Middleham Motors Ltd Filleted accounts for Companies House (small and micro)

MIDDLEHAM MOTORS LTD - Company Information

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COMPANY REGISTRATION NUMBER: 09612742

MIDDLEHAM MOTORS LTD

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 May 2021

MIDDLEHAM MOTORS LTD

FINANCIAL STATEMENTS

YEAR ENDED 31 MAY 2021

CONTENTS	PAGE

Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2

Notes to the financial statements	4

MIDDLEHAM MOTORS LTD

CHARTERED ACCOUNTANT'S REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MIDDLEHAM MOTORS LTD

YEAR ENDED 31 MAY 2021

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Middleham Motors Ltd for the year ended 31 May 2021, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Middleham Motors Ltd, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Middleham Motors Ltd and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Middleham Motors Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Middleham Motors Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Middleham Motors Ltd. You consider that Middleham Motors Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Middleham Motors Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

ALLEN SYKES LIMITED Chartered accountants

Unit B4 Castle Gardens Stanhope Bishop Auckland Durham DL13 2FJ

MIDDLEHAM MOTORS LTD

STATEMENT OF FINANCIAL POSITION

31 May 2021

	2021	2020
Note	£	£

FIXED ASSETS

Tangible assets	5	2,561	3,415

CURRENT ASSETS

Stocks		1,500	1,500
Debtors	6	48,547	24,489
Cash at bank and in hand		149,169	167,909
		----------	----------
		199,216	193,898

PREPAYMENTS AND ACCRUED INCOME	43,680	1,184

CREDITORS: amounts falling due within one year	7	22,827	9,606
		----------	----------
NET CURRENT ASSETS		220,069	185,476
		----------	----------
TOTAL ASSETS LESS CURRENT LIABILITIES		222,630	188,891

PROVISIONS	487	649

ACCRUALS AND DEFERRED INCOME	1,500	1,691
	----------	----------
NET ASSETS	220,643	186,551
	----------	----------

CAPITAL AND RESERVES

Called up share capital	2	2
Profit and loss account	220,641	186,549
	----------	----------
SHAREHOLDERS FUNDS	220,643	186,551
	----------	----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 May 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

MIDDLEHAM MOTORS LTD

STATEMENT OF FINANCIAL POSITION (continued)

31 May 2021

These financial statements were approved by the board of directors and authorised for issue on 22 February 2022 , and are signed on behalf of the board by:

Miss S Roper

Director

Company registration number: 09612742

MIDDLEHAM MOTORS LTD

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MAY 2021

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Leyburn Road, Middleham, Leyburn, North Yorkshire, DL8 4PL.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared on the historical cost basis.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Plant and machinery	-	25% reducing balance

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 2 (2020: 2 ).

5. TANGIBLE ASSETS

	Plant and machinery
	£
Cost
At 1 June 2020 and 31 May 2021	7,273
	-------
Depreciation
At 1 June 2020	3,858
Charge for the year	854
	-------
At 31 May 2021	4,712
	-------
Carrying amount
At 31 May 2021	2,561
	-------
At 31 May 2020	3,415
	-------

6. DEBTORS

	2021	2020
	£	£
Trade debtors	48,547	22,116
Other debtors	–	2,373
	---------	---------
	48,547	24,489
	---------	---------

7. CREDITORS: amounts falling due within one year

	2021	2020
	£	£
Trade creditors	6,553	( 5,398)
Corporation tax	12,030	10,834
Social security and other taxes	4,022	1,874
Other creditors	222	2,296
	---------	---------
	22,827	9,606
	---------	---------