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Registered number: 07747087
MH Vehicle Services Limited
Unaudited Financial Statements
For The Year Ended 31 August 2024
Richards Associates Limited
North Lodge
Hawkesyard
Rugeley
Staffordshire
WS15 1PS
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 07747087
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 618,597 456,514
618,597 456,514
CURRENT ASSETS
Debtors 5 34,996 33,670
Cash at bank and in hand 85,043 52,627
120,039 86,297
Creditors: Amounts Falling Due Within One Year 6 (172,696 ) (120,264 )
NET CURRENT ASSETS (LIABILITIES) (52,657 ) (33,967 )
TOTAL ASSETS LESS CURRENT LIABILITIES 565,940 422,547
Creditors: Amounts Falling Due After More Than One Year 7 (441,641 ) (365,629 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (42,932 ) (6,441 )
NET ASSETS 81,367 50,477
CAPITAL AND RESERVES
Called up share capital 10 2 2
Profit and Loss Account 81,365 50,475
SHAREHOLDERS' FUNDS 81,367 50,477
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For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have 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.
On behalf of the board
Mr M Hanson
Director
10 March 2025
The notes on pages 3 to 7 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
MH Vehicle Services Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07747087 . The registered office is Unit 1 Castle View Court Castle Point Park, Fauld, Nr Tutbury, Burton On Trent, Staffordshire, DE13 9DX.
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. Going Concern Disclosure
At the time of approving the financial statements the directors have a reasonable expectation that the company has
adequate resources to continue in operational existence for the foreseeable future.
The directors continue to adopt the going concern basis of accounting in preparing financial statements.
2.3. 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.
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.
2.4. 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:
Freehold 2% - on cost
Plant & Machinery 20% - on cost
Motor Vehicles 20% - on cost
Fixtures & Fittings 20% - on cost
Computer Equipment 33% - on cost
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2.5. 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.
2.6. Financial Instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, and loans to related parties.
2.7. 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.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.8. Hire purchase and leasing commitments
Rentals paid under opertaing leases are charged to profit or loss on a striaght line basis over the period of the lease.
2.9. Pension costs and otherpost-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit and loss in the period to which they relate.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2023: 7)
7 7
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 September 2023 475,972 115,447 22,382 30,943
Additions - 2,000 180,000 -
As at 31 August 2024 475,972 117,447 202,382 30,943
Depreciation
As at 1 September 2023 53,828 93,164 11,132 30,942
Provided during the period 7,758 5,724 6,000 1
As at 31 August 2024 61,586 98,888 17,132 30,943
Net Book Value
As at 31 August 2024 414,386 18,559 185,250 -
As at 1 September 2023 422,144 22,283 11,250 1
Computer Equipment Total
£ £
Cost
As at 1 September 2023 13,746 658,490
Additions - 182,000
As at 31 August 2024 13,746 840,490
Depreciation
As at 1 September 2023 12,910 201,976
Provided during the period 434 19,917
As at 31 August 2024 13,344 221,893
Net Book Value
As at 31 August 2024 402 618,597
As at 1 September 2023 836 456,514
Included in cost of land and buildings is freehold land of £88,000 (2023 - £88,000) which is not depreciated.
There is no depreciation of the land beacuse the value is not less than cost.
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5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 28,642 18,763
Prepayments and accrued income 2,552 300
Other debtors - 14,607
VAT 3,802 -
34,996 33,670
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 40,000 4,428
Trade creditors 28,806 35,155
Bank loans and overdrafts 49,139 49,273
Corporation tax - 8,375
Other taxes and social security 8 -
VAT - 15,189
Pension creditor 361 -
Accruals and deferred income 860 728
Director's loan account 53,522 7,116
172,696 120,264
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 116,667 -
Bank loans 324,974 365,629
441,641 365,629
8. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 40,000 4,428
Later than one year and not later than five years 116,667 -
156,667 4,428
156,667 4,428
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9. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 September 2023 6,441 6,441
Deferred taxation 36,491 36,491
Balance at 31 August 2024 42,932 42,932
10. Share Capital
2024 2023
Allotted, called up and fully paid £ £
2 Ordinary Shares of £ 1.00 each 2 2
11. Ultimate Controlling Party
The company's ultimate controlling party is Mr M R Hanson by virtue of his ownership of 100% of the issued share capital in the company.
12. Working capital deficit
Current liabilities exceed current assets however, the company is able to meet any liabilities that may fall due.
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