Registered number
05873973
Motor City (Plymouth) Limited
Unaudited Filleted Accounts
31 August 2024
Motor City (Plymouth) Limited
Registered number: 05873973
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 69,578 81,856
Investments 4 150,000 150,000
219,578 231,856
Current assets
Stocks 460,591 674,479
Debtors 5 99,656 101,604
Cash at bank and in hand 396,818 243,073
957,065 1,019,156
Creditors: amounts falling due within one year 6 (745,565) (683,260)
Net current assets 211,500 335,896
Total assets less current liabilities 431,078 567,752
Creditors: amounts falling due after more than one year 7 (44,159) (158,052)
Provisions for liabilities
Deferred taxation (73,052) (75,252)
Other liabilities 9 (299,201) (299,201)
Net assets 14,666 35,247
Capital and reserves
Called up share capital 130 130
Profit and loss account 14,536 35,117
Shareholders' funds 14,666 35,247
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.
R M Haxby
Director
Approved by the board on 28 May 2025
Motor City (Plymouth) Limited
Notes to the Accounts
for the year ended 31 August 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 15% reducing balance basis
Fixtures, fittings, tools and equipment 15% reducing balance basis
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 10 10
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 September 2023 197,285 90,761 288,046
At 31 August 2024 197,285 90,761 288,046
Depreciation
At 1 September 2023 162,807 43,383 206,190
Charge for the year 5,172 7,106 12,278
At 31 August 2024 167,979 50,489 218,468
Net book value
At 31 August 2024 29,306 40,272 69,578
At 31 August 2023 34,478 47,378 81,856
4 Investments
Other
investments
£
Valuation
At 1 September 2023 150,000
At 31 August 2024 150,000
Historical cost
At 1 September 2023 132,804
At 31 August 2024 132,804
Other investments represent property purchased by the company in March 2016, which is currently receiving rental income. The historical cost represents the purchase price plus improvements at cost to date. The directors have considered the valuation of the property at the year end and consider this to be a fair value.
5 Debtors 2024 2023
£ £
Trade debtors 51,693 7,380
Other debtors 47,963 94,224
99,656 101,604
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 27,273 33,273
Other loans 68,500 83,333
Obligations under finance lease and hire purchase contracts 13,990 14,066
Trade creditors 39,649 16,923
Taxation and social security costs 168,657 127,058
Other creditors 427,496 408,607
745,565 683,260
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 18,181 81,562
Other loans 25,978 62,500
Obligations under finance lease and hire purchase contracts - 13,990
44,159 158,052
8 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 45,454 114,835
Lloyds Bank Plc. holds fixed and floating charges covering all the property and undertakings of the company. Other loans are secured by personal guarantees by the directors R Haxby, M Haxby and J Haxby.
9 Other provisions 2024 2023
£ £
Warranty provision 199,201 199,201
Cyber attack provision 50,000 50,000
Payment protection provision 50,000 50,000
299,201 299,201
10 Other information
Motor City (Plymouth) Limited is a private company limited by shares and incorporated in England. Its registered office is:
Duke Court
Bridge Street
Kingsbridge
Devon
TQ7 1HX
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