IRIS Accounts Production v24.3.2.46 06107263 Board of Directors 1.5.23 30.4.24 30.4.24 false true false false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh061072632023-04-30061072632024-04-30061072632023-05-012024-04-30061072632022-04-30061072632022-05-012023-04-30061072632023-04-3006107263ns15:EnglandWales2023-05-012024-04-3006107263ns14:PoundSterling2023-05-012024-04-3006107263ns10:Director12023-05-012024-04-3006107263ns10:PrivateLimitedCompanyLtd2023-05-012024-04-3006107263ns10:SmallEntities2023-05-012024-04-3006107263ns10:AuditExempt-NoAccountantsReport2023-05-012024-04-3006107263ns10:SmallCompaniesRegimeForDirectorsReport2023-05-012024-04-3006107263ns10:SmallCompaniesRegimeForAccounts2023-05-012024-04-3006107263ns10:FullAccounts2023-05-012024-04-300610726312023-05-012024-04-3006107263ns10:OrdinaryShareClass12023-05-012024-04-3006107263ns10:Director22023-05-012024-04-3006107263ns10:CompanySecretary12023-05-012024-04-3006107263ns10:RegisteredOffice2023-05-012024-04-3006107263ns5:CurrentFinancialInstruments2024-04-3006107263ns5:CurrentFinancialInstruments2023-04-3006107263ns5:Non-currentFinancialInstruments2024-04-3006107263ns5:Non-currentFinancialInstruments2023-04-3006107263ns5:ShareCapital2024-04-3006107263ns5:ShareCapital2023-04-3006107263ns5:RetainedEarningsAccumulatedLosses2024-04-3006107263ns5:RetainedEarningsAccumulatedLosses2023-04-3006107263ns5:IntangibleAssetsOtherThanGoodwill2023-05-012024-04-3006107263ns5:ComputerSoftware2023-05-012024-04-3006107263ns5:LongLeaseholdAssetsns5:LandBuildings2023-05-012024-04-3006107263ns5:LeaseholdImprovements2023-05-012024-04-3006107263ns5:PlantMachinery2023-05-012024-04-3006107263ns5:FurnitureFittings2023-05-012024-04-3006107263ns5:MotorVehicles2023-05-012024-04-3006107263ns5:ComputerEquipment2023-05-012024-04-3006107263ns5:ComputerSoftware2023-04-3006107263ns5:ComputerSoftware2024-04-3006107263ns5:ComputerSoftware2023-04-3006107263ns5:LongLeaseholdAssetsns5:LandBuildings2023-04-3006107263ns5:LeaseholdImprovements2023-04-3006107263ns5:PlantMachinery2023-04-3006107263ns5:LongLeaseholdAssetsns5:LandBuildings2024-04-3006107263ns5:LeaseholdImprovements2024-04-3006107263ns5:PlantMachinery2024-04-3006107263ns5:LongLeaseholdAssetsns5:LandBuildings2023-04-3006107263ns5:LeaseholdImprovements2023-04-3006107263ns5:PlantMachinery2023-04-3006107263ns5:FurnitureFittings2023-04-3006107263ns5:MotorVehicles2023-04-3006107263ns5:ComputerEquipment2023-04-3006107263ns5:FurnitureFittings2024-04-3006107263ns5:MotorVehicles2024-04-3006107263ns5:ComputerEquipment2024-04-3006107263ns5:FurnitureFittings2023-04-3006107263ns5:MotorVehicles2023-04-3006107263ns5:ComputerEquipment2023-04-3006107263ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-04-3006107263ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-04-3006107263ns5:LeasedAssetsHeldAsLessee2023-04-3006107263ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2024-04-3006107263ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2024-04-3006107263ns5:LeasedAssetsHeldAsLessee2024-04-3006107263ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-04-3006107263ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-04-3006107263ns5:LeasedAssetsHeldAsLessee2023-04-3006107263ns5:WithinOneYearns5:CurrentFinancialInstruments2024-04-3006107263ns5:WithinOneYearns5:CurrentFinancialInstruments2023-04-3006107263ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2024-04-3006107263ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2023-04-3006107263ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-04-3006107263ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-04-3006107263ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2024-04-3006107263ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-04-3006107263ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2024-04-3006107263ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2023-04-3006107263ns5:WithinOneYear2024-04-3006107263ns5:WithinOneYear2023-04-3006107263ns5:BetweenOneFiveYears2024-04-3006107263ns5:BetweenOneFiveYears2023-04-3006107263ns5:MoreThanFiveYears2024-04-3006107263ns5:MoreThanFiveYears2023-04-3006107263ns5:AllPeriods2024-04-3006107263ns5:AllPeriods2023-04-3006107263ns5:Secured2024-04-3006107263ns5:Secured2023-04-3006107263ns10:OrdinaryShareClass12024-04-30
REGISTERED NUMBER: 06107263 (England and Wales)






