REGISTERED NUMBER: |
Moray Motors Ltd. |
Financial Statements For The Year Ended 30 September 2022 |
REGISTERED NUMBER: |
Moray Motors Ltd. |
Financial Statements For The Year Ended 30 September 2022 |
Moray Motors Ltd. (Registered number: SC405251) |
Contents of the Financial Statements |
For The Year Ended 30 September 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Moray Motors Ltd. |
Company Information |
For The Year Ended 30 September 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
4 North Guildry Street |
Elgin |
Moray |
IV30 1JR |
BANKERS: |
151 High Street |
Elgin |
Moray |
IV30 1DU |
Moray Motors Ltd. (Registered number: SC405251) |
Balance Sheet |
30 September 2022 |
30.9.22 | 30.9.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 9 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings | 11 |
SHAREHOLDERS' FUNDS |
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. |
Moray Motors Ltd. (Registered number: SC405251) |
Balance Sheet - continued |
30 September 2022 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Moray Motors Ltd. (Registered number: SC405251) |
Notes to the Financial Statements |
For The Year Ended 30 September 2022 |
1. | STATUTORY INFORMATION |
Moray Motors Ltd. is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 10 years as assessed by the directors and is now fully amortised. |
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. |
Tangible fixed assets |
Equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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. |
Current or deferred taxation assets and liabilities are not discounted. |
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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Moray Motors Ltd. (Registered number: SC405251) |
Notes to the Financial Statements - continued |
For The Year Ended 30 September 2022 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 October 2021 |
and 30 September 2022 |
AMORTISATION |
At 1 October 2021 |
and 30 September 2022 |
NET BOOK VALUE |
At 30 September 2022 |
At 30 September 2021 |
5. | TANGIBLE FIXED ASSETS |
Equipment |
£ |
COST |
At 1 October 2021 |
Disposals | ( |
) |
At 30 September 2022 |
DEPRECIATION |
At 1 October 2021 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30 September 2022 |
NET BOOK VALUE |
At 30 September 2022 |
At 30 September 2021 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.22 | 30.9.21 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.22 | 30.9.21 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
Moray Motors Ltd. (Registered number: SC405251) |
Notes to the Financial Statements - continued |
For The Year Ended 30 September 2022 |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
30.9.22 | 30.9.21 |
£ | £ |
In more than five years |
9. | PROVISIONS FOR LIABILITIES |
30.9.22 | 30.9.21 |
£ | £ |
Deferred tax | 1,116 | 1,480 |
Deferred |
tax |
£ |
Balance at 1 October 2021 |
Provided during year | ( |
) |
Balance at 30 September 2022 |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.9.22 | 30.9.21 |
value: | £ | £ |
Ordinary | 1 | 100 | 100 |
A Ordinary | 1 | 20 | 20 |
120 | 120 |
11. | RESERVES |
Retained |
earnings |
£ |
At 1 October 2021 |
Profit for the year |
Dividends | ( |
) |
At 30 September 2022 |
12. | RELATED PARTY DISCLOSURES |
During the year, total dividends of £68,000 were paid to the directors . |
At 30 September 2021 the company owed the directors £30,136. During the year the director met expenses on behalf of the company totalling £34,910. At 30 September 2022 the company owed the directors £65,046. This loan is interest free and repayable on demand. |
Moray Motors Ltd. (Registered number: SC405251) |
Notes to the Financial Statements - continued |
For The Year Ended 30 September 2022 |
13. | ULTIMATE CONTROLLING PARTY |
The controlling party is Mr K Attwood. |