Payless Motor Factors Limited - Filleted accounts

Registered number

03167008

Payless Motor Factors Limited

Filleted Accounts

31 March 2025

Payless Motor Factors Limited
Registered number:		03167008
Balance Sheet
as at 31 March 2025

Notes			2025			2024
£				£
Fixed assets
Tangible assets	3		4,465			4,471

Current assets
Stocks		38,101			48,495
Cash at bank and in hand		87,984			64,828
		126,085			113,323

Creditors: amounts falling due within one year	4	(21,513)			(18,763)

Net current assets			104,572			94,560

Total assets less current liabilities			109,037			99,031

Creditors: amounts falling due after more than one year	5		(14,248)			(21,285)



Net assets			94,789			77,746

Capital and reserves
Called up share capital			100			100
Profit and loss account			94,689			77,646

Shareholders' funds			94,789			77,746

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.




Mr Mohammed Fiaz Baig
Director
Approved by the board on 9 December 2025

Payless Motor Factors Limited
Notes to the Accounts
for the year ended 31 March 2025


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:

	Fixtures and equipment	15% reducing balance basis
	Motor vehicle	25% reducing balance basis



	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			2025		2024
Number					Number

	Average number of persons employed by the company			4		2


3	Tangible fixed assets
		Fixtures and equipment		Motor vehicle		Total
£			£		£
	Cost
	At 1 April 2024	19,770		2,470		22,240
	Additions	834		-		834
	At 31 March 2025	20,604		2,470		23,074

	Depreciation
	At 1 April 2024	15,737		2,032		17,769
	Charge for the year	730		110		840
	At 31 March 2025	16,467		2,142		18,609

	Net book value
	At 31 March 2025	4,137		328		4,465
	At 31 March 2024	4,033		438		4,471


4	Creditors: amounts falling due within one year			2025		2024
£					£

	Trade creditors			9,153		10,519
	Taxation and social security costs			12,360		8,244
				21,513		18,763


5	Creditors: amounts falling due after one year			2025		2024
£					£

	Director's Current Account			14,248		21,285


6	Transactions with the directors

	The Company leases a building from the Directors at full commercial rent.


7	Other information

	Payless Motor Factors Limited is a private company limited by shares and incorporated in England. Its registered office is:
	140 Bradford Road
	Dewsbury
	WF13 2EP