Motaparts Xpress Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09626746 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 October 2019

for

Motaparts Xpress Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A P Rollings

G J Kennett

REGISTERED OFFICE:

Leofric House

Binley Road

Coventry

CV3 1JN

REGISTERED NUMBER:

09626746 (England and Wales)

ACCOUNTANTS:

Leigh Christou Ltd

Chartered Certified Accountants

Leofric House

Binley Road

Coventry

CV3 1JN

FIXED ASSETS

Tangible assets

3

37,394

46,811

CURRENT ASSETS

Stocks

230,612

184,982

Debtors

4

490,755

435,737

Cash at bank and in hand

420,410

202,183

1,141,777

822,902

CREDITORS

Amounts falling due within one year

5

519,383

505,629

NET CURRENT ASSETS

622,394

317,273

TOTAL ASSETS LESS CURRENT LIABILITIES

659,788

364,084

PROVISIONS FOR LIABILITIES

7,003

8,752

NET ASSETS

652,785

355,332

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

652,685

355,232

652,785

355,332

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 May 2020 and were signed on its behalf by:

A P Rollings - Director

G J Kennett - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents sales to external customers at invoiced amounts less value added tax and agreed rebates and

is recognised on delivery of the goods.

Sales of goods - branch customers on account:

The company sells a range of products for customers on account through its branch . Sales of goods are

recognised on delivery to the customer, when there is no unfulfilled obligation that could affect the customer's

acceptance of the product. Delivery occurs when the goods have been shipped to the location specified by the

customer, or picked up by the customer in the branch, the risks of obsolescence or loss have been transferred to

the customer, the customer has accepted the products in accordance with the sales contract, the acceptance

provisions have lapsed or the company has objective evidence that all criteria for acceptance have been satisfied.

Sales of goods - branch retail customers:

The company makes retail sales through its branch . Sales of goods are recognised on sale to the customer, which

is considered the point of delivery. Retail sales are usually by cash, credit or payment card.

Sales are made to retail customers with a right to return within 28 days, subject to certain conditions regarding

the usage.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

Straight line over 5 years

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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 tax

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2018 - 16 ) .

3.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

Motor

Computer

property

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 November 2018

1,066

33,950

35,820

8,939

79,775

Additions

-

406

4,750

-

5,156

At 31 October 2019

1,066

34,356

40,570

8,939

84,931

DEPRECIATION

At 1 November 2018

318

12,039

15,671

4,936

32,964

Charge for year

213

5,551

5,829

2,980

14,573

At 31 October 2019

531

17,590

21,500

7,916

47,537

NET BOOK VALUE

At 31 October 2019

535

16,766

19,070

1,023

37,394

At 31 October 2018

748

21,911

20,149

4,003

46,811

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.19

31.10.18

£

£

Trade debtors

421,702

383,709

Other debtors

69,053

52,028

490,755

435,737

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.19

31.10.18

£

£

Hire purchase contracts

-

8,138

Trade creditors

306,525

263,329

Taxation and social security

125,713

104,246

Other creditors

87,145

129,916

519,383

505,629

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included within other creditors is £80,243 (2018: £123,762) owed to the director by the company. Interest is

charged on the loan at a commercial rate and has no set terms for repayment.

7.	ULTIMATE CONTROLLING PARTY

The controlling party is A P Rollings.