MS Motors (NW) Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07029310 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 September 2021

for

MS Motors (NW) Ltd.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M A Slater

Mrs C L Slater

REGISTERED OFFICE:

Appleby Street Garage

Appleby Street

Blackburn

Lancashire

BB1 3BL

REGISTERED NUMBER:

07029310 (England and Wales)

ACCOUNTANTS:

Egan Roberts Limited

Accountants

Suite 46

Manor Court

Salesbury Hall Road

Ribchester

Lancashire

PR3 3XR

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

13,751

16,156

13,751

16,156

CURRENT ASSETS

Stocks

17,005

16,500

Debtors

6

35,230

31,555

Cash at bank and in hand

11,817

15,817

64,052

63,872

CREDITORS

Amounts falling due within one year

7

59,208

50,270

NET CURRENT ASSETS

4,844

13,602

TOTAL ASSETS LESS CURRENT LIABILITIES

18,595

29,758

CREDITORS

Amounts falling due after more than one year

8

(42,000

)

(37,333

)

PROVISIONS FOR LIABILITIES

9

(3,070

)

(3,070

)

NET LIABILITIES

(26,475

)

(10,645

)

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

(26,575

)

(10,745

)

SHAREHOLDERS' FUNDS

(26,475

)

(10,645

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2021 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 10 August 2022 and were signed on its behalf by:

M A Slater - Director

1.	STATUTORY INFORMATION

MS Motors (NW) Ltd. 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2009, is being amortised evenly over its estimated useful life of three 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.

Plant and machinery

-

15% on cost

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on cost

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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - 7 ).

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 October 2020

and 30 September 2021

18,000

AMORTISATION

At 1 October 2020

and 30 September 2021

18,000

NET BOOK VALUE

At 30 September 2021

-

At 30 September 2020

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 October 2020

38,180

2,288

32,758

1,657

74,883

Additions

4,996

-

-

413

5,409

At 30 September 2021

43,176

2,288

32,758

2,070

80,292

DEPRECIATION

At 1 October 2020

34,556

170

23,179

822

58,727

Charge for year

1,878

572

4,790

574

7,814

At 30 September 2021

36,434

742

27,969

1,396

66,541

NET BOOK VALUE

At 30 September 2021

6,742

1,546

4,789

674

13,751

At 30 September 2020

3,624

2,118

9,579

835

16,156

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

35,030

31,555

Directors' current accounts

200

-

35,230

31,555

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

16,991

5,730

Other loans

-

4,586

Trade creditors

6,346

6,808

Tax

1,809

1,809

Social security and other taxes

17,642

17,231

VAT

12,420

6,545

Other creditors

-

992

Directors' current accounts

-

41

Accrued expenses

4,000

6,528

59,208

50,270

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans - 1-2 years

8,000

8,000

Bank loans - 2-5 years

24,000

24,000

Bank loans more 5 yr by instal

10,000

5,333

42,000

37,333

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

10,000

5,333

9.	PROVISIONS FOR LIABILITIES

2021

2020

£

£

Deferred tax

3,070

3,070

Deferred

tax

£

Balance at 1 October 2020

3,070

Balance at 30 September 2021

3,070

**

BALANCE ABOVE AT END OF YEAR RE DEFERRED TAX ON CLIENT SCREEN OF

-

DOES NOT AGREE TO CURRENT YEAR TOTAL OF ACCOUNTS PER TB

3,070

PLEASE CHECK CLIENT SCREEN - NOTES TO FINANCIAL STATEMENTS - BALANCE SHEET ITEMS - PROVISIONS FOR LIABILITIES - MOVEMENT IN PROVISIONS ETC

Please note: a deferred tax asset should be entered as a negative balance (i.e. include a "-" sign)

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

100

Ordinary

£1

100

100