Motorseeker (UK) Limited

Financial Statements

for the Year Ended 30 April 2024






Motorseeker (UK) Limited (Registered number: 06107263)

Contents of the Financial Statements
for the year ended 30 April 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Motorseeker (UK) Limited

Company Information
for the year ended 30 April 2024







DIRECTORS: Mr D P Merifield
Mrs M K Merifield



SECRETARY: Mrs M K Merifield



REGISTERED OFFICE: Seeker House
Wingfield View
Clay Cross
Chesterfield
Derbyshire
S45 9BF



REGISTERED NUMBER: 06107263 (England and Wales)



ACCOUNTANTS: SMH Jolliffe Cork Ltd
Chartered Accountants
33 George Street
Wakefield
West Yorkshire
WF1 1LX



BANKERS: HSBC Bank plc
Market Place
Chesterfield
Derbyshire
S40 1TN

Motorseeker (UK) Limited (Registered number: 06107263)

Balance Sheet
30 April 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible assets 4 67,000 25,750
Tangible assets 5 222,040 404,376
289,040 430,126

CURRENT ASSETS
Stocks 2,474,129 2,768,599
Debtors 6 704,911 454,571
Cash in hand - 72
3,179,040 3,223,242
CREDITORS
Amounts falling due within one year 7 1,583,372 1,858,472
NET CURRENT ASSETS 1,595,668 1,364,770
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,884,708

1,794,896

CREDITORS
Amounts falling due after more than one year 8 (10,629 ) (58,135 )

PROVISIONS FOR LIABILITIES (40,928 ) (42,852 )
NET ASSETS 1,833,151 1,693,909

Motorseeker (UK) Limited (Registered number: 06107263)

Balance Sheet - continued
30 April 2024

2024 2023
Notes £ £ £ £

CAPITAL AND RESERVES
Called up share capital 11 10,000 10,000
Retained earnings 1,823,151 1,683,909
SHAREHOLDERS' FUNDS 1,833,151 1,693,909

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 January 2025 and were signed on its behalf by:





Mr D P Merifield - Director


Motorseeker (UK) Limited (Registered number: 06107263)

Notes to the Financial Statements
for the year ended 30 April 2024


1. STATUTORY INFORMATION

Motorseeker (UK) 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 functional and presentational currency for the company is the pound sterling (£). All financial information presented has been rounded to the nearest (£), unless otherwise stated.

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

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Long leasehold property - 2% on cost
Improvements to leasehold property - 2% on cost
Plant and machinery - 66.67% on cost and 25% on cost
Showroom fixtures & fittings - 25% on cost
Motor vehicles - 25% on cost
Office equipment - 25% on cost

All fixed assets are initially recorded at cost.

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

Motorseeker (UK) Limited (Registered number: 06107263)

Notes to the Financial Statements - continued
for the year ended 30 April 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the balance sheet when and only when there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets are derecognised when and only when; a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or, c) the company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

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.

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Motorseeker (UK) Limited (Registered number: 06107263)

Notes to the Financial Statements - continued
for the year ended 30 April 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2023 - 18 ) .

