REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
FOR |
MOTORLINE DIRECT PROPERTIES LTD |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
FOR |
MOTORLINE DIRECT PROPERTIES LTD |
MOTORLINE DIRECT PROPERTIES LTD (REGISTERED NUMBER: 08303012) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
MOTORLINE DIRECT PROPERTIES LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MAY 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
29 Arboretum Street |
Nottingham |
Nottinghamshire |
NG1 4JA |
MOTORLINE DIRECT PROPERTIES LTD (REGISTERED NUMBER: 08303012) |
BALANCE SHEET |
31 MAY 2024 |
31.5.24 | 31.5.23 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 6 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the director and authorised for issue on |
MOTORLINE DIRECT PROPERTIES LTD (REGISTERED NUMBER: 08303012) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
1. | STATUTORY INFORMATION |
Motorline Direct Properties Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Tax |
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. |
It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of the 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 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. |
Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at the transaction price. |
Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Amounts owed by group |
undertakings |
Other debtors |
Directors' current accounts |
VAT |
MOTORLINE DIRECT PROPERTIES LTD (REGISTERED NUMBER: 08303012) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Amounts owed to group undertakings |
Corporation tax |
Accrued expenses |
6. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.5.24 | 31.5.23 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
8. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 May 2024 and 31 May 2023: |
31.5.24 | 31.5.23 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Interest is being charged on the loan at a rate of 2.25% per annum. The amount charged on this loan during the year and credited to the profit and loss account was £1,087 (2023 - £8,823). |
MOTORLINE DIRECT PROPERTIES LTD (REGISTERED NUMBER: 08303012) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
9. | RELATED PARTY DISCLOSURES |
Motorline Direct Limited |
As the company is a wholly owned subsidiary of Motorline Direct Limited, the company has taken advantage of the exemption contained in FRS 102 Section 33.1A and has therefore not disclosed transactions between the companies. The consolidated financial statements of Motorline Direct Limited, within which this company is included, can be obtained from the address given in the ultimate controlling party note. |
JRJ Development (UK) Ltd |
Mr A. Jobanputra is a director and a shareholder of the above named company. Included in other debtors is a loan of £1,103,481 (2023 - £974,787) to this company.Interest amounting to £43,694 was charged on this loan during the year. (2023 - £nil). An administration charge amounting to £12,000 was also charged to this company during the year (2023 - £Nil). |
JRJ Investments (UK) Ltd |
Mr A. Jobanputra is a director and a shareholder of the above named company. Included in other debtors is a loan of £355,476 (2023 - £334,236) to this company. Interest amounting to £21,240 was charged on this loan during the year (2023 - £Nil).. |
10. | ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY |
The company is controlled by Motorline Direct Limited which owns 100% of the share capital of the company. Motorline Direct Limited is under the control of the Director, Mr A Jobanputra. |
The consolidated results of this group are available from the company's registered office 29 Arboretum Street Nottingham NG1 4JA. |
11. | GUARANTEES |
Motorline Direct Properties Limited has given a guarantee on behalf of Motorline Direct Limited in respect of its banking facilities. At 31 May 2024 this amounted to £1,177,871 (2023 - £1,471,856). |
Motorline Direct Properties Limited has given a guarantee on behalf of Motorline Direct Limited in respect of its present and future indebtedness under a vehicle stocking facility with Black Horse Limited. At 31 May 2024 this amounted to £1,987,525 (2023 - £2,045,474). |