IRIS Accounts Production v24.3.0.553 02024839 Board of Directors 1.4.23 31.3.24 31.3.24 7/11/2024 false true false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh020248392023-03-31020248392024-03-31020248392023-04-012024-03-31020248392022-03-31020248392022-04-012023-03-31020248392023-03-3102024839ns15:EnglandWales2023-04-012024-03-3102024839ns14:PoundSterling2023-04-012024-03-3102024839ns10:Director12023-04-012024-03-3102024839ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3102024839ns10:SmallEntities2023-04-012024-03-3102024839ns10:Audited2023-04-012024-03-3102024839ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3102024839ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3102024839ns10:FullAccounts2023-04-012024-03-3102024839ns10:Director22023-04-012024-03-3102024839ns10:Director32023-04-012024-03-3102024839ns10:Director42023-04-012024-03-3102024839ns10:RegisteredOffice2023-04-012024-03-3102024839ns5:CurrentFinancialInstruments2024-03-3102024839ns5:CurrentFinancialInstruments2023-03-3102024839ns5:Non-currentFinancialInstruments2024-03-3102024839ns5:Non-currentFinancialInstruments2023-03-3102024839ns5:ShareCapital2024-03-3102024839ns5:ShareCapital2023-03-3102024839ns5:RevaluationReserve2024-03-3102024839ns5:RevaluationReserve2023-03-3102024839ns5:RetainedEarningsAccumulatedLosses2024-03-3102024839ns5:RetainedEarningsAccumulatedLosses2023-03-3102024839ns5:LandBuildings2023-03-3102024839ns5:PlantMachinery2023-03-3102024839ns5:LandBuildings2023-04-012024-03-3102024839ns5:PlantMachinery2023-04-012024-03-3102024839ns5:LandBuildings2024-03-3102024839ns5:PlantMachinery2024-03-3102024839ns5:LandBuildings2023-03-3102024839ns5:PlantMachinery2023-03-3102024839ns5:CostValuation2023-03-3102024839ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3102024839ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-31
REGISTERED NUMBER: 02024839 (England and Wales)












MOTION FINANCE LIMITED

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024






MOTION FINANCE LIMITED (REGISTERED NUMBER: 02024839)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


MOTION FINANCE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: R Gibbs
R Ashcroft
A Mackie
J Park-Davies





REGISTERED OFFICE: Yardley Brook Industrial Park
Lea Ford Road
Shard End
Birmingham
West Midlands
B33 9TX





REGISTERED NUMBER: 02024839 (England and Wales)





AUDITORS: Fruition Advisory LLP
29 Wood Street
Stratford-upon-Avon
CV37 6JG

MOTION FINANCE LIMITED (REGISTERED NUMBER: 02024839)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 4,326,210 4,043,948
Investments 6 2 2
4,326,212 4,043,950

CURRENT ASSETS
Debtors 7 5,765 60,867
Cash at bank 12,939 12,781
18,704 73,648
CREDITORS
Amounts falling due within one year 8 1,505,512 1,631,471
NET CURRENT LIABILITIES (1,486,808 ) (1,557,823 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,839,404

2,486,127

CREDITORS
Amounts falling due after more than one
year

9

(357,319

)

(286,318

)

PROVISIONS FOR LIABILITIES (632,014 ) (563,426 )
NET ASSETS 1,850,071 1,636,383

CAPITAL AND RESERVES
Called up share capital 140,000 140,000
Revaluation reserve 1,469,813 1,229,951
Retained earnings 240,258 266,432
SHAREHOLDERS' FUNDS 1,850,071 1,636,383

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 7 November 2024 and were signed on its behalf by:





R Ashcroft - Director


MOTION FINANCE LIMITED (REGISTERED NUMBER: 02024839)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Motion Finance 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 as modified by the revaluation of certain assets.

Preparation of consolidated financial statements
The financial statements contain information about Motion Finance Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Allumette Limited, Yardley Brook Industrial Park, Lea Ford Road, Birmingham, England, B33 9TX.

