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REGISTERED NUMBER: OC426495 (England and Wales)










Financial Statements

for the Year Ended 31 March 2024

for

Minster Vehicle Sales LLP

Minster Vehicle Sales LLP (Registered number: OC426495)






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




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Minster Vehicle Sales LLP

General Information
for the Year Ended 31 March 2024







DESIGNATED MEMBERS: R A Hind
S Hind
H Hind
Minster Self-Drive Limited





REGISTERED OFFICE: Old Station Road
Southbank
Middlesbrough
TS6 6AD





REGISTERED NUMBER: OC426495 (England and Wales)





ACCOUNTANTS: SKS Bailey Group Limited
Oaklea House
46 Coatham Road
Redcar
TS10 1RS

Minster Vehicle Sales LLP (Registered number: OC426495)

Balance Sheet
31 March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 417,441 360,036
Investment property 5 1,265,000 1,265,000
1,682,441 1,625,036

CURRENT ASSETS
Stocks 199,390 157,427
Debtors 6 907,929 806,780
Cash at bank 2,281,937 2,124,559
3,389,256 3,088,766
CREDITORS
Amounts falling due within one year 7 (39,042 ) (76,375 )
NET CURRENT ASSETS 3,350,214 3,012,391
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS

5,032,655

4,637,427

LOANS AND OTHER DEBTS DUE TO
MEMBERS

8

5,032,655

4,637,427

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 8 5,032,655 4,637,427

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2024.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP 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 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

Minster Vehicle Sales LLP (Registered number: OC426495)

Balance Sheet - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 31 January 2025 and were signed by:




R A Hind - Designated member




S Hind - Designated member


Minster Vehicle Sales LLP (Registered number: OC426495)

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

1. STATUTORY INFORMATION

Minster Vehicle Sales LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

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 requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. 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.
Motor vehicles - 15% on reducing balance

INVESTMENT PROPERTY
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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

3. EMPLOYEE INFORMATION

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

4. TANGIBLE FIXED ASSETS
Freehold Motor
property vehicles Totals
£    £    £   
COST
At 1 April 2023 197,136 179,910 377,046
Additions 12,642 77,145 89,787
At 31 March 2024 209,778 257,055 466,833
DEPRECIATION
At 1 April 2023 - 17,010 17,010
Charge for year - 32,382 32,382
At 31 March 2024 - 49,392 49,392
NET BOOK VALUE
At 31 March 2024 209,778 207,663 417,441
At 31 March 2023 197,136 162,900 360,036

Minster Vehicle Sales LLP (Registered number: OC426495)

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

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 1,265,000
NET BOOK VALUE
At 31 March 2024 1,265,000
At 31 March 2023 1,265,000

The members are of the opinion that the fair value of the company's properties is £1,265,000 which is based upon open market value basis, by reference to market evidence of transaction prices for similar properties.

6. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 33,381 24,198
Vehicle purchase loans Minster Self Drive
Limited

382,910

331,257
416,291 355,455

Amounts falling due after more than one year:
Vehicle purchase loans Minster Self Drive
Limited

491,638

451,325

Aggregate amounts 907,929 806,780

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 2,521 6,369
Trade creditors 2,180 23,782
VAT 23,976 29,092
Credit card - 37
Accrued expenses 10,365 17,095
39,042 76,375

8. LOANS AND OTHER DEBTS DUE TO MEMBERS

Members rank ahead of other creditors in a liquidation.