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REGISTERED NUMBER: NI028364 (Northern Ireland)













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: Mr W Forde
Mrs C Forde





Secretary: Mr W Forde





Registered office: 62 Granville Road
Dungannon
Co Tyrone
BT70 1NJ





Registered number: NI028364 (Northern Ireland)





Accountants: Wylie Ruddell
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 48,559 49,557

Current assets
Inventories 226,421 214,806
Receivables 5 217,890 181,292
Cash at bank 492,683 420,517
936,994 816,615
Payables
Amounts falling due within one year 6 (304,629 ) (272,723 )
Net current assets 632,365 543,892
Total assets less current liabilities 680,924 593,449

Provisions for liabilities 7 (7,710 ) (7,763 )
Net assets 673,214 585,686

Capital and reserves
Called up share capital 8 500 500
Retained earnings 672,714 585,186
Shareholders' funds 673,214 585,686

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

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 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 Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 November 2024 and were signed on its behalf by:





Mr W Forde - Director


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 private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - 5% on cost
Plant and machinery - 25% on reducing balance

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 12 (2023 - 10 ) .

4. Property, plant and equipment
Fixtures
Long Plant and and
leasehold machinery fittings Totals
£ £ £ £
Cost
At 1 May 2023 50,327 76,832 42,376 169,535
Additions - 11,798 - 11,798
At 30 April 2024 50,327 88,630 42,376 181,333
Depreciation
At 1 May 2023 30,090 54,327 35,561 119,978
Charge for year 2,516 8,576 1,704 12,796
At 30 April 2024 32,606 62,903 37,265 132,774
Net book value
At 30 April 2024 17,721 25,727 5,111 48,559
At 30 April 2023 20,237 22,505 6,815 49,557

5. Receivables less than one year
2024 2023
£ £
Trade receivables 201,945 145,462
Other receivables 15,945 35,830
217,890 181,292

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 - 58,542
Trade payables 175,911 137,231
Taxation and social security 121,087 70,465
Other payables 7,631 6,485
304,629 272,723

7. Provisions for liabilities
2024 2023
£ £
Deferred tax 7,710 7,763

Deferred tax
£
Balance at 1 May 2023 7,763
Credit to Statement of income and retained earnings during year (53 )
Balance at 30 April 2024 7,710

8. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
500 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
£ £
Mr W Forde and Mrs C Forde
Balance outstanding at start of year 22,209 21,026
Amounts advanced 127,552 111,183
Amounts repaid (150,000 ) (110,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (239 ) 22,209

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.