4. INTANGIBLE FIXED ASSETS
Computer
software
£
COST
At 1 May 2023 25,750
Additions 41,250
At 30 April 2024 67,000
NET BOOK VALUE
At 30 April 2024 67,000
At 30 April 2023 25,750

5. TANGIBLE FIXED ASSETS
Improvements
Long to
leasehold leasehold Plant and
property property machinery
£ £ £
COST
At 1 May 2023 114,969 190,563 154,400
Additions - - -
Disposals (114,969 ) - -
At 30 April 2024 - 190,563 154,400
DEPRECIATION
At 1 May 2023 10,030 9,164 101,607
Charge for year 2,299 3,841 37,991
Eliminated on disposal (12,329 ) - -
At 30 April 2024 - 13,005 139,598
NET BOOK VALUE
At 30 April 2024 - 177,558 14,802
At 30 April 2023 104,939 181,399 52,793

Motorseeker (UK) Limited (Registered number: 06107263)

Notes to the Financial Statements - continued
for the year ended 30 April 2024


5. TANGIBLE FIXED ASSETS - continued

Showroom
fixtures & Motor Office
fittings vehicles equipment Totals
£ £ £ £
COST
At 1 May 2023 105,815 67,877 51,832 685,456
Additions - - 1,196 1,196
Disposals - - - (114,969 )
At 30 April 2024 105,815 67,877 53,028 571,683
DEPRECIATION
At 1 May 2023 70,822 47,637 41,820 281,080
Charge for year 19,692 12,872 4,197 80,892
Eliminated on disposal - - - (12,329 )
At 30 April 2024 90,514 60,509 46,017 349,643
NET BOOK VALUE
At 30 April 2024 15,301 7,368 7,011 222,040
At 30 April 2023 34,993 20,240 10,012 404,376

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£ £ £
COST
At 1 May 2023 50,624 54,777 105,401
Transfer to ownership (50,624 ) (54,777 ) (105,401 )
At 30 April 2024 - - -
DEPRECIATION
At 1 May 2023 38,030 42,960 80,990
Transfer to ownership (38,030 ) (42,960 ) (80,990 )
At 30 April 2024 - - -
NET BOOK VALUE
At 30 April 2024 - - -
At 30 April 2023 12,594 11,817 24,411

Motorseeker (UK) Limited (Registered number: 06107263)

Notes to the Financial Statements - continued
for the year ended 30 April 2024


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 487,902 323,087
Amounts owed by related undertakings 155,570 76,465
Other debtors 34,466 33,086
Prepayments and accrued income 26,973 21,933
704,911 454,571

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts 145,811 305,206
Vehicle funding loans 868,204 859,372
Hire purchase contracts (see note 9) - 8,000
Trade creditors 193,428 339,638
Tax 128,894 168,124
PAYE and NIC 13,389 16,345
VAT 120,800 48,037
Other creditors 37,205 19,795
Directors' current accounts 5,676 20,676
Accruals and deferred income 69,965 73,279
1,583,372 1,858,472

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£ £
Bank loans - 1-2 years 10,629 17,552
Bank loans - 2-5 years - 36,029
Bank loans repayable after 5 years - 4,554
10,629 58,135

Amounts falling due in more than five years:

Repayable by instalments
Bank loans repayable after 5 years - 4,554

Motorseeker (UK) Limited (Registered number: 06107263)

Notes to the Financial Statements - continued
for the year ended 30 April 2024


9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£ £
Net obligations repayable:
Within one year - 8,000

Non-cancellable
operating leases
2024 2023
£ £
Within one year 70,000 70,000
Between one and five years 210,000 280,000
In more than five years 128,333 128,333
408,333 478,333

Company as lessor
The company is party to an Underlease dated 15 March 2021 in respect of its long leasehold property. The contractual term is four years with a break clause at the second anniversary of the lease.

At 30 April 2024, the minimum rental income receivable under non-cancellable operating leases fall due as follows:
2024 2023
£ £
Within one year - 15,000
Between one and five years - 13,750
- 28,750

Motorseeker (UK) Limited (Registered number: 06107263)

Notes to the Financial Statements - continued
for the year ended 30 April 2024


10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£ £
Bank overdrafts 134,840 288,314
Vehicle funding loans 868,204 859,372
Hire purchase contracts - 8,000
1,003,044 1,155,686

Bank loans, excluding that facilitated through the Coronavirus Bounce Back Loan Scheme, are secured by way of a fixed charge over the long leasehold property.

Vehicle funding loans are secured at any time by charges on stocks of new, used and demonstrator vehicles.

Hire purchase contracts are secured on the assets to which they relate.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
10,000 Ordinary £1 10,000 10,000

12. RELATED PARTY DISCLOSURES

During the year, total dividends of £240,000 (2023 - £250,000) were paid to the directors .