Maio Automobili Limited - Filleted accounts

Registered number

11042379

Maio Automobili Limited

Filleted Accounts

30 November 2024

Maio Automobili Limited
Registered number:		11042379
Balance Sheet
as at 30 November 2024

Notes			2024			2023
£				£
Fixed assets
Tangible assets	3		7,477			7,814

Current assets
Stocks		6,746			4,729
Debtors	4	534			398
Cash at bank and in hand		94,027			57,475
		101,307			62,602

Creditors: amounts falling due within one year	5	(54,728)			(28,047)

Net current assets			46,579			34,555

Total assets less current liabilities			54,056			42,369

Creditors: amounts falling due after more than one year	6		(2,050)			(6,150)

Provisions for liabilities			(1,421)			(1,485)

Net assets			50,585			34,734

Capital and reserves
Called up share capital			100			100
Profit and loss account			50,485			34,634

Shareholder's funds			50,585			34,734

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 member has 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.




L Maio
Director
Approved by the board on 30 September 2025

Maio Automobili Limited
Notes to the Accounts
for the year ended 30 November 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, machinery and equipment			25% per annum on reducing balance
	Office equipment, fixtures and fittings			25% per annum on reducing balance
	Motor vehicles			25% per annum on 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.

	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.


2	Employees					2024		2023
Number							Number

	Average number of persons employed by the company					1		1


3	Tangible fixed assets
		Plant, machinery and equipment		Office equipment, fixtures and fittings		Motor vehicles		Total
£			£		£		£
	Cost
	At 1 December 2023	11,631		403		5,000		17,034
	Additions	2,155		-		-		2,155
	At 30 November 2024	13,786		403		5,000		19,189

	Depreciation
	At 1 December 2023	6,116		213		2,891		9,220
	Charge for the year	1,918		47		527		2,492
	At 30 November 2024	8,034		260		3,418		11,712

	Net book value
	At 30 November 2024	5,752		143		1,582		7,477
	At 30 November 2023	5,515		190		2,109		7,814


4	Debtors					2024		2023
£							£

	Trade debtors					113		-
	Prepayments					421		398
						534		398


5	Creditors: amounts falling due within one year					2024		2023
£							£

	Bank loans and overdrafts					4,100		4,100
	Trade creditors					7,554		8,378
	Taxation and social security costs					15,033		8,670
	Director's current account					25,251		3,496
	Other creditors					525		1,113
	Accruals					2,265		2,290
						54,728		28,047


6	Creditors: amounts falling due after one year					2024		2023
£							£

	Bank loans					2,050		6,150


7	Related party transactions

	At the balance sheet date, as included under creditors, the company owed monies to Mr L Maio amounting to £25,251 (2023 - £3,496) on an unsecured interest free basis.


8	Controlling party

	The ultimate controlling party is Mr L Maio by virtue of him owning 100% of the company's issued share capital.


9	Other information

	Maio Automobili Limited is a private company limited by shares and incorporated in England. Its registered office is:
	St Dunstans House
	15-17 South Street
	Tarring
	Worthing
	West Sussex
	BN14 7LG