Mex Motors Limited - Accounts

Mex Motors Limited - Accounts

MEX MOTORS LIMITED - Company Information

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Registered Number: 12079108
England and Wales

 

 

 


Abridged Accounts

for the year ended 31 July 2023

for

MEX MOTORS LIMITED

Mex Motors Limited
Contents Page
For the year ended 31 July 2023
 
 		 Notes
 		 2023
£		   2022
£
Fixed assets      
Intangible fixed assets 3 6,000    7,000 
Tangible fixed assets 4 15,085    24,161 
21,085    31,161 
Current assets      
Debtors 994    1,991 
Cash at bank and in hand 16,375    11,967 
17,369    13,958 
Creditors: amount falling due within one year (52,609)   (52,739)
Net current assets (35,240)   (38,781)
 
Total assets less current liabilities (14,155)   (7,620)
Creditors: amount falling due after more than one year (8,493)   (8,158)
Net assets (22,648)   (15,778)
 

Capital and reserves 		     
Called up share capital 5 100    100 
Profit and loss account (22,748)   (15,878)
Shareholder's funds (22,648)   (15,778)
 


For the year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006 the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 25 April 2024 and were signed on its behalf by:


-------------------------------
Mr M Taylor
Director		-------------------------------
Mrs B Taylor
Director
1
General Information
Mex Motors Limited is a private company, limited by shares, registered in England and Wales, registration number 12079108, registration address 40a London Road, Gloucester, Gloucestershire, GL1 3NU.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of 10 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 20% Straight Line
Computer Equipment 33.33% Straight Line
2.

Average number of employees

Average number of employees during the year was 1 (2022 : 2).
3.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 August 2022 10,000    10,000 
Additions -    - 
Disposals -    - 
At 31 July 2023 10,000    10,000 
Amortisation
At 01 August 2022 3,000    3,000 
Charge for year 1,000    1,000 
On disposals -    - 
At 31 July 2023 4,000    4,000 
Net book values
At 31 July 2023 6,000    6,000 
At 31 July 2022 7,000    7,000 


4.

Tangible fixed assets

Cost or valuation Plant and Machinery   Computer Equipment   Total
  £   £   £
At 01 August 2022 45,380    511    45,891 
Additions -    -    - 
Disposals -    -    - 
At 31 July 2023 45,380    511    45,891 
Depreciation
At 01 August 2022 21,219    511    21,730 
Charge for year 9,076    -    9,076 
On disposals -    -    - 
At 31 July 2023 30,295    511    30,806 
Net book values
Closing balance as at 31 July 2023 15,085    -    15,085 
Opening balance as at 01 August 2022 24,161    -    24,161 


5.

Share Capital

Allotted, called up and fully paid
2023
£		   2022
£
50 Class A shares of £1.00 each 50    50 
50 Class B shares of £1.00 each 50    50 
100    100 

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