Registered number
10860990
MOTEX SPARES LTD
Filleted Accounts
31 July 2024
MOTEX SPARES LTD
Registered number: 10860990
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 40,800 47,600
Tangible assets 4 13,714 16,134
54,514 63,734
Current assets
Stocks 79,056 68,100
Cash at bank and in hand 622,607 305,466
701,663 373,566
Creditors: amounts falling due within one year 5 (262,500) (233,971)
Net current assets 439,163 139,595
Total assets less current liabilities 493,677 203,329
Creditors: amounts falling due after more than one year 6 (238,500) (38,500)
Net assets 255,177 164,829
Capital and reserves
Called up share capital 60,000 60,000
Profit and loss account 195,177 104,829
Shareholders' funds 255,177 164,829
The director is 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 director acknowledges his 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.
Yosuf Khaleqyar
Director
Approved by the board on 9 April 2025
MOTEX SPARES LTD
Notes to the Accounts
for the year ended 31 July 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Motor Vehicles 15% reducing balance
Fixtures & Fittings 15% 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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 5 -
3 Intangible fixed assets £
Goodwill:
Cost
At 1 August 2023 68,000
At 31 July 2024 68,000
Amortisation
At 1 August 2023 20,400
Provided during the year 6,800
At 31 July 2024 27,200
Net book value
At 31 July 2024 40,800
At 31 July 2023 47,600
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 August 2023 17,010 10,990 28,000
At 31 July 2024 17,010 10,990 28,000
Depreciation
At 1 August 2023 5,752 6,114 11,866
Charge for the year 1,689 731 2,420
At 31 July 2024 7,441 6,845 14,286
Net book value
At 31 July 2024 9,569 4,145 13,714
At 31 July 2023 11,258 4,876 16,134
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 136,209 133,755
Taxation and social security costs 30,941 10,444
Other creditors 95,350 89,772
262,500 233,971
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 185,000 -
Private Loans 53,500 38,500
238,500 38,500
7 Other information
MOTEX SPARES LTD is a private company limited by shares and incorporated in England. Its registered office is:
Unit B, Boons Industrial Estate
Derrington Lane
Stafford
ST18 9NH
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