4 01/02/2023 31/01/2024 2024-01-31 false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2023-02-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 09253920 2023-02-01 2024-01-31 09253920 2024-01-31 09253920 2023-01-31 09253920 2022-02-01 2023-01-31 09253920 2023-01-31 09253920 2022-01-31 09253920 core:NetGoodwill 2023-02-01 2024-01-31 09253920 core:FurnitureFittingsToolsEquipment 2023-02-01 2024-01-31 09253920 core:OnerousContractsExcludingVacantProperties 2023-02-01 2024-01-31 09253920 bus:RegisteredOffice 2023-02-01 2024-01-31 09253920 bus:LeadAgentIfApplicable 2023-02-01 2024-01-31 09253920 bus:Director1 2023-02-01 2024-01-31 09253920 bus:Director2 2023-02-01 2024-01-31 09253920 bus:Director3 2023-02-01 2024-01-31 09253920 core:NetGoodwill 2024-01-31 09253920 core:FurnitureFittingsToolsEquipment 2023-01-31 09253920 core:FurnitureFittingsToolsEquipment 2024-01-31 09253920 core:WithinOneYear 2024-01-31 09253920 core:WithinOneYear 2023-01-31 09253920 core:ShareCapital 2024-01-31 09253920 core:ShareCapital 2023-01-31 09253920 core:RetainedEarningsAccumulatedLosses 2024-01-31 09253920 core:RetainedEarningsAccumulatedLosses 2023-01-31 09253920 core:NetGoodwill 2023-01-31 09253920 core:FurnitureFittingsToolsEquipment 2023-01-31 09253920 bus:Director1 2023-01-31 09253920 bus:Director1 2024-01-31 09253920 bus:Director2 2023-01-31 09253920 bus:Director2 2024-01-31 09253920 bus:Director3 2023-01-31 09253920 bus:Director3 2024-01-31 09253920 bus:Director1 2022-01-31 09253920 bus:Director1 2023-01-31 09253920 bus:Director2 2022-01-31 09253920 bus:Director2 2023-01-31 09253920 bus:Director3 2022-01-31 09253920 bus:Director3 2023-01-31 09253920 bus:Director1 2022-02-01 2023-01-31 09253920 bus:Director2 2022-02-01 2023-01-31 09253920 bus:Director3 2022-02-01 2023-01-31 09253920 bus:SmallEntities 2023-02-01 2024-01-31 09253920 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 09253920 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 09253920 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 09253920 bus:FullAccounts 2023-02-01 2024-01-31 09253920 core:ComputerEquipment 2023-02-01 2024-01-31 09253920 core:ComputerEquipment 2023-01-31 09253920 core:ComputerEquipment 2024-01-31 09253920 core:OtherRelatedParties 2023-02-01 2024-01-31 09253920 1 2023-02-01 2024-01-31
Company registration number: 09253920
Myers Motor Merchandise Limited
Unaudited filleted financial statements
31 January 2024
Myers Motor Merchandise Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Myers Motor Merchandise Limited
Directors and other information
Directors Mr J Myers
Miss A Myers
Miss L Myers
Company number 09253920
Registered office 45/49 Greek Street
Stockport
Cheshire
SK3 8AX
Business address Suite 4 Bowden Hall
Bowden Lane
Marple
Stockport
SK6 6ND
Accountants Downham Morris & Co
45/49 Greek Street
Stockport
Cheshire
SK3 8AX
Myers Motor Merchandise Limited
Chartered certified accountants' report to the board of directors on the preparation of the
unaudited statutory financial statements of Myers Motor Merchandise Limited
Year ended 31 January 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Myers Motor Merchandise Limited for the year ended 31 January 2024 which comprise the statement of financial position and 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 http://www.accaglobal.com/en/member/ professional-standards/rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Myers Motor Merchandise Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Myers Motor Merchandise Limited and state those matters that we have agreed to state to the board of directors of Myers Motor Merchandise Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://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 Myers Motor Merchandise Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Myers Motor Merchandise Limited 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 Myers Motor Merchandise Limited. You consider that Myers Motor Merchandise Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Myers Motor Merchandise Limited. 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.
Downham Morris & Co
Chartered Certified Accountants
45/49 Greek Street
Stockport
Cheshire
SK3 8AX
1 October 2024
Myers Motor Merchandise Limited
Statement of financial position
31 January 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 5,875 4,921
_______ _______
5,875 4,921
Current assets
Debtors 7 88,994 86,451
Cash at bank and in hand 427,783 314,339
_______ _______
516,777 400,790
Creditors: amounts falling due
within one year 8 ( 200,984) ( 192,869)
_______ _______
Net current assets 315,793 207,921
_______ _______
Total assets less current liabilities 321,668 212,842
_______ _______
Net assets 321,668 212,842
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 321,568 212,742
_______ _______
Shareholders funds 321,668 212,842
_______ _______
For the 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.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 01 October 2024 , and are signed on behalf of the board by:
..............................
Director
Company registration number: 09253920
Myers Motor Merchandise Limited
Notes to the financial statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 45/49 Greek Street, Stockport, Cheshire, SK3 8AX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 20 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % straight line
Computer equipment - 33 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 3 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 February 2023 and 31 January 2024 10,000 10,000
_______ _______
Amortisation
At 1 February 2023 and 31 January 2024 10,000 10,000
_______ _______
Carrying amount
At 31 January 2024 - -
_______ _______
At 31 January 2023 - -
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Computer equipment Total
£ £ £
Cost
At 1 February 2023 4,031 8,156 12,187
Additions 466 4,972 5,438
_______ _______ _______
At 31 January 2024 4,497 13,128 17,625
_______ _______ _______
Depreciation
At 1 February 2023 2,944 4,322 7,266
Charge for the year 660 3,824 4,484
_______ _______ _______
At 31 January 2024 3,604 8,146 11,750
_______ _______ _______
Carrying amount
At 31 January 2024 893 4,982 5,875
_______ _______ _______
At 31 January 2023 1,087 3,834 4,921
_______ _______ _______
7. Debtors
2024 2023
£ £
Trade debtors 88,380 85,837
Other debtors 614 614
_______ _______
88,994 86,451
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 6,073 2,312
Corporation tax 57,930 34,815
Social security and other taxes 44,610 45,110
Other creditors 92,371 110,632
_______ _______
200,984 192,869
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr J Myers ( 34,284) 16,177 ( 18,107)
Miss A Myers ( 32,520) 4,648 ( 27,872)
Miss L Myers ( 3,978) ( 3,453) ( 7,431)
_______ _______ _______
( 70,782) 17,372 ( 53,410)
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr J Myers ( 1,764) ( 32,520) ( 34,284)
Miss A Myers ( 23,547) ( 8,973) ( 32,520)
Miss L Myers ( 3,204) ( 774) ( 3,978)
_______ _______ _______
( 28,515) ( 42,267) ( 70,782)
_______ _______ _______
No interest is payable on loans due to and from directors and loans are repayable on demand.
10. Related party transactions
During the year, the company voted dividends to the directors totalling £75,000 (2023: £80,000).
11. Controlling party
The company was under the control of its directors during the year by virtue of their shareholding.