Company registration number 14003286 (England and Wales)
MOTOR PARTS DIRECT (HOLDINGS) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
MOTOR PARTS DIRECT (HOLDINGS) LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
MOTOR PARTS DIRECT (HOLDINGS) LIMITED
BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
105,050
950
Current assets
-
-
Creditors: amounts falling due within one year
4
(104,100)
Net current liabilities
(104,100)
Net assets
950
950
Capital and reserves
-
Called up share capital
5
950
950
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 28 March 2025 and are signed on its behalf by:
S De Waal
Director
Company registration number 14003286 (England and Wales)
MOTOR PARTS DIRECT (HOLDINGS) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 25 March 2022
-
Period ended 30 June 2023:
Profit and total comprehensive income
-
19,558,732
19,558,732
Issue of share capital
5
1,000
-
1,000
Dividends
-
(19,558,782)
(19,558,782)
Reduction of shares
5
(50)
(50)
Other movements
-
50
50
Balance at 30 June 2023
950
950
Year ended 30 June 2024:
Profit and total comprehensive income
-
10,700,000
10,700,000
Dividends
-
(10,700,000)
(10,700,000)
Balance at 30 June 2024
950
950
MOTOR PARTS DIRECT (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information
Motor Parts Direct (Holdings) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 40 Springwood Drive, Springwood Industrial Estate, Braintree, CM7 2YN.
1.1
Reporting period
The previous period was the first period of accounts for the company. The comparative covers the period from the date of incorporation on 25 March 2022 to 30 June 2023. Therefore, the comparative amounts presented are not entirely comparable.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Motus Holdings Limited.
The company has taken advantage of the exemption under section 401 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
Motor Parts Direct (Holdings) Limited is a wholly owned subsidiary of Motus Holdings (UK) Limited and the results of Motor Parts Direct (Holdings) Limited and its subsidiaries are included in the consolidated financial statements of Motus Holdings Limited, the ultimate parent, which are available from its registered office at: Bedfordview, 1 Van Buuren Road, Cnr Geldenhuis and Van Dort Streets, 2008 South Africa.
MOTOR PARTS DIRECT (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.3
Turnover
Dividend income from investments is recognised when the shareholder's right to receive payment has been established.
1.4
Fixed asset investments
Interests in subsidiaries entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
MOTOR PARTS DIRECT (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Employees
During the year and preceding period the company employed no staff. Additionally, the appointed directors do not hold a service contract with the company.
3
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
105,050
950
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 July 2023
950
Additions
104,100
At 30 June 2024
105,050
Carrying amount
At 30 June 2024
105,050
At 30 June 2023
950
4
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
104,100
Amounts owed to group undertakings relate to a short term unsecured loan from Motor Parts Direct Limited.
5
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
950
950
950
950
During the year the 950 A Ordinary shares in issue were re-designated as 950 Ordinary shares.
MOTOR PARTS DIRECT (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
6
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is unqualified and includes the following:
Opinion
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Senior Statutory Auditor:
Nicholas Nicolaou FCCA
Statutory Auditor:
Alliotts LLP
Date of audit report:
28 March 2025
7
Events after the reporting date
Following the year end the company directors began the process of transferring over the trade and assets of the C P Diesel division of Motor Parts Direct Limited into subsidiary entity CPD Newco Limited.
8
Related party transactions
2024
2023
Amounts due to related parties
£
£
Entities over which the entity has control, joint control or significant influence
104,100
-
Other information
During the year the company received dividends from its subsidiary entity, Motor Parts Direct Limited.
9
Parent company
The immediate parent undertaking became Motus Holdings (UK) Limited, a company registered in England and Wales.
The ultimate operating holding company is Motus Holdings Ltd, a company registered in South Africa and listed on the Johannesburg Stock Exchange, whose registered office is Bedfordview, 1 Van Buuren Road, Cnr Geldenhuis and Van Dort Streets, 2008 South Africa.
It is also the parent company of the largest and smallest undertakings to consolidate these financial statements at 30 June 2024. Copies of the consolidated financial statements of Motus Holdings Limited can be obtained from the address noted above.