Multi Axle Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07087183 (England and Wales)

MULTI AXLE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D K Teasdale

Mrs T Teasdale

REGISTERED OFFICE:

Sidings House

Sidings Court

Lakeside

Doncaster

South Yorkshire

DN4 5NU

REGISTERED NUMBER:

07087183 (England and Wales)

FIXED ASSETS

Intangible assets

4

1,000

5,000

Tangible assets

5

160,033

171,377

161,033

176,377

CURRENT ASSETS

Debtors

6

101,504

110,050

Cash at bank

22,361

79

123,865

110,129

CREDITORS

Amounts falling due within one year

7

74,271

93,976

NET CURRENT ASSETS

49,594

16,153

TOTAL ASSETS LESS CURRENT LIABILITIES

210,627

192,530

CREDITORS

Amounts falling due after more than one year

8

(148,615

)

(133,737

)

PROVISIONS FOR LIABILITIES

(29,217

)

(20,665

)

NET ASSETS

32,795

38,128

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

32,793

38,126

SHAREHOLDERS' FUNDS

32,795

38,128

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2020 in accordance with Section 476 of the Companies Act 2006.

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.

The 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.

The financial statements were approved by the Board of Directors and authorised for issue on 21 May 2021 and were signed on its behalf by:

Mrs T Teasdale - Director

D K Teasdale - Director

1.	STATUTORY INFORMATION

Multi Axle Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of ten years.

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

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on reducing balance

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 December 2019

and 30 November 2020

40,000

AMORTISATION

At 1 December 2019

35,000

Charge for year

4,000

At 30 November 2020

39,000

NET BOOK VALUE

At 30 November 2020

1,000

At 30 November 2019

5,000

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 December 2019

267,435

Additions

36,000

At 30 November 2020

303,435

DEPRECIATION

At 1 December 2019

96,058

Charge for year

47,344

At 30 November 2020

143,402

NET BOOK VALUE

At 30 November 2020

160,033

At 30 November 2019

171,377

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 December 2019

and 30 November 2020

192,852

DEPRECIATION

At 1 December 2019

37,317

Charge for year

44,613

At 30 November 2020

81,930

NET BOOK VALUE

At 30 November 2020

110,922

At 30 November 2019

155,535

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

101,004

109,500

Other debtors

500

550

101,504

110,050

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

3,333

-

Hire purchase contracts

40,664

46,457

Trade creditors

2,202

11,301

Taxation and social security

26,306

5,822

Other creditors

1,766

30,396

74,271

93,976

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

46,667

-

Hire purchase contracts

101,948

133,737

148,615

133,737

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

16,667

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Hire purchase contracts

142,612

180,194

10.	ULTIMATE CONTROLLING PARTY

The company is under the control of its directors, by virtue of their 100% shareholding.