M A Cars and Commercials Limited Filleted accounts for Companies House (small and micro)

M A CARS AND COMMERCIALS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 13526821

M A Cars and Commercials Limited

Filleted Unaudited Financial Statements

For the period ended

31 March 2023

M A Cars and Commercials Limited

Financial Statements

Year ended 31 March 2023

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

M A Cars and Commercials Limited

Officers and Professional Advisers

THE BOARD OF DIRECTORS	Mr M Trbojevic
	Mrs A Trbojevic

REGISTERED OFFICE	11 Whittle Road
	Corby
	England
	NN175DX

ACCOUNTANTS	Streets
	Chartered accountants
	ECEN
	Michael Way
	Warth Park
	Northamptonshire
	NN9 6GR

M A Cars and Commercials Limited

Statement of Financial Position

31 March 2023

	2023	2022
Note	£	£

Fixed assets

Tangible assets	6	60,914	34,800

Current assets

Stocks		325,800	305,300
Debtors	7	–	50,240
Cash at bank and in hand		24,898	25,305
		---------	---------
		350,698	380,845

Creditors: amounts falling due within one year	8	330,277	406,613
		---------	---------
Net current assets/(liabilities)		20,421	( 25,768)
		--------	--------
Total assets less current liabilities		81,335	9,032

Creditors: amounts falling due after more than one year	9	51,671	–

Provisions	6,800	6,612
	--------	-------
Net assets	22,864	2,420
	--------	-------

Capital and reserves

Called up share capital	100	100
Profit and loss account	22,764	2,320
	--------	-------
Shareholders funds	22,864	2,420
	--------	-------

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 comprehensive income has not been delivered.

For the year ending 31 March 2023 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 .

M A Cars and Commercials Limited

Statement of Financial Position (continued)

31 March 2023

These financial statements were approved by the board of directors and authorised for issue on 18 December 2023 , and are signed on behalf of the board by:

Mrs A Trbojevic

Director

Company registration number: 13526821

M A Cars and Commercials Limited

Notes to the Financial Statements

Year ended 31 March 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 11 Whittle Road, Corby, NN175DX, England.

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. 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.

Taxation

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 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.

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:

Motor vehicles	-	25% reducing balance
Equipment	-	33% straight line

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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the 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. Debt instruments are subsequently measured at amortised cost.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).

5. Tax on profit

Major components of tax expense

		Period from
	Year to	23 Jul 21 to
	31 Mar 23	31 Mar 22
	£	£

Current tax:

UK current tax expense	1,245	–

Deferred tax:

Origination and reversal of timing differences	188	6,612
	-------	-------
Tax on profit	1,433	6,612
	-------	-------

6. Tangible assets

	Motor vehicles	Equipment	Total
	£	£	£
Cost
At 1 April 2022	34,800	–	34,800
Additions	35,868	632	36,500
	--------	----	--------
At 31 March 2023	70,668	632	71,300
	--------	----	--------
Depreciation
At 1 April 2022	–	–	–
Charge for the year	10,195	191	10,386
	--------	----	--------
At 31 March 2023	10,195	191	10,386
	--------	----	--------
Carrying amount
At 31 March 2023	60,473	441	60,914
	--------	----	--------
At 31 March 2022	34,800	–	34,800
	--------	----	--------

7. Debtors

	2023	2022
	£	£
Trade debtors	–	32,000
Other debtors	–	18,240
	----	--------
	–	50,240
	----	--------

8. Creditors: amounts falling due within one year

	2023	2022
	£	£
Bank loans and overdrafts	36,689	78,568
Corporation tax	1,244	–
Social security and other taxes	3,611	–
Other creditors	288,733	328,045
	---------	---------
	330,277	406,613
	---------	---------

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

	2023	2022
	£	£
Other creditors	51,671	–
	--------	----

All hire purchases liabilities are secured against the assets that have been financed.