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REGISTERED NUMBER: 01682178 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 November 2023

for

Markham and Smith Motor Engineers
Limited

Markham and Smith Motor Engineers
Limited (Registered number: 01682178)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Markham and Smith Motor Engineers
Limited

Company Information
for the Year Ended 30 November 2023







DIRECTOR: J B Tarling





REGISTERED OFFICE: The Grove Garage
Newland Street
Witham
Essex
CM8 2BA





REGISTERED NUMBER: 01682178 (England and Wales)





ACCOUNTANTS: Xeinadin South East Limited
The Old Grange
Warren Estate
Lordship Road
Writtle
Essex
CM1 3WT

Markham and Smith Motor Engineers
Limited (Registered number: 01682178)

Balance Sheet
30 November 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 63,203 21,541

CURRENT ASSETS
Stocks 151,384 237,903
Debtors 5 3,897 27,069
Cash at bank and in hand 2,112 221
157,393 265,193
CREDITORS
Amounts falling due within one year 6 168,302 146,088
NET CURRENT (LIABILITIES)/ASSETS (10,909 ) 119,105
TOTAL ASSETS LESS CURRENT
LIABILITIES

52,294

140,646

CREDITORS
Amounts falling due after more than one
year

7

19,167

29,167
NET ASSETS 33,127 111,479

CAPITAL AND RESERVES
Called up share capital 5,000 5,000
Share premium 1,000 1,000
Retained earnings 27,127 105,479
SHAREHOLDERS' FUNDS 33,127 111,479

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 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.

Markham and Smith Motor Engineers
Limited (Registered number: 01682178)

Balance Sheet - continued
30 November 2023


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 director and authorised for issue on 29 November 2024 and were signed by:





J B Tarling - Director


Markham and Smith Motor Engineers
Limited (Registered number: 01682178)

Notes to the Financial Statements
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

Markham and Smith Motor Engineers 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.

The company is not part of a group.

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.

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax.

Tangible fixed assets
Tangible fixed assets are initially measured at cost. After initial recognition, tangible fixed assets are measured at cost less any accumulated depreciation and any accumulated impairment losses.

Depreciation is provided at the following annual rates, in order to write off each asset over its estimated useful life:

- Plant and machinery etc - 20% on reducing balance, 25% on cost, 33% on cost and straight line over 10 years

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

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

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.


Markham and Smith Motor Engineers
Limited (Registered number: 01682178)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Significant judgements and estimates
No significant judgements or estimations have been applied in the preparation of the financial statements.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Creditors
Short term creditors are measured at the transaction price.

Other financial liabilities, including bank loans are also measured at transaction price, which is not considered to be materially different to fair value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 7 ) .

Markham and Smith Motor Engineers
Limited (Registered number: 01682178)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 December 2022 52,432
Additions 53,407
At 30 November 2023 105,839
DEPRECIATION
At 1 December 2022 30,891
Charge for year 11,745
At 30 November 2023 42,636
NET BOOK VALUE
At 30 November 2023 63,203
At 30 November 2022 21,541

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 December 2022
and 30 November 2023 28,822
DEPRECIATION
At 1 December 2022 18,787
Charge for year 2,007
At 30 November 2023 20,794
NET BOOK VALUE
At 30 November 2023 8,028
At 30 November 2022 10,035

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 597 26,740
Other debtors 3,300 329
3,897 27,069

Markham and Smith Motor Engineers
Limited (Registered number: 01682178)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 11,338 29,447
Hire purchase contracts - 1,986
Trade creditors 116,703 72,934
Taxation and social security 31,268 26,147
Other creditors 8,993 15,574
168,302 146,088

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 19,167 29,167

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 1,338 19,447
Hire purchase contracts - 1,986
1,338 21,433

The bank overdraft is secured by a charge over assets held outside the company. Liabilities due under hire purchase agreements are secured on the assets to which they relate.