BROTHERS MOTOR LIMITED - Filleted accounts

BROTHERS MOTOR LIMITED - Filleted accounts

BROTHERS MOTOR LIMITED - Company Information

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Registered number
08417041
BROTHERS MOTOR LIMITED
Filleted Accounts
31 January 2022
BROTHERS MOTOR LIMITED
Registered number: 08417041
Balance Sheet
as at 31 January 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 7,804 9,754
Current assets
Stocks 144,962 166,172
Cash at bank and in hand 82,533 33,509
227,495 199,681
Creditors: amounts falling due within one year 4 (179,543) (167,125)
Net current assets 47,952 32,556
Net assets 55,756 42,310
Capital and reserves
Called up share capital 293,296 293,296
Profit and loss account (237,540) (250,986)
Shareholders' funds 55,756 42,310
The directors are 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 directors acknowledge their 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.
Rui Li
Director
Approved by the board on 25 October 2022
BROTHERS MOTOR LIMITED
Notes to the Accounts
for the year ended 31 January 2022
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, fittings, tools and equipment over 5 years
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.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 1 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2021 26,547
At 31 January 2022 26,547
Depreciation
At 1 February 2021 16,793
Charge for the year 1,950
At 31 January 2022 18,743
Net book value
At 31 January 2022 7,804
At 31 January 2021 9,754
4 Creditors: amounts falling due within one year 2022 2021
£ £
Taxation and social security costs 2,533 (510)
Other creditors 177,010 167,635
179,543 167,125
5 Other information
BROTHERS MOTOR LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Brayside Farm
Clay Hill
Enfield
EN2 9JL
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