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REGISTERED NUMBER: 07392680 (England and Wales)









Unaudited Financial Statements

for the Year Ended 31 October 2023

for

Mole Valley Specialist Cars Limited

Mole Valley Specialist Cars Limited (Registered number: 07392680)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Mole Valley Specialist Cars Limited

Company Information
for the Year Ended 31 October 2023







DIRECTORS: C Chadwick
J W Heywood





REGISTERED OFFICE: Old Printers Yard
156 South Street
Dorking
Surrey
RH4 2HF





BUSINESS ADDRESS: Horsham Road
Capel
Dorking
Surrey
RH5 5JH





REGISTERED NUMBER: 07392680 (England and Wales)





ACCOUNTANTS: Bullimores LLP
Chartered Accountants
Old Printers Yard
156 South Street
Dorking
Surrey
RH4 2HF

Mole Valley Specialist Cars Limited (Registered number: 07392680)

Balance Sheet
31 October 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 14,371 19,364
14,371 19,364

CURRENT ASSETS
Stocks 251,777 151,400
Debtors 7 729,724 685,416
Cash at bank 19,943 145,963
1,001,444 982,779
CREDITORS
Amounts falling due within one year 8 982,230 796,908
NET CURRENT ASSETS 19,214 185,871
TOTAL ASSETS LESS CURRENT
LIABILITIES

33,585

205,235

CREDITORS
Amounts falling due after more than one year 9 195,118 247,513
NET LIABILITIES (161,533 ) (42,278 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (161,633 ) (42,378 )
SHAREHOLDERS' FUNDS (161,533 ) (42,278 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

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.

Mole Valley Specialist Cars Limited (Registered number: 07392680)

Balance Sheet - continued
31 October 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 October 2024 and were signed on its behalf by:




C Chadwick - Director



J W Heywood - Director


Mole Valley Specialist Cars Limited (Registered number: 07392680)

Notes to the Financial Statements
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

Mole Valley Specialist Cars Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on the going concern basis. This is deemed appropriate as the directors have confirmed that they have the continued support of the company's creditors for the foreseeable future.

Turnover
Turnover represents net invoiced sales of vehicles and servicing carried out during the period, excluding value added tax.

Goodwill
Goodwill arising on the acquisition of a business in 2010 is carried at cost less accumulated amortisation and impairment losses, if any. Amortisation was calculated on a straight line basis over the useful economic life of five years. Goodwill was fully amortised by 31 October 2015.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the annual rates shown below in order to write off each asset over its expected useful life.

Plant and machinery - 25% on cost
Computer equipment - 33% on cost
Motor vehicles - 25% on reducing balance

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

At each reporting date, assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and an impairment loss is recognised immediately in the income statement.

Stocks
Stocks of motor vehicles are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


Mole Valley Specialist Cars Limited (Registered number: 07392680)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Taxation and 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.

Hire purchase and leasing commitments
Property, plant and equipment acquired under finance leases or hire purchase contracts are capitalised and depreciated in the same manner as other tangible fixed assets. The related obligations, net of future finance charges, are included in creditors.

Rentals payable under operating leases are charged to the profit and loss account

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 November 2022
and 31 October 2023 20,000
AMORTISATION
At 1 November 2022
and 31 October 2023 20,000
NET BOOK VALUE
At 31 October 2023 -
At 31 October 2022 -

Mole Valley Specialist Cars Limited (Registered number: 07392680)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

6. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 November 2022 16,960 42,138 5,156 64,254
Additions - - 541 541
At 31 October 2023 16,960 42,138 5,697 64,795
DEPRECIATION
At 1 November 2022 15,685 24,196 5,009 44,890
Charge for year 723 4,484 327 5,534
At 31 October 2023 16,408 28,680 5,336 50,424
NET BOOK VALUE
At 31 October 2023 552 13,458 361 14,371
At 31 October 2022 1,275 17,942 147 19,364

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:
Motor
vehicles
£   
COST
At 1 November 2022
and 31 October 2023 36,511
DEPRECIATION
At 1 November 2022 20,416
Charge for year 4,023
At 31 October 2023 24,439
NET BOOK VALUE
At 31 October 2023 12,072
At 31 October 2022 16,095

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade debtors 840 400
Other debtors 4,591 3,437
Directors' current accounts 561,180 524,364
Tax 162,978 157,215
Prepayments and accrued income 135 -
729,724 685,416

Mole Valley Specialist Cars Limited (Registered number: 07392680)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Bank loans and overdrafts 5,558 6,028
Trade creditors 176,324 84,689
Tax 59,418 72,296
Social security and other taxes 975 9,723
VAT 12,019 7,448
Other creditors 76,437 83,534
Vehicle financing < 1 year 647,999 529,690
Accrued expenses 3,500 3,500
982,230 796,908

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.10.23 31.10.22
£    £   
Bank loans 1-5 years 22,222 22,222
Bank loans > 5 years 9,260 14,815
Vehicle financing 2 - 5 years 161,686 205,043
Other creditors 1,950 5,433
195,118 247,513

Amounts falling due in more than five years:

Repayable by instalments
Bank loans > 5 years 9,260 14,815

10. SECURED DEBTS

The following secured debts are included within creditors:

31.10.23 31.10.22
£    £   
Vehicle financing 809,685 734,732
Finance leases 5,433 16,287
815,118 751,019

11. OTHER FINANCIAL COMMITMENTS

At the balance sheet date there were no financial commitments (2022 - NIL).

Mole Valley Specialist Cars Limited (Registered number: 07392680)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 October 2023 and 31 October 2022:

31.10.23 31.10.22
£    £   
C Chadwick
Balance outstanding at start of year 250,269 219,880
Amounts advanced 33,763 37,290
Amounts repaid (6,765 ) (6,901 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 277,267 250,269

J W Heywood
Balance outstanding at start of year 274,095 253,427
Amounts advanced 17,882 28,732
Amounts repaid (8,064 ) (8,064 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 283,913 274,095

Interest is charged on the directors' overdrawn loan accounts at the official rate of 2.00% from the 6th April 2021 and thereafter.

13. ULTIMATE CONTROLLING PARTY

The controlling party is C Chadwick.

14. BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The basis of preparation of the financial statements has been considered in the Report of the Directors.

15. GUARANTEES

Personal guarantees dated 2 December 2015 were given by the two directors to Nextgear Capital to secure stock financing to the company. The total amount recoverable from each guarantor is limited to £250,000.

The two directors have also provided personal guarantees for £100,000 into Threadneedle Lending Limited in respect of a loan to the company.