Year Ended
Registration number:
Monnington Motors Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Monnington Motors Limited
Company Information
Directors |
A W Monnington S Bray |
Registered office |
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Accountants |
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Page 1 |
Monnington Motors Limited
Balance Sheet
30 September 2019
Note |
2019 |
2018 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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Page 2 |
Monnington Motors Limited
Balance Sheet
30 September 2019
For the financial year ending 30 September 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 01646936
Page 3 |
Monnington Motors Limited
Notes to the Financial Statements
Year Ended 30 September 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, and the Companies Act 2006.
There are no material departures from FRS 102.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.
Page 4 |
Monnington Motors Limited
Notes to the Financial Statements
Year Ended 30 September 2019
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Leasehold property |
Over the term of the lease |
Plant and machinery |
20% straight line |
Fixtures and fittings |
10% straight line |
Motor vehicles |
25% straight line |
Stocks
Stock and work in progress is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
Leases
Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.
Defined contribution pension obligation
The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.
Page 5 |
Monnington Motors Limited
Notes to the Financial Statements
Year Ended 30 September 2019
Financial instruments
Classification
• Short term trade and other debtors and creditors; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 6 |
Monnington Motors Limited
Notes to the Financial Statements
Year Ended 30 September 2019
Tangible assets |
Leasehold improvements |
Fixtures and fittings |
Motor vehicles |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 October 2018 |
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Additions |
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At 30 September 2019 |
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Depreciation |
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At 1 October 2018 |
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Charge for the year |
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At 30 September 2019 |
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Carrying amount |
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At 30 September 2019 |
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At 30 September 2018 |
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Page 7 |
Monnington Motors Limited
Notes to the Financial Statements
Year Ended 30 September 2019
Debtors |
2019 |
2018 |
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Trade debtors |
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Other debtors |
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Prepayments |
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Creditors |
Creditors: amounts falling due within one year
2019 |
2018 |
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Due within one year |
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Loans and borrowings |
- |
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Trade creditors |
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Social security and other taxes |
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Outstanding defined contribution pension costs |
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Other creditors |
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Loans and borrowings |
2019 |
2018 |
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Current loans and borrowings |
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Bank overdrafts |
- |
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Share capital |
Allotted, called up and fully paid shares
2019 |
2018 |
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No. |
£ |
No. |
£ |
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Ordinary of £1 each |
101 |
101 |
101 |
101 |
Ordinary "A" Shares of £1 each |
1 |
1 |
1 |
1 |
Ordinary "B" Shares of £1 each |
1 |
1 |
1 |
1 |
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Page 8 |
Monnington Motors Limited
Notes to the Financial Statements
Year Ended 30 September 2019
Related party transactions |
Advances to directors |
2019 |
At 1 October 2018 |
Advances to director |
Repayments by director |
At 30 September 2019 |
A W Monnington |
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Loan to director |
1,900 |
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( |
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2018 |
At 1 October 2017 |
Advances to director |
Repayments by director |
At 30 September 2018 |
A W Monnington |
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Loan to director |
12,550 |
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( |
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Page 9 |