Motaparts Xpress Limited - Accounts to registrar (filleted) - small 18.2
Motaparts Xpress Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 October 2020 |
| for |
| Motaparts Xpress Limited |
| Motaparts Xpress Limited (Registered number: 09626746) |
| Contents of the Financial Statements |
| for the Year Ended 31 October 2020 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Motaparts Xpress Limited |
| Company Information |
| for the Year Ended 31 October 2020 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| BUSINESS ADDRESS: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Certified Accountants |
| Leofric House |
| Binley Road |
| Coventry |
| CV3 1JN |
| Motaparts Xpress Limited (Registered number: 09626746) |
| Balance Sheet |
| 31 October 2020 |
| 31.10.20 | 31.10.19 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 3 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 4 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 5 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| 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. |
| Motaparts Xpress Limited (Registered number: 09626746) |
| Balance Sheet - continued |
| 31 October 2020 |
| 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 |
| Motaparts Xpress Limited (Registered number: 09626746) |
| Notes to the Financial Statements |
| for the Year Ended 31 October 2020 |
| 1. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 |
| Improvements to property | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| 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. |
| Motaparts Xpress Limited (Registered number: 09626746) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2020 |
| 1. | ACCOUNTING POLICIES - continued |
| 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 |
| 3. | TANGIBLE FIXED ASSETS |
| Improvements | Fixtures |
| Short | to | and |
| leasehold | property | fittings |
| £ | £ | £ |
| COST |
| At 1 November 2019 |
| Additions |
| At 31 October 2020 |
| DEPRECIATION |
| At 1 November 2019 |
| Charge for year |
| At 31 October 2020 |
| NET BOOK VALUE |
| At 31 October 2020 |
| At 31 October 2019 |
| Motaparts Xpress Limited (Registered number: 09626746) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2020 |
| 3. | TANGIBLE FIXED ASSETS - continued |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 November 2019 |
| Additions |
| At 31 October 2020 |
| DEPRECIATION |
| At 1 November 2019 |
| Charge for year |
| At 31 October 2020 |
| NET BOOK VALUE |
| At 31 October 2020 |
| At 31 October 2019 |
| 4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.10.20 | 31.10.19 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.10.20 | 31.10.19 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 6. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| Included within other creditors is £1,325 (2019: £80,243) 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. |