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Registration number: 06727739

Mint Automotives Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Mint Automotives Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Mint Automotives Limited

Company Information

Directors

N Sellers

K Taylor

A L Dibnah

Registered office

K3 Business Park
200 Clough Road
Hull
HU5 1SN

 

Mint Automotives Limited

(Registration number: 06727739)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

19,500

28,500

Tangible assets

5

2,545,772

2,939,979

 

2,565,272

2,968,479

Current assets

 

Debtors

6

212,030

128,718

Cash at bank and in hand

 

785,468

494,626

 

997,498

623,344

Creditors: Amounts falling due within one year

7

(852,325)

(1,104,391)

Net current assets/(liabilities)

 

145,173

(481,047)

Total assets less current liabilities

 

2,710,445

2,487,432

Creditors: Amounts falling due after more than one year

7

(1,184,748)

(1,303,294)

Provisions for liabilities

(166,722)

(77,673)

Net assets

 

1,358,975

1,106,465

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

1,357,975

1,105,465

Shareholders' funds

 

1,358,975

1,106,465

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 24 January 2025 and signed on its behalf by:
 

.........................................
N Sellers
Director

 

Mint Automotives Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital incorporated in England and Wales and the company registration number is 06727739.

The address of its registered office is:
K3 Business Park
200 Clough Road
Hull
HU5 1SN

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling and are rounded to the nearest pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of vehicle management services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants which become receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, are recognised as income in the period in which they become receivable.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Mint Automotives Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

20% straight line

Motor vehicles

25% straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Software

20% staright line method

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for goods and services sold in the ordinary course of business.

Trade debtors are recognised initially at the transaction price less any bad debts. A provision for the bad debts of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Mint Automotives Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 4 (2023 - 3).

 

Mint Automotives Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 May 2023

45,000

45,000

At 30 April 2024

45,000

45,000

Amortisation

At 1 May 2023

16,500

16,500

Amortisation charge

9,000

9,000

At 30 April 2024

25,500

25,500

Carrying amount

At 30 April 2024

19,500

19,500

At 30 April 2023

28,500

28,500

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

27,270

3,523,300

3,550,570

Additions

1,337

2,016,630

2,017,967

Disposals

(411)

(2,489,906)

(2,490,317)

At 30 April 2024

28,196

3,050,024

3,078,220

Depreciation

At 1 May 2023

7,127

603,464

610,591

Charge for the year

6,323

679,808

686,131

Eliminated on disposal

(95)

(764,179)

(764,274)

At 30 April 2024

13,355

519,093

532,448

Carrying amount

At 30 April 2024

14,841

2,530,931

2,545,772

At 30 April 2023

20,143

2,919,836

2,939,979

 

Mint Automotives Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Debtors

2024
£

2023
£

Trade debtors

41,863

47,760

Prepayments

43,139

29,433

Other debtors

127,028

51,525

212,030

128,718

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

799,948

1,056,651

Trade creditors

 

60,413

585

Taxation and social security

 

-

37,748

Accruals and deferred income

 

3,959

8,851

Other creditors

 

(11,995)

556

 

852,325

1,104,391

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

1,184,748

1,303,294

 

Mint Automotives Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

50,000

50,000

Obligations under hire purchase and finance lease agreements

749,948

1,006,651

799,948

1,056,651

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

62,500

112,500

Obligations under hire purchase and finance lease agreements

1,122,248

1,190,794

1,184,748

1,303,294

Bank borrowings are secured by a fixed and floating charge. The obligations under hire purchase contracts are secured on the assets they relate to.

9

Related party transactions

Transactions with Directors

2024

At 1 May 2023
£

Advances to Director
£

Repayments by Director
£

At 30 April 2024
£

N Sellers

Unsecured, interest-free, repayable on demand

32,961

48,198

(44,785)

36,374

         
       

K Taylor

Unsecured, interest-free, repayable on demand

5,450

24,000

(5,500)

23,950

         
       

 

Other transactions with Directors

At the year end, the Directors owed the company £60,324 (2023: £38,411). The amount is unsecured, interest-free and repayable on demand.

During the year, A Dibnah received £6,860 from the company in respect of accountancy and bookkeeping services.

Summary of transactions with other related parties

C A Mitchell (Shareholder)

At the year end, C A Mitchell owed the Company £13,275 (2023: £1,445). The amount is unsecured, interest-free and repayable on demand.

J Mitchell (Shareholder)

At the year end, J Mitchell was owed £1,280 by the Company (2023: £1,280). The amount is unsecured, interest-free and repayable on demand.