Motowheel Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 10329632

Motowheel Limited

Filleted Unaudited Financial Statements

31 August 2018

Motowheel Limited

Statement of Financial Position

31 August 2018

	2018		2017
Note	£	£	£

Current assets

Debtors	4	116,421	742
Cash at bank and in hand		33,554	158,940
		-----------	-----------
		149,975	159,682

Creditors: amounts falling due within one year	5	108,350		151,065
		-----------		-----------
Net current assets			41,625	8,617
			---------	--------
Total assets less current liabilities			41,625	8,617
			---------	--------
Net assets			41,625	8,617
			---------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	41,525	8,517
	---------	--------
Shareholders funds	41,625	8,617
	---------	--------

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 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 August 2018 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 .

Motowheel Limited

Statement of Financial Position (continued)

31 August 2018

These financial statements were approved by the board of directors and authorised for issue on 27 November 2018 , and are signed on behalf of the board by:

Mr J Milner

Director

Company registration number: 10329632

Motowheel Limited

Notes to the Financial Statements

Year ended 31 August 2018

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 Park Place, Leeds, West Yorkshire, LS1 2RX.

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.

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.

4. Debtors

	2018	2017
	£	£
Trade debtors	116,421	742
	-----------	-----

5. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	9,000	–
Corporation tax	82,804	50,824
Social security and other taxes	15,046	8,851
Other creditors	1,500	91,390
	-----------	-----------
	108,350	151,065
	-----------	-----------

6. Directors' advances, credits and guarantees

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

	2018
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr J Milner	( 49,975)	129,975	( 80,000)	–
Mr A Parish	( 39,940)	199,940	( 160,000)	–
Mr N Jones	25	79,975	( 80,000)	–
	---------	-----------	-----------	-----
	( 89,890)	409,890	( 320,000)	–
	---------	-----------	-----------	-----

	2017
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr J Milner	–	25	( 50,000)	( 49,975)
Mr A Parish	–	50	( 39,990)	( 39,940)
Mr N Jones	–	25	–	25
	-----	-----	---------	---------
	–	100	( 89,990)	( 89,890)
	-----	-----	---------	---------

7. Related party transactions

The company traded with Alton Cars Limited, a company with common directorships. Sales to that company for the year amounted to £519,873 (2017 £318,631) and management charges from Alton Cars Limited of £82,000 (2017 £57,500). At the end of the year the amount owed from Alton Cars Limited was £116,421 (2017 £742) and the amount owed to Alton Cars Limited was £9,000 (2017 £Nil).. No further transactions are required to be disclosed.