Mak's MoT Centre Limited - Limited company accounts 20.1

REGISTERED NUMBER: 07385993 (England and Wales)

Report of the Directors and

Unaudited Financial Statements for the Year Ended 28 February 2021

for

Mak's MoT Centre Limited

Page

Company Information

1

Report of the Directors

2

Income Statement

3

Other Comprehensive Income

4

Balance Sheet

5

Statement of Changes in Equity

7

Notes to the Financial Statements

8

DIRECTORS:

M A Kamora

Mrs M Kamora

SECRETARY:

REGISTERED OFFICE:

171 Jersey Road

Isleworth

Middlesex

TW7 4QJ

REGISTERED NUMBER:

07385993 (England and Wales)

ACCOUNTANTS:

M S Aulak Bsc CIPFA FCCA

Chartered Certified Accountant

25 Coolgardie Avenue

Chigwell

Essex

IG7 5AX

The directors present their report with the financial statements of the company for the year ended 28 February 2021.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of MOT testing and vehicle repairs.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 March 2020 to the date of this report.

M A Kamora

Mrs M Kamora

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

Mrs M Kamora - Director

13 December 2021

TURNOVER

311,816

313,692

Cost of sales

94,738

111,367

GROSS PROFIT

217,078

202,325

Distribution costs

76,097

77,580

Administrative expenses

98,815

114,522

174,912

192,102

42,166

10,223

Other operating income

32,968

500

OPERATING PROFIT and

PROFIT BEFORE TAXATION

4

75,134

10,723

Tax on profit

5

14,404

2,934

PROFIT FOR THE FINANCIAL YEAR

60,730

7,789

PROFIT FOR THE YEAR

60,730

7,789

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

60,730

7,789

FIXED ASSETS

Tangible assets

7

49,631

49,470

CURRENT ASSETS

Stocks

3,200

3,800

Debtors

8

25,091

32,539

Cash at bank and in hand

150,515

26,789

178,806

63,128

CREDITORS

Amounts falling due within one year

9

101,241

76,132

NET CURRENT ASSETS/(LIABILITIES)

77,565

(13,004

)

TOTAL ASSETS LESS CURRENT LIABILITIES

127,196

36,466

CREDITORS

Amounts falling due after more than one year

10

50,000

-

NET ASSETS

77,196

36,466

CAPITAL AND RESERVES

Called up share capital

12

2

2

Retained earnings

13

77,194

36,464

SHAREHOLDERS' FUNDS

77,196

36,466

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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 in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 13 December 2021 and were signed on its behalf by:

M A Kamora - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 March 2019

2

38,675

38,677

Changes in equity

Dividends

-

(10,000

)

(10,000

)

Total comprehensive income

-

7,789

7,789

Balance at 29 February 2020

2

36,464

36,466

Changes in equity

Dividends

-

(20,000

)

(20,000

)

Total comprehensive income

-

60,730

60,730

Balance at 28 February 2021

2

77,194

77,196

1.	STATUTORY INFORMATION

Mak's MoT Centre 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 preparation

These financial statements have been prepared in accordance with Financial Reporting Standard 101 "Reduced Disclosure Framework" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 101 "Reduced Disclosure Framework":

•

the requirements of paragraphs 45(b) and 46 to 52 of IFRS 2 Share-based Payment;

•

the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations;

•

the requirements of paragraph 33(c) of IFRS 5 Non Current Assets Held for Sale and Discontinued Operations;

•

the requirements of paragraph 24(6) of IFRS 6 Exploration for and Evaluation of Mineral Resources;

•

the requirements of IFRS 7 Financial Instruments: Disclosures;

•

the requirements of paragraphs 91 to 99 of IFRS 13 Fair Value Measurement;

•

the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases;

the requirements of paragraph 58 of IFRS 16;

•

the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers;

•

the requirement in paragraph 38 of IAS 1 Presentation of Financial Statements to present comparative information in respect of:

-

paragraph 79(a)(iv) of IAS 1;

-

paragraph 73(e) of IAS 16 Property, Plant and Equipment;

-

paragraph 118(e) of IAS 38 Intangible Assets;

-

paragraphs 76 and 79(d) of IAS 40 Investment Property; and

-

paragraph 50 of IAS 41 Agriculture;

•

the requirements of paragraphs 10(d), 10)(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D and 111 of IAS 1 Presentation of Financial Statements;

•

the requirements of paragraphs 134 to 136 of IAS 1 Presentation of Financial Statements;

•

the requirements of IAS 7 Statement of Cash Flows;

•

the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors;

•

the requirements of paragraphs 17 and 18A of IAS 24 Related Party Disclosures;

•

the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group;

•

the requirements of paragraphs 134(d) to 134(f) and 135(c) to 135(e) of IAS 36 Impairments of Assets.

