Registered number
07508332
MD VEHICLE SOLUTIONS LIMITED
Filleted Accounts
30 June 2024
MD VEHICLE SOLUTIONS LIMITED
Registered number: 07508332
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 73,185 12,090
Current assets
Stocks - 9,218
Debtors 4 86,103 31,692
Cash at bank and in hand 40,240 26,805
126,343 67,715
Creditors: amounts falling due within one year 5 (184,906) (68,100)
Net current liabilities (58,563) (385)
Total assets less current liabilities 14,622 11,705
Creditors: amounts falling due after more than one year 6 (8,075) (10,662)
Net assets 6,547 1,043
Capital and reserves
Called up share capital 20 20
Profit and loss account 6,527 1,023
Shareholders' funds 6,547 1,043
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M Milo
Director
Approved by the board on 22 March 2025
MD VEHICLE SOLUTIONS LIMITED
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 18 percent reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 July 2023 29,330 29,079 58,409
Additions 909 76,250 77,159
At 30 June 2024 30,239 105,329 135,568
Depreciation
At 1 July 2023 26,146 20,173 46,319
Charge for the year 736 15,328 16,064
At 30 June 2024 26,882 35,501 62,383
Net book value
At 30 June 2024 3,357 69,828 73,185
At 30 June 2023 3,184 8,906 12,090
4 Debtors 2024 2023
£ £
Trade debtors 78,697 20,111
Other debtors 7,406 11,581
86,103 31,692
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 4,000 4,000
Trade creditors 58,809 24,817
Taxation and social security costs 24,568 12,485
Other creditors 97,529 26,798
184,906 68,100
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 8,075 10,662
7 Other information
MD VEHICLE SOLUTIONS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
24a Invincible Road Industrial Estate
Farnborough
Hampshire
GU14 7QU
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