REGISTERED NUMBER: |
MAS Car & Commercial Limited |
Unaudited Financial Statements |
for the Period 1 February 2023 to 31 July 2024 |
REGISTERED NUMBER: |
MAS Car & Commercial Limited |
Unaudited Financial Statements |
for the Period 1 February 2023 to 31 July 2024 |
MAS Car & Commercial Limited (Registered number: 04400943) |
Contents of the Financial Statements |
for the Period 1 February 2023 to 31 July 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
MAS Car & Commercial Limited |
Company Information |
for the Period 1 February 2023 to 31 July 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
3 - 5 London Road |
Rainham |
Gillingham |
Kent |
ME8 7RG |
MAS Car & Commercial Limited (Registered number: 04400943) |
Statement of Financial Position |
31 July 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investment property | 6 |
CURRENT ASSETS |
Inventories |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their 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. |
MAS Car & Commercial Limited (Registered number: 04400943) |
Statement of Financial Position - continued |
31 July 2024 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
MAS Car & Commercial Limited (Registered number: 04400943) |
Notes to the Financial Statements |
for the Period 1 February 2023 to 31 July 2024 |
1. | STATUTORY INFORMATION |
MAS Car & Commercial Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Following and change in ownership of the company the accounting period was extended to end on 31 July 2024 to align with other companies in the group. |
Income recognition |
Income represents the fair value of consideration received or receivable derived from the provision of goods and services to customers during the year (excluding value added tax) and is recognised when the company becomes entitled to it, usually on the rendering of an invoice. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Land and buildings | - |
Plant and machinery etc | - |
Land and buildings include an element of investment property which cannot be measured reliably without undue cost or effort. For this reason all land and buildings remain at cost less deprecation. |
Investment property |
Investment property is included at fair value. Gains are recognised in the income statement and shown in a fair value reserve. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. |
Stocks and work in progress |
Inventories are measured at the lower of cost and estimated selling price less costs to complete and sell. |
In respect of work in progress and finished goods, cost includes an appropriate proportion of attributable overheads according to the stage of manufacture/completion. |
Financial instruments |
The Company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks, other third parties and related parties. |
Basic financial instruments are recognised at amortised cost, with changes recognised in profit or loss. |
MAS Car & Commercial Limited (Registered number: 04400943) |
Notes to the Financial Statements - continued |
for the Period 1 February 2023 to 31 July 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period 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 tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted by the statement of financial position date. |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 by the period end. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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 period was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 February 2023 |
and 31 July 2024 |
AMORTISATION |
At 1 February 2023 |
and 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 January 2023 |
MAS Car & Commercial Limited (Registered number: 04400943) |
Notes to the Financial Statements - continued |
for the Period 1 February 2023 to 31 July 2024 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 February 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 July 2024 |
DEPRECIATION |
At 1 February 2023 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 January 2023 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
Additions |
Revaluations | 1,805,525 |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
Investment property was valued by the directors at fair value on 31 July 2024. |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
MAS Car & Commercial Limited (Registered number: 04400943) |
Notes to the Financial Statements - continued |
for the Period 1 February 2023 to 31 July 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Hire purchase contracts |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans due after 5 years | - | 28,127 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
Hire purchase contracts | - | 175,480 |
The bank loans are secured by a legal charge over the company's land and buildings. |
11. | OTHER FINANCIAL COMMITMENTS |
The company has total other operating lease commitments at 31 July 2024 of £1,678,600. |
12. | ULTIMATE CONTROLLING PARTY |
MAS Car & Commercial LImited is a wholly owned subsidiary of North Kent Holdings Limited, a company incorporated in England and Wales whose registered office address is Unit 7 West Lane Industrial Estate, West Lane, Sittingbourne, Kent, ME10 3TT |