Apex Moto X Worcester Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06553944 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 May 2020

for

Apex Moto X Worcester Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D R Ellis

M J Davis

SECRETARY:

D R Ellis

REGISTERED OFFICE:

Unit 21 Enfield Industrial Estate

Redditch

Worcestershire

B97 6BY

REGISTERED NUMBER:

06553944 (England and Wales)

ACCOUNTANTS:

Derek Young & Co Accountants LLP

Chartered Accountants

Estate House

Evesham Street

Redditch

Worcestershire

B97 4HP

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

98,707

116,326

98,707

116,326

CURRENT ASSETS

Cash at bank and in hand

21,438

2,590

CREDITORS

Amounts falling due within one year

16,920

26,884

NET CURRENT ASSETS/(LIABILITIES)

4,518

(24,294

)

TOTAL ASSETS LESS CURRENT LIABILITIES

103,225

92,032

CREDITORS

Amounts falling due after more than one year

6

(46,569

)

(13,594

)

PROVISIONS FOR LIABILITIES

(2,455

)

(6,697

)

NET ASSETS

54,201

71,741

CAPITAL AND RESERVES

Called up share capital

7

2

2

Retained earnings

54,199

71,739

SHAREHOLDERS' FUNDS

54,201

71,741

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2020 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 May 2020 in accordance with Section 444(2A) of the Companies Act 2006.

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 24 August 2020 and were signed on its behalf by:

D R Ellis - Director

1.	STATUTORY INFORMATION

Apex Moto X Worcester Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	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 amounts derived from the provision of goods and services falling within the company's ordinary activities, after deduction of trade discounts, value added tax and any other tax based on the amounts so derived.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Equipment

-

15% on reducing balance

Tangible fixed assets are stated at cost less depreciation.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2019 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 June 2019

and 31 May 2020

40,000

AMORTISATION

At 1 June 2019

and 31 May 2020

40,000

NET BOOK VALUE

At 31 May 2020

-

At 31 May 2019

-

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 June 2019

and 31 May 2020

218,341

DEPRECIATION

At 1 June 2019

102,015

Charge for year

17,619

At 31 May 2020

119,634

NET BOOK VALUE

At 31 May 2020

98,707

At 31 May 2019

116,326

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST

At 1 June 2019

and 31 May 2020

56,100

DEPRECIATION

At 1 June 2019

8,415

Charge for year

7,153

At 31 May 2020

15,568

NET BOOK VALUE

At 31 May 2020

40,532

At 31 May 2019

47,685

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2020

2019

£

£

Repayable by instalments

Bank loans more 5 yr by instal

7,900

-

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

2

Ordinary shares

£1

2

2

8.	RELATED PARTY DISCLOSURES

The company rents land from the directors of the company. In the period under review rent of £28,000 was paid.

9.	ULTIMATE CONTROLLING PARTY