 6YQ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least twelve months from the date of signing the financial statements. Thus the directors have continued to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue for the provision of services is recognised by reference to the date on which services were rendered.

Employee benefits

Defined contribution schemes
The company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 2 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is two years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 5.88 years straight line
Plant and machinery etc. 15 - 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the company during the year, including directors 5 6

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 November 2022 15,305 15,305
At 31 October 2023 15,305 15,305
Accumulated amortisation
At 01 November 2022 15,305 15,305
At 31 October 2023 15,305 15,305
Net book value
At 31 October 2023 0 0
At 31 October 2022 0 0

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 November 2022 6,000 179,408 185,408
Disposals ( 6,000) ( 9,285) ( 15,285)
At 31 October 2023 0 170,123 170,123
Accumulated depreciation
At 01 November 2022 6,000 173,788 179,788
Charge for the financial year 0 961 961
Disposals ( 6,000) ( 8,963) ( 14,963)
At 31 October 2023 0 165,786 165,786
Net book value
At 31 October 2023 0 4,337 4,337
At 31 October 2022 0 5,620 5,620

5. Investment property

Investment property
£
Valuation
As at 01 November 2022 180,000
As at 31 October 2023 180,000

The fair value of the property has been arrived at on the basis of a valuation carried out by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

If investment properties were stated on a historical cost basis rather than a fair value basis the cost of the property would have been £225,323.

6. Debtors

2023 2022
£ £
Corporation tax 1,493 1,493
Other debtors 3,681 3,262
5,174 4,755

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts 74,012 80,499
Trade creditors 29,239 22,897
Other taxation and social security 5,106 12,723
Other creditors 70,587 66,203
178,944 182,322

The Bank overdraft is secured by a bond and floating charge over all assets of the company.

The Bank loan is secured by standard security over the property at 10 Craigieburn Park, Springfield Road, Aberdeen, AB15 7SG.

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 3,620 11,147

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
9,500 Ordinary A shares shares of £ 1.00 each 9,500 9,500
9,500 Ordinary B shares shares of £ 1.00 each 9,500 9,500
19,000 19,000

10. Financial commitments

Commitments

2023 2022
£ £
Total future minimum lease payments under non-cancellable operating lease 0 6,751

11. Related party transactions

Transactions with the entity's directors

At 31 October 2023 the company was due the directors £22,592 (2022 - £31,852). These loans are interest free with no set repayment terms.