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REGISTERED NUMBER: 03326578 (England and Wales)












M & K MOTORS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024






M & K MOTORS LIMITED (REGISTERED NUMBER: 03326578)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


M & K MOTORS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTOR: M K Vernon





SECRETARY: M K Vernon





REGISTERED OFFICE: 96 Lytham Road
Warton
Preston
Lancashire
PR4 1XE





REGISTERED NUMBER: 03326578 (England and Wales)





ACCOUNTANTS: Rushtons
Chartered Accountants
Avroe House
Avroe Crescent
Blackpool Business Park
Blackpool
Lancashire
FY4 2DP

M & K MOTORS LIMITED (REGISTERED NUMBER: 03326578)

ABRIDGED BALANCE SHEET
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 980,422 911,225
980,422 911,225

CURRENT ASSETS
Stocks 196,972 209,246
Debtors 120,006 167,713
Cash at bank 3,007 15,386
319,985 392,345
CREDITORS
Amounts falling due within one year 429,499 366,231
NET CURRENT (LIABILITIES)/ASSETS (109,514 ) 26,114
TOTAL ASSETS LESS CURRENT
LIABILITIES

870,908

937,339

CREDITORS
Amounts falling due after more than
one year

(433,521

)

(517,096

)

PROVISIONS FOR LIABILITIES (101,501 ) (91,020 )
NET ASSETS 335,886 329,223

M & K MOTORS LIMITED (REGISTERED NUMBER: 03326578)

ABRIDGED BALANCE SHEET - continued
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 335,786 329,123
SHAREHOLDERS' FUNDS 335,886 329,223

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 29 February 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the director and authorised for issue on 19 November 2024 and were signed by:





M K Vernon - Director


M & K MOTORS LIMITED (REGISTERED NUMBER: 03326578)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1. STATUTORY INFORMATION

M & K Motors 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.

2. ACCOUNTING POLICIES

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

The financial statements are presented in sterling, which is the functional currency of the company. Monetary values in these financial statements are rounded to the nearest £.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Patents and licences are being amortised evenly over their estimated useful life of two years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Motor vehicles - 5% on reducing balance
Computer equipment - Straight line over 3 years

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

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.


M & K MOTORS LIMITED (REGISTERED NUMBER: 03326578)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued
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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 7 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 March 2023
and 29 February 2024 8,000
AMORTISATION
At 1 March 2023
and 29 February 2024 8,000
NET BOOK VALUE

At 29 February 2024 -
At 28 February 2023 -

M & K MOTORS LIMITED (REGISTERED NUMBER: 03326578)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 March 2023 1,000,031
Additions 369,255
Disposals (262,192 )
At 29 February 2024 1,107,094
DEPRECIATION
At 1 March 2023 88,806
Charge for year 58,044
Eliminated on disposal (20,178 )
At 29 February 2024 126,672
NET BOOK VALUE
At 29 February 2024 980,422
At 28 February 2023 911,225

6. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdraft 24,127 -
Hire purchase contracts 618,039 686,136
642,166 686,136

Bank overdrafts are secured by a fixed and floating charge over the assets of the company.

Hire purchase balances are secured against the fixed assets to which the balance relates.