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REGISTERED NUMBER: 08170774 (England and Wales)










THE MOTOR FAMILY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2024






THE MOTOR FAMILY LIMITED (REGISTERED NUMBER: 08170774)

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










Page

Balance Sheet 1

Notes to the Financial Statements 2 to 4


THE MOTOR FAMILY LIMITED (REGISTERED NUMBER: 08170774)

BALANCE SHEET
31ST MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 23,459 31,809

CURRENT ASSETS
Stocks 392,299 377,967
Debtors 5 20,868 86,722
Cash at bank and in hand 87,526 24,271
500,693 488,960
CREDITORS
Amounts falling due within one year 6 172,870 185,934
NET CURRENT ASSETS 327,823 303,026
TOTAL ASSETS LESS CURRENT LIABILITIES 351,282 334,835

CREDITORS
Amounts falling due after more than one year 7 296,313 292,506
NET ASSETS 54,969 42,329

CAPITAL AND RESERVES
Called up share capital 9 2 2
Retained earnings 54,967 42,327
SHAREHOLDERS' FUNDS 54,969 42,329

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 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 18th September 2024 and were signed on its behalf by:




A J Bowett - Director


THE MOTOR FAMILY LIMITED (REGISTERED NUMBER: 08170774)

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


1. STATUTORY INFORMATION

The Motor Family Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 08170774

Registered office: 758-760 Bradford Road
Batley
WF17 8NL

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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

At the time of signing these accounts, having considered the economic climate, the directors expectations and intentions for the next 12 months, and the availability of working capital, the directors are of the opinion that the company will remain viable for the foreseeable future and accordingly these financial statements have been prepared on the going concern basis.

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

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

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

Plant and machinery20% straight line
Fixtures and fittings10% straight line
Computer equipment20% straight line

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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 balance sheet date.

THE MOTOR FAMILY LIMITED (REGISTERED NUMBER: 08170774)

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


2. ACCOUNTING POLICIES - continued

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.

Financial instruments
The company only enters into transactions in ‘basic’ financial instruments which result in the recognition of assets and liabilities; these include trade and other debtors and creditors, bank balances, loans from banks and other third parties, and loans to related parties. These are recognised in the company’s balance sheet when it becomes party to the contractual provisions of the instrument.

Basic financial assets (other than those classified as payable within one year) are initially measured at cost and are subsequently carried at cost or amortised cost using the effective interest method, less any impairment losses. Basic financial assets classed as receivable within one year are not amortised.

Basic financial liabilities (other than those classified as payable within one year) are initially measured at present value of future cash flows and subsequently at amortised cost using the effective interest method. Basic financial liabilities classed as payable within one year are not amortised.

Financial assets and liabilities are offset, with the net amount reported in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 4 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st April 2023 70,715
Additions 957
At 31st March 2024 71,672
DEPRECIATION
At 1st April 2023 38,906
Charge for year 9,307
At 31st March 2024 48,213
NET BOOK VALUE
At 31st March 2024 23,459
At 31st March 2023 31,809

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 8,379 74,916
Other debtors 12,489 11,806
20,868 86,722

THE MOTOR FAMILY LIMITED (REGISTERED NUMBER: 08170774)

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


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,108 10,009
Trade creditors 27,799 22,319
Taxation and social security 34,652 7,958
Other creditors 100,311 145,648
172,870 185,934

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 11,559 21,666
Other creditors 284,754 270,840
296,313 292,506

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Other creditors 96,478 145,359

Security on other creditors is held on the assets they relate to.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary Shares 1 2 2

10. RELATED PARTY DISCLOSURES

Included in other creditors are amounts owed to directors of £158,350 (2023: £144,436). No interest is charged on loans from directors and there is no fixed date for repayment.