Mak's MoT Centre Limited - Limited company accounts 16.3

REGISTERED NUMBER: 07385993 (England and Wales)

Report of the Directors and

Unaudited Financial Statements for the Year Ended 28 February 2017

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

6

Notes to the Financial Statements

7

Reconciliation of Equity

10

Reconciliation of Profit

12

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

Certified Accountant and

Registered Auditor

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 2017.

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 2016 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

1 November 2017

TURNOVER

243,915

225,640

Cost of sales

68,156

61,653

GROSS PROFIT

175,759

163,987

Distribution costs

58,340

53,681

Administrative expenses

101,356

91,495

159,696

145,176

OPERATING PROFIT and

PROFIT BEFORE TAXATION

4

16,063

18,811

Tax on profit

5

3,938

4,013

PROFIT FOR THE FINANCIAL YEAR

12,125

14,798

PROFIT FOR THE YEAR

12,125

14,798

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

12,125

14,798

FIXED ASSETS

Tangible assets

7

49,903

54,950

CURRENT ASSETS

Stocks

3,500

2,700

Debtors

8

20,377

22,315

Cash at bank and in hand

25,651

32,093

49,528

57,108

CREDITORS

Amounts falling due within one year

9

77,436

92,188

NET CURRENT LIABILITIES

(27,908

)

(35,080

)

TOTAL ASSETS LESS CURRENT LIABILITIES

21,995

19,870

CAPITAL AND RESERVES

Called up share capital

10

2

2

Retained earnings

21,993

19,868

SHAREHOLDERS' FUNDS

21,995

19,870

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 1 November 2017 and were signed on its behalf by:

M A Kamora - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 March 2015

2

15,070

15,072

Changes in equity

Dividends

-

(10,000

)

(10,000

)

Total comprehensive income

-

14,798

14,798

Balance at 29 February 2016

2

19,868

19,870

Changes in equity

Dividends

-

(10,000

)

(10,000

)

Total comprehensive income

-

12,125

12,125

Balance at 28 February 2017

2

21,993

21,995

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 IFRS 7 Financial Instruments: Disclosures;

•

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

•

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit or loss on a straight line basis over the period of the

lease.

3.	EMPLOYEES AND DIRECTORS

28.2.17

29.2.16

£

£

Wages and salaries

78,066

66,942

Social security costs

2,070

376

80,136

67,318

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

28.2.17

29.2.16

Office administration

1

1

Operatives

3

3

4

4

28.2.17

29.2.16

£

£

Directors' remuneration

21,120

20,040

4.	PROFIT BEFORE TAXATION

The profit before taxation is stated after charging:

28.2.17

29.2.16

£

£

Cost of inventories recognised as expense

68,156

61,653

Hire of plant and machinery

-

107

Depreciation - owned assets

6,425

6,840

Loss on disposal of fixed assets

-

440

5.

TAXATION

Analysis of tax expense

28.2.17

29.2.16

£

£

Current tax:

Tax

3,938

4,013

Total tax expense in income statement

3,938

4,013

6.

DIVIDENDS

28.2.17

29.2.16

£

£

Ordinary shares of £1 each

Interim

10,000

10,000

7.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 March 2016

2,819

86,284

89,103

Additions

-

1,378

1,378

At 28 February 2017

2,819

87,662

90,481

DEPRECIATION

At 1 March 2016

940

33,213

34,153

Charge for year

188

6,237

6,425

At 28 February 2017

1,128

39,450

40,578

NET BOOK VALUE

At 28 February 2017

1,691

48,212

49,903

At 29 February 2016

1,879

53,071

54,950

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.17

29.2.16

£

£

Trade debtors

2,870

3,909

Other debtors

17,507

18,406

20,377

22,315

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.17

29.2.16

£

£

Trade creditors

3,696

8,829

Net wages outstanding

-

1,520

Tax

3,938

4,123

Social security and other taxes

108

104

Directors' current accounts

68,194

76,212

Accrued expenses

1,500

1,400

77,436

92,188

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

28.2.17

29.2.16

value:

£

£

2

Ordinary

£1

2

2

FIXED ASSETS

Tangible assets

5

58,173

-

58,173

CURRENT ASSETS

Stocks

2,600

-

2,600

Debtors

6

8,560

-

8,560

Prepayments and accrued income

5,890

-

5,890

Cash at bank and in hand

46,273

-

46,273

63,323

-

63,323

CREDITORS

Amounts falling due within one year

7

(106,424

)

-

(106,424

)

NET CURRENT LIABILITIES

(43,101

)

-

(43,101

)

TOTAL ASSETS LESS CURRENT LIABILITIES

15,072

-

15,072

NET ASSETS

15,072

-

15,072

CAPITAL AND RESERVES

Called up share capital

8

2

-

2

Retained earnings

15,070

-

15,070

SHAREHOLDERS' FUNDS

15,072

-

15,072

FIXED ASSETS

Tangible assets

5

54,950

-

54,950

CURRENT ASSETS

Stocks

2,700

-

2,700

Debtors

6

22,315

-

22,315

Cash at bank and in hand

32,093

-

32,093

57,108

-

57,108

CREDITORS

Amounts falling due within one year

7

(92,188

)

-

(92,188

)

NET CURRENT LIABILITIES

(35,080

)

-

(35,080

)

TOTAL ASSETS LESS CURRENT LIABILITIES

19,870

-

19,870

NET ASSETS

19,870

-

19,870

CAPITAL AND RESERVES

Called up share capital

8

2

-

2

Retained earnings

19,868

-

19,868

SHAREHOLDERS' FUNDS

19,870

-

19,870

TURNOVER

225,640

-

225,640

Cost of sales

(61,653

)

-

(61,653

)

GROSS PROFIT

163,987

-

163,987

Distribution costs

(53,681

)

-

(53,681

)

Administrative expenses

(91,495

)

-

(91,495

)

OPERATING PROFIT

18,811

-

18,811

and

PROFIT BEFORE TAXATION

18,811

-

18,811

Tax on profit

(4,013

)

-

(4,013

)

PROFIT FOR THE FINANCIAL YEAR

14,798

-

14,798