NDR Motors Limited Filleted accounts for Companies House (small and micro)

NDR MOTORS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07179577

NDR Motors Limited

Filleted Unaudited Financial Statements

31 March 2022

NDR Motors Limited

Statement of Financial Position

31 March 2022

	2022		2021
Note	£	£	£

Fixed assets

Intangible assets	5	30,471	34,285
Tangible assets	6	10,487	6,858
		--------	--------
		40,958	41,143

Current assets

Stocks		6,000	6,000
Debtors	7	69,454	48,538
Cash at bank and in hand		116,349	199,546
		---------	---------
		191,803	254,084

Creditors: amounts falling due within one year	8	179,574		176,585
		---------		---------
Net current assets			12,229	77,499
			--------	---------
Total assets less current liabilities			53,187	118,642

Creditors: amounts falling due after more than one year	9	–	50,000
		--------	---------
Net assets		53,187	68,642
		--------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	53,087	68,542
	--------	--------
Shareholders funds	53,187	68,642
	--------	--------

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 March 2022 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 .

NDR Motors Limited

Statement of Financial Position (continued)

31 March 2022

These financial statements were approved by the board of directors and authorised for issue on 16 February 2023 , and are signed on behalf of the board by:

Mr R Shah	Mr N Shah
Director	Director

Company registration number: 07179577

NDR Motors Limited

Notes to the Financial Statements

Year ended 31 March 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 45 Carlton Avenue, Kenton, Harrow, HA3 8AX.

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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Goodwill	-	over the useful economic life
Lease	-	15% reducing balance

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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	-	15% reducing balance
Fixtures fittings and equipment	-	15% reducing balance
Equipment	-	15% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 6 (2021: 6 ).

5. Intangible assets

	Goodwill	Development costs	Total
	£	£	£
Cost
At 1 April 2021 and 31 March 2022	75,960	617	76,577
	--------	----	--------
Amortisation
At 1 April 2021	41,778	514	42,292
Charge for the year	3,798	16	3,814
	--------	----	--------
At 31 March 2022	45,576	530	46,106
	--------	----	--------
Carrying amount
At 31 March 2022	30,384	87	30,471
	--------	----	--------
At 31 March 2021	34,182	103	34,285
	--------	----	--------

6. Tangible assets

	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 April 2021	19,174	3,572	1,703	24,449
Additions	4,882	–	–	4,882
	--------	-------	-------	--------
At 31 March 2022	24,056	3,572	1,703	29,331
	--------	-------	-------	--------
Depreciation
At 1 April 2021	15,009	1,839	743	17,591
Charge for the year	849	260	144	1,253
	--------	-------	-------	--------
At 31 March 2022	15,858	2,099	887	18,844
	--------	-------	-------	--------
Carrying amount
At 31 March 2022	8,198	1,473	816	10,487
	--------	-------	-------	--------
At 31 March 2021	4,165	1,733	960	6,858
	--------	-------	-------	--------

7. Debtors

	2022	2021
	£	£
Trade debtors	53,041	38,165
Other debtors	16,413	10,373
	--------	--------
	69,454	48,538
	--------	--------

8. Creditors: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	41,558	36,133
Corporation tax	11,306	19,289
Social security and other taxes	10,937	6,737
Other creditors	2,725	1,430
Net wages	–	(52)
Other creditors	113,048	113,048
	---------	---------
	179,574	176,585
	---------	---------

9. Creditors: amounts falling due after more than one year

	2022	2021
	£	£
Bank loans and overdrafts	–	50,000
	----	--------

10. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	Balance brought forward and outstanding
	2022	2021
	£	£
Mr R Shah	( 56,524)	( 56,524)
Mr N Shah	( 56,524)	( 56,524)
	---------	---------
	( 113,048)	( 113,048)
	---------	---------

11. Related party transactions

The company owes the 2 Directors the following amounts: Mr Rajesh Shah - £56,524 Mr Nishit Shah - £56,524 The Garage rent of £30,000 is paid to the 2 Directors.

12. Ultimate controlling party

The ultimate controlling parties are Mr Rajesh Shah and Mr Nishit Shah, both directors and shareholders of the company.