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REGISTERED NUMBER: 12773770 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 July 2024

for

MAD Automotives Somerset Ltd

MAD Automotives Somerset Ltd (Registered number: 12773770)






Contents of the Financial Statements
for the Year Ended 31 July 2024




Page

Balance Sheet 1

Notes to the Financial Statements 2


MAD Automotives Somerset Ltd (Registered number: 12773770)

Balance Sheet
31 July 2024

31.7.24 31.7.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 90,604 49,142

CURRENT ASSETS
Stocks 31,650 132,734
Debtors 5 128,350 35,853
Cash at bank and in hand 77,917 33,409
237,917 201,996
CREDITORS
Amounts falling due within one year 6 355,940 217,116
NET CURRENT LIABILITIES (118,023 ) (15,120 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(27,419

)

34,022

CREDITORS
Amounts falling due after more than one year 7 (8,240 ) (18,518 )

PROVISIONS FOR LIABILITIES (5,389 ) (9,337 )
NET (LIABILITIES)/ASSETS (41,048 ) 6,167

CAPITAL AND RESERVES
Called up share capital 10 10
Retained earnings (41,058 ) 6,157
(41,048 ) 6,167

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 20 March 2025 and were signed by:



Mr P Angelides - Director


MAD Automotives Somerset Ltd (Registered number: 12773770)

Notes to the Financial Statements
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

MAD Automotives Somerset Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 12773770

Registered office: 36 High Street
Pwllheli
LL53 5RT

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

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

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

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 5 (2023 - 2 ) .

MAD Automotives Somerset Ltd (Registered number: 12773770)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 August 2023 84,432
Additions 69,604
At 31 July 2024 154,036
DEPRECIATION
At 1 August 2023 35,290
Charge for year 28,142
At 31 July 2024 63,432
NET BOOK VALUE
At 31 July 2024 90,604
At 31 July 2023 49,142

5. DEBTORS
31.7.24 31.7.23
£    £   
Amounts falling due within one year:
Trade debtors 121,461 19,250
Other debtors 1,500 16,603
122,961 35,853

Amounts falling due after more than one year:
Other debtors 5,389 -

Aggregate amounts 128,350 35,853

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Bank loans and overdrafts 11,689 11,522
Trade creditors 137,008 10,320
Taxation and social security 13,382 15,228
Other creditors 193,861 180,046
355,940 217,116

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.7.24 31.7.23
£    £   
Bank loans 8,240 18,518