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Registered number: NI631137
North Down Motors Ltd
Unaudited ABRIDGED Financial Statements
For The Year Ended 31 March 2024
PMB Accountants Limited
7 The Square
Comber
Newtownards
BT23 5DX
Unaudited Financial Statements
Contents
Page
Abridged Balance Sheet 1—2
Notes to the Abridged Financial Statements 3—5
Page 1
Abridged Balance Sheet
Registered number: NI631137
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 83,590 88,824
83,590 88,824
CURRENT ASSETS
Stocks 384,716 438,098
Debtors 44,436 116,649
Cash at bank and in hand 100,953 87,038
530,105 641,785
Creditors: Amounts Falling Due Within One Year (311,169 ) (368,270 )
NET CURRENT ASSETS (LIABILITIES) 218,936 273,515
TOTAL ASSETS LESS CURRENT LIABILITIES 302,526 362,339
Creditors: Amounts Falling Due After More Than One Year (33,747 ) (47,416 )
NET ASSETS 268,779 314,923
CAPITAL AND RESERVES
Called up share capital 7 100 100
Capital redemption reserve (25 ) -
Profit and Loss Account 268,704 314,823
SHAREHOLDERS' FUNDS 268,779 314,923
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For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
All of the company's members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet for the year end 31 March 2024 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
Mr Ian Davidson
Director
17/12/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Abridged Financial Statements
1. General Information
North Down Motors Ltd is a private company, limited by shares, incorporated in Northern Ireland, registered number NI631137 . The registered office is Unit 10 Enterprise Road, Bangor, BT19 7TA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 5 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% Straight Line
Fixtures & Fittings 10% Straight Line
Computer Equipment 25% Straight Line
2.5. Investment Properties
All investment properties are carried at cost value less depreciation. The fair value method has not been used. No rental income has been derived from the investment property. The investment property has been depreciated on a straight line basis based on a useful life of 50 years.





2.6. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.7. Stocks and Work in Progress
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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 5)
4 5
4. Intangible Assets
Total
£
Cost
As at 1 April 2023 20,000
As at 31 March 2024 20,000
Amortisation
As at 1 April 2023 20,000
As at 31 March 2024 20,000
Net Book Value
As at 31 March 2024 -
As at 1 April 2023 -
5. Tangible Assets
Total
£
Cost
As at 1 April 2023 114,904
As at 31 March 2024 114,904
Depreciation
As at 1 April 2023 26,080
Provided during the period 5,234
As at 31 March 2024 31,314
Net Book Value
As at 31 March 2024 83,590
As at 1 April 2023 88,824
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6. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 4,000 4,000
Later than one year and not later than five years 21,667 25,667
25,667 29,667
25,667 29,667
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
8. Related Party Transactions
Included within debtors and Creditors are the following related party transactions:
Ian Davidson
Director and Shareholder
£5,523 (debit balance) (31/03/2023 - £9,666 (Credit balance)) 
Johnathan Davidson
Connected person.
£15,000 (credit balance) (31/03/2023 - £10,786 (Credit balance))
The loans are interest free and repayable on demand.
Baths R Us LtdConnected CompanyIncluded within debtors is a loan due from Baths R Us Ltd. At the year end the balance on the loan was £1,261 (31/03/2023 - £63,359). North Down Motors invoiced Baths R Us Ltd for goods and services under normal market conditions. Baths R Us ltd is a company under common control.

Baths R Us Ltd

Connected Company

Included within debtors is a loan due from Baths R Us Ltd. At the year end the balance on the loan was £1,261 (31/03/2023 - £63,359). North Down Motors invoiced Baths R Us Ltd for goods and services under normal market conditions. Baths R Us ltd is a company under common control.

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