Tangible fixed assets

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

Long leasehold

-

in accordance with the property

Improvements to property

-

5% on reducing balance

Plant and machinery

-

10% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

20% on reducing balance

Stocks

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

Taxation

Current taxes are based on the results shown in the financial statements and are calculated according to local tax rules, using tax rates enacted or substantially enacted by the balance sheet date.

Employee benefit costs

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

28.2.21

29.2.20

£

£

Wages and salaries

93,655

96,405

Social security costs

726

532

Other pension costs

3,022

2,553

97,403

99,490

The average number of employees during the year was as follows:

28.2.21

29.2.20

Office administration

1

1

Operatives

4

5

5

6

28.2.21

29.2.20

£

£

Directors' remuneration

20,768

21,120

4.	PROFIT BEFORE TAXATION

The profit before taxation is stated after charging:

28.2.21

29.2.20

£

£

Cost of inventories recognised as expense

94,738

111,367

Depreciation - owned assets

6,852

6,678

Loss on disposal of fixed assets

447

-

5.

TAXATION

Analysis of tax expense

28.2.21

29.2.20

£

£

Current tax:

Tax

14,404

2,934

Total tax expense in income statement

14,404

2,934

6.

DIVIDENDS

28.2.21

29.2.20

£

£

Ordinary shares of £1 each

Interim

20,000

10,000

7.	TANGIBLE FIXED ASSETS

Improvements

Long

to

Plant and

leasehold

property

machinery

£

£

£

COST

At 1 March 2020

2,819

18,444

66,609

Additions

-

-

2,300

Disposals

-

-

-

At 28 February 2021

2,819

18,444

68,909

DEPRECIATION

At 1 March 2020

1,692

11,070

31,569

Charge for year

188

1,230

3,734

Eliminated on disposal

-

-

-

At 28 February 2021

1,880

12,300

35,303

NET BOOK VALUE

At 28 February 2021

939

6,144

33,606

At 29 February 2020

1,127

7,374

35,040

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 March 2020

8,498

4,400

7,734

108,504

Additions

1,420

2,750

990

7,460

Disposals

(1,400

)

-

(1,542

)

(2,942

)

At 28 February 2021

8,518

7,150

7,182

113,022

DEPRECIATION

At 1 March 2020

6,664

3,472

4,567

59,034

Charge for year

650

301

749

6,852

Eliminated on disposal

(1,206

)

-

(1,289

)

(2,495

)

At 28 February 2021

6,108

3,773

4,027

63,391

NET BOOK VALUE

At 28 February 2021

2,410

3,377

3,155

49,631

At 29 February 2020

1,834

928

3,167

49,470

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.21

29.2.20

£

£

Trade debtors

10,555

16,844

Other debtors

14,536

15,695

25,091

32,539

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.21

29.2.20

£

£

Trade creditors

6,825

4,343

Net wages outstanding

6,687

2,862

Tax

14,405

2,934

Social security and other taxes

3,674

3,862

VAT

598

1,724

Directors' current accounts

67,508

58,848

Accrued expenses

1,544

1,559

101,241

76,132

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

28.2.21

29.2.20

£

£

Bank loans (see note 11)

50,000

-

11.

FINANCIAL LIABILITIES - BORROWINGS

28.2.21

29.2.20

£

£

Non-current:

Bank loans - 1-2 years

50,000

-

Terms and debt repayment schedule

More than

5 years

£

Bank loans

50,000

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

28.2.21

29.2.20

value:

£

£

2

Ordinary

£1

2

2

13.

RESERVES

Retained

earnings

£

At 1 March 2020

36,464

Profit for the year

60,730

Dividends

(20,000

)

At 28 February 2021

77,194