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Unaudited Financial Statements |
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for the Year Ended 31 July 2017 |
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for |
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M S MOTOR SERVICES LIMITED |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 July 2017 |
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for |
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M S MOTOR SERVICES LIMITED |
M S MOTOR SERVICES LIMITED (REGISTERED NUMBER: 06266502) |
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Contents of the Financial Statements |
for the Year Ended 31 July 2017 |
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Page |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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M S MOTOR SERVICES LIMITED |
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Company Information |
for the Year Ended 31 July 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Accountants & business advisers |
2 Wheeleys Road |
Edgbaston |
Birmingham |
West Midlands |
B15 2LD |
M S MOTOR SERVICES LIMITED (REGISTERED NUMBER: 06266502) |
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Statement of Financial Position |
31 July 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks | 6 |
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Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Retained earnings | 10 |
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SHAREHOLDERS' FUNDS |
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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. |
M S MOTOR SERVICES LIMITED (REGISTERED NUMBER: 06266502) |
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Statement of Financial Position - continued |
31 July 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
signed on its behalf by: |
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M S MOTOR SERVICES LIMITED (REGISTERED NUMBER: 06266502) |
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Notes to the Financial Statements |
for the Year Ended 31 July 2017 |
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1. | STATUTORY INFORMATION |
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M S Motor Services Limited is a
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Wales. The company's registered number and registered office address can be found on the |
Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding |
discounts, rebates, value added tax and other sales taxes. |
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Goodwill |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are |
measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Plant and machinery | - |
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Motor vehicles | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for |
obsolete and slow moving items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income |
Statement, except to the extent that it relates to items recognised in other comprehensive |
income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have |
been enacted or substantively enacted by the statement of financial position date. |
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M S MOTOR SERVICES LIMITED (REGISTERED NUMBER: 06266502) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 July 2017 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not |
reversed at the statement of financial position date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in |
periods different from those in which they are recognised in financial statements. Deferred tax |
is measured using tax rates and laws that have been enacted or substantively enacted by the |
year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is |
probable that they will be recovered against the reversal of deferred tax liabilities or other |
future taxable profits. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the |
period of the lease. |
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Holiday pay |
Holiday pay is recognised as an expense in the period in which the service is received. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
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COST |
At 1 August 2016 |
and 31 July 2017 |
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AMORTISATION |
At 1 August 2016 |
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Amortisation for year |
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At 31 July 2017 |
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NET BOOK VALUE |
At 31 July 2017 |
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At 31 July 2016 |
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M S MOTOR SERVICES LIMITED (REGISTERED NUMBER: 06266502) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 July 2017 |
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5. | TANGIBLE FIXED ASSETS |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 August 2016 |
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Additions |
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At 31 July 2017 |
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DEPRECIATION |
At 1 August 2016 |
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Charge for year |
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At 31 July 2017 |
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NET BOOK VALUE |
At 31 July 2017 |
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At 31 July 2016 |
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6. | STOCKS |
2017 | 2016 |
£ | £ |
Stocks |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Prepayments |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Hire purchase contracts |
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Trade creditors |
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Corporation tax |
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Social security and other taxes |
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VAT | 3,541 | 5,090 |
Directors' current accounts | 110,485 | 125,130 |
Accrued expenses |
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M S MOTOR SERVICES LIMITED (REGISTERED NUMBER: 06266502) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 July 2017 |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
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Ordinary A | £1 | 2 | 2 |
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10. | RESERVES |
Retained |
earnings |
£ |
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At 1 August 2016 |
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Profit for the year |
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Dividends | ( |
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At 31 July 2017 |
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11. | RELATED PARTY DISCLOSURES |
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During the year, Mr M Bansal and Mrs S K Bansal each received remuneration of £9,530 and |
dividends of £2,500 from the company. |
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The director's loan accounts outstanding at the end of the year was £110,485 (2016: £125,130). |
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12. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling parties are Mr and Mrs Bansal. |