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COMPANY REGISTRATION NUMBER: 07446833
MONMOUTH MOT CENTRE LTD
Filleted Unaudited Financial Statements
30 November 2024
MONMOUTH MOT CENTRE LTD
Statement of Financial Position
30 November 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
259,109
284,529
Current assets
Stocks
3,850
3,750
Debtors
6
193,026
44,939
Cash at bank and in hand
184,102
251,876
---------
---------
380,978
300,565
Creditors: amounts falling due within one year
7
( 213,132)
( 198,956)
---------
---------
Net current assets
167,846
101,609
---------
---------
Total assets less current liabilities
426,955
386,138
Provisions
( 37,733)
( 41,324)
---------
---------
Net assets
389,222
344,814
---------
---------
MONMOUTH MOT CENTRE LTD
Statement of Financial Position (continued)
30 November 2024
2024
2023
Note
£
£
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
388,222
343,814
---------
---------
Shareholders funds
389,222
344,814
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 16 June 2025 , and are signed on behalf of the board by:
Mr A M Bone
Director
Company registration number: 07446833
MONMOUTH MOT CENTRE LTD
Notes to the Financial Statements
Year ended 30 November 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 2b Wyeside Commercial Centre, Hadnock Road, Monmouth, Monmouthshire, NP25 3QG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property
-
Over the term of the lease
Plant and machinery
-
20% reducing balance
Fixtures and fittings
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 22 (2023: 21 ).
5. Tangible assets
Short leasehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Dec 2023
173,685
194,296
57,822
97,740
8,581
532,124
Additions
6,666
1,920
8,736
1,525
18,847
Disposals
( 1,400)
( 1,400)
---------
---------
--------
---------
--------
---------
At 30 Nov 2024
173,685
200,962
59,742
105,076
10,106
549,571
---------
---------
--------
---------
--------
---------
Depreciation
At 1 Dec 2023
36,323
117,515
39,800
49,557
4,400
247,595
Charge for the year
8,010
16,690
3,989
14,161
1,141
43,991
Disposals
( 1,124)
( 1,124)
---------
---------
--------
---------
--------
---------
At 30 Nov 2024
44,333
134,205
43,789
62,594
5,541
290,462
---------
---------
--------
---------
--------
---------
Carrying amount
At 30 Nov 2024
129,352
66,757
15,953
42,482
4,565
259,109
---------
---------
--------
---------
--------
---------
At 30 Nov 2023
137,362
76,781
18,022
48,183
4,181
284,529
---------
---------
--------
---------
--------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 30 November 2024
----
At 30 November 2023
11,808
--------
6. Debtors
2024
2023
£
£
Trade debtors
42,587
30,486
Other debtors
150,439
14,453
---------
--------
193,026
44,939
---------
--------
Included within other debtors are amounts owed to the company from the following companies which are related parties through common shareholders and directors: Auto Spray (Monmouth) Limited £12,044 (2023: £8,407); Allied Mail Limited £70,000; Monmouth Self Store Limited £60,000.
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
63,577
63,763
Corporation tax
67,144
64,480
Social security and other taxes
67,072
62,233
Other creditors
15,339
8,480
---------
---------
213,132
198,956
---------
---------