Company Registration No. 10309315 (England and Wales)
MECHANIC MODERN & CLASSIC LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
MECHANIC MODERN & CLASSIC LTD
COMPANY INFORMATION
Director
Mr M Mhitarian
Company number
10309315
Registered office
Balfour House
741 High Road
Finchley
London
Accountants
F Koon Associates
Balfour House
741 High Road
Finchley
London
N12 0BP
MECHANIC MODERN & CLASSIC LTD
CONTENTS
Page
Director's report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4
Notes to the financial statements
5 - 7
MECHANIC MODERN & CLASSIC LTD
DIRECTOR'S REPORT
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 1 -

The director presents his annual report and financial statements for the Period ended 30 September 2023.

Principal activities

The principal activity of the company continued to be that of buying and selling cars.

 

Director

The director who held office during the Period and up to the date of signature of the financial statements was as follows:

Mr M Mhitarian
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr M Mhitarian
Director
30 October 2024
MECHANIC MODERN & CLASSIC LTD
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF MECHANIC MODERN & CLASSIC LTD
- 2 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Mechanic Modern & Classic Ltd for the Period ended 30 September 2023 which comprise the profit and loss account, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

Our work has been undertaken solely to prepare for your approval the financial statements of Mechanic Modern & Classic Ltd and state those matters that we have agreed to state to the Board of Directors of Mechanic Modern & Classic Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mechanic Modern & Classic Ltd and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Mechanic Modern & Classic Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Mechanic Modern & Classic Ltd. You consider that Mechanic Modern & Classic Ltd is exempt from the statutory audit requirement for the Period.

We have not been instructed to carry out an audit or a review of the financial statements of Mechanic Modern & Classic Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

F Koon Associates
30 October 2024
Chartered Accountants
Balfour House
741 High Road
Finchley
London
N12 0BP
MECHANIC MODERN & CLASSIC LTD
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 3 -
Period
Year
ended
ended
30 September
30 September
2023
2022
£
£
Turnover
10,501,821
8,015,922
Cost of sales
(10,101,935)
(7,740,465)
Gross profit
399,886
275,457
Administrative expenses
(208,601)
(223,009)
Other operating income
2,609
2,125
Operating profit
193,894
54,573
Interest receivable and similar income
1,294
1,940
Interest payable and similar expenses
(7,335)
(5,872)
Profit before taxation
187,853
50,641
Tax on profit
(43,680)
(9,785)
Profit for the financial Period
144,173
40,856

The profit and loss account has been prepared on the basis that all operations are continuing operations.

MECHANIC MODERN & CLASSIC LTD
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 4 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
372
496
Current assets
Stocks
10,676
10,676
Debtors
4
51,841
134,623
Cash at bank and in hand
15,561
21,334
78,078
166,633
Creditors: amounts falling due within one year
5
(60,816)
(130,095)
Net current assets
17,262
36,538
Total assets less current liabilities
17,634
37,034
Creditors: amounts falling due after more than one year
6
(15,993)
(21,993)
Net assets
1,641
15,041
Capital and reserves
Called up share capital
500
500
Profit and loss reserves
1,141
14,541
Total equity
1,641
15,041

For the financial Period ended 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476.

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

The financial statements were approved and signed by the director and authorised for issue on 30 October 2024
Mr M Mhitarian
Director
Company registration number 10309315 (England and Wales)
MECHANIC MODERN & CLASSIC LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 5 -
1
Accounting policies
Company information

Mechanic Modern & Classic Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Balfour House, 741 High Road, Finchley, London.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

 

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% reducing balance
Computers
33% on cost
1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

 

1.5
Taxation

The tax expense represents corporation tax currently payable.

1.6
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.

1.7
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

MECHANIC MODERN & CLASSIC LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the Period was:

2023
2022
Number
Number
Total
2
2
3
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 October 2022 and 30 September 2023
2,783
3,016
5,799
Depreciation and impairment
At 1 October 2022
2,287
3,016
5,303
Depreciation charged in the Period
124
-
0
124
At 30 September 2023
2,411
3,016
5,427
Carrying amount
At 30 September 2023
372
-
0
372
At 30 September 2022
496
-
0
496
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
51,841
134,623
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
-
0
8,625
Corporation tax
49,161
76,215
Other taxation and social security
9,482
6,467
Other creditors
(327)
328
Accruals and deferred income
2,500
38,460
60,816
130,095
MECHANIC MODERN & CLASSIC LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 7 -
6
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
15,993
21,993
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