MD Auto Solutions Limited 12838280 false 2023-09-01 2024-08-31 2024-08-31 The principal activity of the company is the retail of used vehicles Digita Accounts Production Advanced 6.30.9574.0 true 12838280 2023-09-01 2024-08-31 12838280 2024-08-31 12838280 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments 2024-08-31 12838280 core:CurrentFinancialInstruments 2024-08-31 12838280 core:CurrentFinancialInstruments core:WithinOneYear 2024-08-31 12838280 core:OfficeEquipment 2024-08-31 12838280 core:PlantMachinery 2024-08-31 12838280 bus:SmallEntities 2023-09-01 2024-08-31 12838280 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 12838280 bus:FullAccounts 2023-09-01 2024-08-31 12838280 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 12838280 bus:RegisteredOffice 2023-09-01 2024-08-31 12838280 bus:Director1 2023-09-01 2024-08-31 12838280 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 12838280 core:OfficeEquipment 2023-09-01 2024-08-31 12838280 core:PlantMachinery 2023-09-01 2024-08-31 12838280 countries:EnglandWales 2023-09-01 2024-08-31 12838280 2023-08-31 12838280 core:OfficeEquipment 2023-08-31 12838280 core:PlantMachinery 2023-08-31 12838280 2022-09-01 2023-08-31 12838280 2023-08-31 12838280 core:CurrentFinancialInstruments 2023-08-31 12838280 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 12838280 core:OfficeEquipment 2023-08-31 12838280 core:PlantMachinery 2023-08-31 iso4217:GBP xbrli:pure

Registration number: 12838280

MD Auto Solutions Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2024

 

MD Auto Solutions Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

MD Auto Solutions Limited

(Registration number: 12838280)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

972

1,470

Other financial assets

5

500

500

 

1,472

1,970

Current assets

 

Stocks

17,399

4,028

Debtors

6

30,202

25,497

Cash at bank and in hand

 

3

6

 

47,604

29,531

Creditors: Amounts falling due within one year

7

(48,741)

(31,350)

Net current liabilities

 

(1,137)

(1,819)

Net assets

 

335

151

Capital and reserves

 

Called up share capital

100

100

Retained earnings

235

51

Shareholders' funds

 

335

151

For the financial year ending 31 August 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 5 November 2024 and signed on its behalf by:
 

 

MD Auto Solutions Limited

(Registration number: 12838280)
Balance Sheet as at 31 August 2024

.........................................
M R Deane
Director

 

MD Auto Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 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:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
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 except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of used vehicles. Turnover is shown net of value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current tax payable.

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.

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

Office equipment

20% straight line basis

Plant and Equipment

20% straight line basis

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.

 

MD Auto Solutions Limited

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

Debtors

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

MD Auto Solutions Limited

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

4

Tangible assets

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 September 2023

797

1,696

2,493

At 31 August 2024

797

1,696

2,493

Depreciation

At 1 September 2023

249

774

1,023

Charge for the year

159

339

498

At 31 August 2024

408

1,113

1,521

Carrying amount

At 31 August 2024

389

583

972

At 31 August 2023

548

922

1,470

5

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

Additions

500

500

At 31 August 2024

500

500

Impairment

Carrying amount

At 31 August 2024

500

500

 

MD Auto Solutions Limited

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

6

Debtors

Current

2024
£

2023
£

Trade debtors

816

8,000

Other debtors

29,386

17,497

 

30,202

25,497

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Loans and borrowings

13,845

8,773

Trade creditors

3,437

3,326

Taxation and social security

19,994

17,531

Other creditors

11,465

1,720

48,741

31,350

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank overdrafts

13,845

8,773

9

Related party transactions

Other transactions with directors

M Deane and R Deane had a loan with the company.

At the balance sheet date, the amount due from M & R Deane was £24,238 (2023 : £13,737)