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Company Registration No. 00818848 (England and Wales)
Moff Motors Limited Unaudited accounts for the year ended 31 March 2024
Moff Motors Limited Unaudited accounts Contents
Page
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Moff Motors Limited Statement of financial position as at 31 March 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
47,269 
45,070 
Investment property
25,060 
25,060 
72,329 
70,130 
Current assets
Inventories
305,271 
347,803 
Debtors
29,470 
34,045 
Cash at bank and in hand
353,878 
229,078 
688,619 
610,926 
Creditors: amounts falling due within one year
(182,464)
(173,547)
Net current assets
506,155 
437,379 
Total assets less current liabilities
578,484 
507,509 
Creditors: amounts falling due after more than one year
(14,000)
(22,500)
Provisions for liabilities
Deferred tax
(8,712)
(9,936)
Net assets
555,772 
475,073 
Capital and reserves
Called up share capital
35,000 
35,000 
Profit and loss account
520,772 
440,073 
Shareholders' funds
555,772 
475,073 
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 11 June 2024 and were signed on its behalf by
D C Spencer Director Company Registration No. 00818848
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Moff Motors Limited Notes to the Accounts for the year ended 31 March 2024
1
Statutory information
Moff Motors Limited is a private company, limited by shares, registered in England and Wales, registration number 00818848. The registered office is Moff Motors Limited, Castle Cary, Somerset, BA7 7PF, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% reducing balance
Computer equipment
33% reducing balance
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
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Moff Motors Limited Notes to the Accounts for the year ended 31 March 2024
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Land & buildings 
Plant & machinery 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 April 2023
11,141 
111,580 
28,006 
150,727 
Additions
- 
2,843 
6,853 
9,696 
Disposals
- 
- 
(18,891)
(18,891)
At 31 March 2024
11,141 
114,423 
15,968 
141,532 
Depreciation
At 1 April 2023
- 
80,840 
24,817 
105,657 
Charge for the year
- 
5,933 
1,382 
7,315 
On disposals
- 
- 
(18,709)
(18,709)
At 31 March 2024
- 
86,773 
7,490 
94,263 
Net book value
At 31 March 2024
11,141 
27,650 
8,478 
47,269 
At 31 March 2023
11,141 
30,740 
3,189 
45,070 
5
Investment property
2024 
£ 
Fair value at 1 April 2023
25,060 
At 31 March 2024
25,060 
6
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
21,042 
27,151 
Accrued income and prepayments
8,428 
6,894 
29,470 
34,045 
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Moff Motors Limited Notes to the Accounts for the year ended 31 March 2024
7
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
8,500 
10,000 
VAT
25,047 
29,320 
Obligations under finance leases and hire purchase contracts
- 
1,991 
Trade creditors
52,396 
65,497 
Taxes and social security
66,218 
48,028 
Other creditors
849 
777 
Accruals
7,774 
7,814 
Deferred income
21,680 
10,120 
182,464 
173,547 
8
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
14,000 
22,500 
9
Transactions with related parties
The company occupies premises owned by Moff Motors Limited Pension Scheme. A normal commercial rent of £37,500 was payable during the year.
10
Average number of employees
During the year the average number of employees was 12 (2023: 14).
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