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

MOTION FINANCE LIMITED (REGISTERED NUMBER: 02024839)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold property - Over the length of the lease
Plant and machinery - 10 - 20% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in Statement of Income and Retained Earnings.

Revaluation of tangible fixed assets
Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.

Fair value are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit and loss.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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.


MOTION FINANCE LIMITED (REGISTERED NUMBER: 02024839)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 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.

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

Trade debtors are recognised at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provison for impairment. A provison for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Trade Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period. If there is an unconditional right to defer settlement for at least twelve months after the reporting period, they are presented as non-current liabilities.

Trade creditors are recgonised initially at the transaction price and subsequently measured at amortised cost using the effecting interest method.

Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources or receivables, net of the direct cost 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.

Dividend
Dividend distributions to the company's shareholders are recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

MOTION FINANCE LIMITED (REGISTERED NUMBER: 02024839)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

4. AUDITORS' REMUNERATION
2024 2023
£    £   
Fees payable to the company's auditors for the audit of the
company's financial statements

1,500

1,000

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 April 2023 2,397,790 5,140,672 7,538,462
Additions - 224,477 224,477
Revaluations 270,000 - 270,000
At 31 March 2024 2,667,790 5,365,149 8,032,939
DEPRECIATION
At 1 April 2023 87,048 3,407,466 3,494,514
Charge for year 32,136 258,013 290,149
Revaluation adjustments (77,934 ) - (77,934 )
At 31 March 2024 41,250 3,665,479 3,706,729
NET BOOK VALUE
At 31 March 2024 2,626,540 1,699,670 4,326,210
At 31 March 2023 2,310,742 1,733,206 4,043,948

Cost or valuation at 31 March 2024 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2009 945,835 - 945,835
Valuation in 2020 200,000 - 200,000
Valuation in 2024 270,000 - 270,000
Cost 1,251,955 5,365,149 6,617,104
2,667,790 5,365,149 8,032,939

MOTION FINANCE LIMITED (REGISTERED NUMBER: 02024839)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

5. TANGIBLE FIXED ASSETS - continued

Revaluation

The fair value of the company's long leasehold land and buildings was revalued on 12 June 2023 by an independent valuer. The name and qualification of the independent valuer are N Olds Msc MRICS on behalf of Lambert Smith Hampton.

Had this class of asset been measured on a historical cost basis, the carrying amount would have been £927,210 (2023 - £938,257).

Included within the net book value of land and building above is £2,626,540 (2023: £2,310,742) in respect of long leasehold land and buildings.

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2023
and 31 March 2024 2
NET BOOK VALUE
At 31 March 2024 2
At 31 March 2023 2

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 5,765 60,867

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 201,175 168,016
Trade creditors 14 171,986
Amounts owed to group undertakings 1,302,823 1,290,469
Other creditors 1,500 1,000
1,505,512 1,631,471

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts 357,319 286,318

MOTION FINANCE LIMITED (REGISTERED NUMBER: 02024839)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 558,494 454,334

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Michelle Vincent (Senior Statutory Auditor)
for and on behalf of Fruition Advisory LLP

12. OTHER FINANCIAL COMMITMENTS

The total amount of financial commitments not included in the balance sheet is £1,850,071 (2023: £1,636,383). There is a fixed and floating charge held over the assets of the company due to a cross guarantee in relation to loans held in the ultimate parent company, Allumette Limited.

13. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

14. PARENT AND ULTIMATE PARENT UNDERTAKING

The company's immediate parent is Allumette Limited, incorporated in England & Wales.

The ultimate parent is Allumette Limited, incorporated in England & Wales.

The most senior parent entity producing publicly available financial statements is Allumette Limited.
These financial statements are available upon request from Yardley Brook Industrial Park, Lea Ford
Road, Shard End, Birmingham, B33 9TX.