General Information
Discount MG Rover Spares Limited is a private company, limited by shares, registered in England and Wales, registration number 12149644, registration address 25 Glenmore Business Park, Holbury, Southampton, Hampshire, SO45 2AR.
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant accounting policies
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 comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Cost of sales
The cost of sales is the accumulated total of all costs used to create a product or service, which has been sold.
Taxation
Taxation for the year 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 or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
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.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of 10 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
| Fixtures and Fittings |
25% Reducing Balance
|
| Computer Equipment |
25% Straight Line
|
Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
|
| 2. |
Average number of employees
Average number of employees during the year was 4 (2024 : 4).
|
| 3. |
Intangible fixed assets
| Cost |
Goodwill |
|
Total |
| |
£ |
|
£ |
| At 01 August 2024 |
320,000 |
|
320,000 |
| Additions |
- |
|
- |
| Disposals |
- |
|
- |
| At 31 July 2025 |
320,000 |
|
320,000 |
| Amortisation |
| At 01 August 2024 |
160,000 |
|
160,000 |
| Charge for year |
32,000 |
|
32,000 |
| On disposals |
- |
|
- |
| At 31 July 2025 |
192,000 |
|
192,000 |
| Net book values |
| At 31 July 2025 |
128,000 |
|
128,000 |
| At 31 July 2024 |
160,000 |
|
160,000 |
|
| 4. |
Tangible fixed assets
| Cost or valuation |
Fixtures and Fittings |
|
Computer Equipment |
|
Total |
| |
£ |
|
£ |
|
£ |
| At 01 August 2024 |
6,250 |
|
1,305 |
|
7,555 |
| Additions |
- |
|
- |
|
- |
| Disposals |
- |
|
- |
|
- |
| At 31 July 2025 |
6,250 |
|
1,305 |
|
7,555 |
| Depreciation |
| At 01 August 2024 |
4,204 |
|
936 |
|
5,140 |
| Charge for year |
512 |
|
196 |
|
708 |
| On disposals |
- |
|
- |
|
- |
| At 31 July 2025 |
4,716 |
|
1,132 |
|
5,848 |
| Net book values |
| Closing balance as at 31 July 2025 |
1,534 |
|
173 |
|
1,707 |
| Opening balance as at 01 August 2024 |
2,046 |
|
369 |
|
2,415 |
|
| 5. |
Stocks
|
2025
£ |
|
2024
£ |
| Stocks |
204,630 |
|
199,834 |
|
204,630 |
|
199,834 |
|
| 6. |
Debtors: amounts falling due within one year
|
2025
£ |
|
2024
£ |
| Trade Debtors |
7,284 |
|
0 |
| Other Debtors |
2,750 |
|
2,750 |
|
10,034 |
|
2,750 |
|
| 7. |
Creditors: amount falling due within one year
|
2025
£ |
|
2024
£ |
| Corporation Tax |
52,563 |
|
43,231 |
| PAYE & Social Security |
180 |
|
332 |
| Wages & Salaries Control Account |
2,500 |
|
3,085 |
| Pension Payable |
109 |
|
46 |
| Directors' Current Accounts |
14,290 |
|
111,885 |
| VAT |
4,729 |
|
4,963 |
|
74,371 |
|
163,542 |
|
| 8. |
Provisions for liabilities
|
2025
£ |
|
2024
£ |
| Deferred Tax |
422 |
|
589 |
|
422 |
|
589 |
|
| 9. |
Share Capital
Allotted, called up and fully paid
|
2025
£ |
|
2024
£ |
|
100
Ordinary shares of £1.00 each |
100 |
|
100 |
|
100 |
|
100 |
|
|
Mr S P Biddlecombe
| Particulars |
|
2025
£ |
|
2024
£ |
| Opening Balance |
|
(111,885) |
|
(182,358) |
| Advances to director |
|
114,751 |
|
124,222 |
| Repayments by director |
|
(17,156) |
|
(53,749) |
| Closing Balance |
|
(14,290) |
|
(111,885) |
The loan is interest free with no fixed date of repayment.
|
| 11. |
Dividend
During the year, total dividends of £45,605 (2024 - £29,148) were paid to the director.
|
3
|