Registered number
07968411
MEM Motors Ltd
Filleted Accounts
29 February 2024
MEM Motors Ltd
Registered number: 07968411
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 4,093 5,116
Current assets
Stocks 11,466 333
Debtors 4 71,977 18,058
Cash at bank and in hand 319,469 324,435
402,912 342,826
Creditors: amounts falling due within one year 5 (107,590) (63,756)
Net current assets 295,322 279,070
Total assets less current liabilities 299,415 284,186
Creditors: amounts falling due after more than one year 6 (32,872) (39,392)
Net assets 266,543 244,794
Capital and reserves
Called up share capital 3 3
Profit and loss account 266,540 244,791
Shareholders' funds 266,543 244,794
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M Graves
Director
Approved by the board on 18 October 2024
MEM Motors Ltd
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Unrelieved tax losses assets are recognised only to the extent that it is probable that they will be recovered against other future taxable profits. Current tax liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 March 2023 5,679 11,926 17,605
At 29 February 2024 5,679 11,926 17,605
Depreciation
At 1 March 2023 2,309 10,180 12,489
Charge for the year 674 349 1,023
At 29 February 2024 2,983 10,529 13,512
Net book value
At 29 February 2024 2,696 1,397 4,093
At 28 February 2023 3,370 1,746 5,116
4 Debtors 2024 2023
£ £
Trade debtors 11,977 18,058
Other debtors 60,000 -
71,977 18,058
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 7,646 27,461
Corporation tax 20,061 20,466
Other taxes and social security costs 8,771 8,201
Other creditors 71,112 7,628
107,590 63,756
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 32,872 39,392
7 Other information
MEM Motors Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Allan Street
Darlington
Dl1 2NR
MEM Motors Ltd 07968411 false 2023-03-01 2024-02-29 2024-02-29 VT Final Accounts July 2024 M Graves No description of principal activity 07968411 2022-03-01 2023-02-28 07968411 core:WithinOneYear 2023-02-28 07968411 core:AfterOneYear 2023-02-28 07968411 core:ShareCapital 2023-02-28 07968411 core:RetainedEarningsAccumulatedLosses 2023-02-28 07968411 2023-03-01 2024-02-29 07968411 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 07968411 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 07968411 bus:Director40 2023-03-01 2024-02-29 07968411 1 2023-03-01 2024-02-29 07968411 2 2023-03-01 2024-02-29 07968411 core:PlantMachinery 2023-03-01 2024-02-29 07968411 core:Vehicles 2023-03-01 2024-02-29 07968411 countries:England 2023-03-01 2024-02-29 07968411 bus:FRS102 2023-03-01 2024-02-29 07968411 bus:FilletedAccounts 2023-03-01 2024-02-29 07968411 2024-02-29 07968411 core:WithinOneYear 2024-02-29 07968411 core:AfterOneYear 2024-02-29 07968411 core:ShareCapital 2024-02-29 07968411 core:RetainedEarningsAccumulatedLosses 2024-02-29 07968411 core:PlantMachinery 2024-02-29 07968411 core:Vehicles 2024-02-29 07968411 2023-02-28 07968411 core:PlantMachinery 2023-02-28 07968411 core:Vehicles 2023-02-28 iso4217:GBP xbrli:pure