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M P SPORTS CARS LIMITED - Company Information

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M P Sports Cars Limited

Registered Number:10613118

For the year ended 28 February 2023

England and Wales

Unaudited Financial Statements

For the year ended 28 February 2023

M P Sports Cars Limited

Contents Page

Statement of Financial Position

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Notes to the Financial Statements

Registered Number :

10613118

As at 28 February 2023

M P Sports Cars Limited

Statement of Financial Position

2022

2023

Notes

Fixed assets

Property, plant and equipment

43,989

37,172

43,989

37,172

Current assets

Inventories

345,000

578,500

Trade and other receivables

174,812

239,295

111,221

Cash and cash equivalents

56,441

874,236

631,033

Trade and other payables: amounts falling due within one

year

(215,739)

(472,037)

415,294

402,199

Net current assets

Total assets less current liabilities

446,188

452,466

Trade and other payables: amounts falling due after more

than one year

(250,726)

(189,645)

256,543

Net assets

201,740

Capital and reserves

Called up share capital

100

Retained earnings

256,443

201,640

256,543

201,740

Shareholders' funds

For the year ended 28 February 2023 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006

The director acknowledges his responsibilities for:a) ensuring that the company keeps proper 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 Section

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.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Mr Mark Palmer Director

These financial statements were approved and authorised for issue by the Board on 22 March 2023 and were signed by:

The notes form part of these financial statements

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For the year ended 28 February 2023

M P Sports Cars Limited

Notes to the Financial Statements

Statutory Information

M P Sports Cars Limited is a private limited company, limited by shares, domiciled in England and Wales, registration

number 10613118.

Principal place of business:

132, Elm Drive

Hartlebury Trading Estate

Hartlebury

Worcestershire

DY10 4JB

Registered address:

72 Dunstall Road

Halesowen

West Midlands

B63 1BE

The presentation currency is £ sterling.

1. Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A of Financial

Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the

Companies Act 2006. The financial statements have been prepared under the historical costs convention as

modified by the revaluation of certain assets.

Property, plant and equipment

Property, plant and equipment, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:

Plant and Machinery

20 Straight line

33 Straight line

Computer Equipment

20 Straight line

Furniture and Fittings

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straightline basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme for the benefit of its directors/and employees. Contributions payable are charged to the profit and loss account in the period in which they are payable.

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For the year ended 28 February 2023

M P Sports Cars Limited

Notes to the Financial Statements Continued

2. Property, plant and equipment

Total

Computer

Equipment

Furniture and

Fittings

Plant and

Machinery

Cost or

valuation

At 01 March 2022

64,674

8,282

2,747

53,645

47,522

1,045

46,477

Additions

(44,084)

Disposals

(44,084)

At 28 February 2023

56,038

2,747

9,327

68,112

Provision for depreciation and impairment

At 01 March 2022

27,502

3,842

2,569

21,091

Charge for year

10,985

3,025

115

7,845

(14,364)

On disposal

At 28 February 2023

24,123

6,867

2,684

14,572

At 28 February 2023

Net book value

41,466

2,460

43,989

At 28 February 2022

32,554

178

4,440

37,172

3. Inventories

2022

2023

Stocks

578,500

345,000

4. Trade and other receivables

2022

2023

Trade debtors

160,479

95,436

Other debtors

78,816

79,376

174,812

239,295

The debtors above include the following amounts falling due after more than one year:

Other debtors

63,500

64,060

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For the year ended 28 February 2023

M P Sports Cars Limited

Notes to the Financial Statements Continued

5. Trade and other payables: amounts falling due within one year

2022

2023

Bank loans and overdraft

32,582

41,715

Trade creditors

65,143

26,320

Taxation and social security

58,366

64,753

Other creditors

315,946

82,951

472,037

215,739

6. Trade and other payables: amounts falling due after more than one year

2022

2023

Bank loans and overdraft (secured)

189,645

250,000

Trade creditors

726

189,645

250,726

7. Average number of persons employed

During the year the average number of employees was 8 (2022 : 8)

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