REGISTERED NUMBER: |
Motor & Commercial Parts Limited |
Unaudited Financial Statements |
for the Year Ended 30 April 2024 |
REGISTERED NUMBER: |
Motor & Commercial Parts Limited |
Unaudited Financial Statements |
for the Year Ended 30 April 2024 |
Motor & Commercial Parts Limited (Registered number: NI028364) |
Contents of the Financial Statements |
for the Year Ended 30 April 2024 |
Page |
Company information | 1 |
Statement of financial position | 2 |
Notes to the financial statements | 3 | to | 5 |
Motor & Commercial Parts Limited |
Company Information |
for the Year Ended 30 April 2024 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Accountants: |
Chartered Accountants |
Armagh Business Centre |
2 Loughgall Road |
Armagh |
BT61 7NH |
Motor & Commercial Parts Limited (Registered number: NI028364) |
Statement of Financial Position |
30 April 2024 |
2024 | 2023 |
Notes | £ | £ |
Fixed assets |
Property, plant and equipment | 4 |
Current assets |
Inventories |
Receivables | 5 |
Cash at bank |
Payables |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
Net current assets |
Total assets less current liabilities |
Provisions for liabilities | 7 | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 8 |
Retained earnings |
Shareholders' funds |
The directors acknowledge their 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 were approved by the Board of Directors and authorised for issue on |
Motor & Commercial Parts Limited (Registered number: NI028364) |
Notes to the Financial Statements |
for the Year Ended 30 April 2024 |
1. | Statutory information |
Motor & Commercial Parts Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
Revenue |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Property, plant and equipment |
Long leasehold | - |
Plant and machinery | - |
Inventories |
Inventories 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 Statement of Income and Retained Earnings, 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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
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. |
Motor & Commercial Parts Limited (Registered number: NI028364) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
2. | Accounting policies - continued |
Critical accounting judgements and key sources of estimation uncertainty |
Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below: |
Useful economic lives of intangible and tangible assets |
The annual depreciation and amortisation charges for intangible and tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See balance sheet notes on intangible fixed assets and property, plant and equipment for the carrying amount of the assets, and note 2 for the useful economic lives for each class of asset. |
3. | Employees and directors |
The average number of employees during the year was |
4. | Property, plant and equipment |
Fixtures |
Long | Plant and | and |
leasehold | machinery | fittings | Totals |
£ | £ | £ | £ |
Cost |
At 1 May 2023 |
Additions |
At 30 April 2024 |
Depreciation |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
Net book value |
At 30 April 2024 |
At 30 April 2023 |
5. | Receivables less than one year |
2024 | 2023 |
£ | £ |
Trade receivables |
Other receivables |
Motor & Commercial Parts Limited (Registered number: NI028364) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
6. | Payables less than one year |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade payables |
Taxation and social security |
Other payables |
7. | Provisions for liabilities |
2024 | 2023 |
£ | £ |
Deferred tax | 7,710 | 7,763 |
Deferred tax |
£ |
Balance at 1 May 2023 |
Credit to Statement of income and retained earnings during year | ( |
) |
Balance at 30 April 2024 |
8. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary shares | £1 | 500 | 500 |
9. | Directors' advances, credits and guarantees |
The following advances and credits to directors subsisted during the years ended 30 April 2024 and 30 April 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) |
Interest at the rate of 2% per annum (up to 5 April 2023) and 2.25% per annum thereafter is payable annually on these borrowings. |