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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MAY 2019 |
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MOTORLINE DIRECT PROPERTIES LTD |
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REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MAY 2019 |
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FOR |
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MOTORLINE DIRECT PROPERTIES LTD |
MOTORLINE DIRECT PROPERTIES LTD (REGISTERED NUMBER: 08303012) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2019 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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MOTORLINE DIRECT PROPERTIES LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MAY 2019 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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BUSINESS ADDRESS: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditor |
29 Arboretum Street |
Nottingham |
Nottinghamshire |
NG1 4JA |
MOTORLINE DIRECT PROPERTIES LTD (REGISTERED NUMBER: 08303012) |
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BALANCE SHEET |
31 MAY 2019 |
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31.5.19 | 31.5.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the director on
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MOTORLINE DIRECT PROPERTIES LTD (REGISTERED NUMBER: 08303012) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2019 |
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1. | STATUTORY INFORMATION |
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Motorline Direct Properties Ltd is a
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company's registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Rents are included on the basis of amounts receivable. |
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Tangible fixed assets |
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Freehold property | - |
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Tax |
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the |
current or past reporting periods. |
It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted |
or substantively enacted by the balance sheet date. |
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Deferred tax represents the future tax consequences of transactions and events recognised in the financial |
statements of the current and previous periods. |
It is recognised in respect of all timing differences, with certain exceptions. |
Timing differences are differences between taxable profits and total comprehensive income as stated in the |
financial statements that arise from the inclusion of income and expense in tax assessments in periods different |
from those in which they are recognised in the financial statements. |
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. |
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the balance |
sheet date that are expected to apply to the reversal of timing differences. |
Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the |
rates and allowances that apply to the sale of the asset. |
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Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at the |
transaction price. |
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Any losses arising from impairment are recognised in the profit and loss account in other administrative |
expenses. |
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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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MOTORLINE DIRECT PROPERTIES LTD (REGISTERED NUMBER: 08303012) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2019 |
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4. | TANGIBLE FIXED ASSETS |
Freehold |
property |
£ |
COST |
At 1 June 2018 |
and 31 May 2019 |
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DEPRECIATION |
At 1 June 2018 |
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Charge for year |
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At 31 May 2019 |
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NET BOOK VALUE |
At 31 May 2019 |
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At 31 May 2018 |
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Included in cost of land and buildings is freehold land of £ 1,262,380 (2018 - £ 1,262,380 ) which is not |
depreciated. |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.19 | 31.5.18 |
£ | £ |
Amounts owed by group |
undertakings |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.19 | 31.5.18 |
£ | £ |
Bank loans and overdrafts |
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Other loans |
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Amounts owed to group undertakings |
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Corporation tax |
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Social security and other taxes |
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Accrued expenses |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.5.19 | 31.5.18 |
£ | £ |
Bank loans 2-5 years |
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Bank loans over 5 years |
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MOTORLINE DIRECT PROPERTIES LTD (REGISTERED NUMBER: 08303012) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2019 |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
31.5.19 | 31.5.18 |
£ | £ |
Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans over 5 years | 646,485 | 700,176 |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.5.19 | 31.5.18 |
£ | £ |
Bank loans |
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The bank loan is secured by a mortgage over the company's freehold property. |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.5.19 | 31.5.18 |
value: | £ | £ |
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Ordinary | £1 | 100 | 100 |
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10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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11. | RELATED PARTY DISCLOSURES |
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Included in creditors are loans from Mr A Jobanputra's family which at the 31 May 2019 amounted to £nil (2018 |
- £250,000). No interest has been charged on these loans during the year. |
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As the company is a wholly owned subsidiary of Motorline Direct Limited, the company has taken advantage of |
the exemption contained in FRS 102 Section 33.1A and has therefore not disclosed transactions between the |
companies. The consolidated financial statements of Motorline Direct Limited, within which this company is |
included, can be obtained from the address given in the ultimate controlling party note. |
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12. | ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY |
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The company is controlled by Motorline Direct Limited which owns 100% of the share capital of the company. |
Motorline Direct Limited is under the control of the Director, Mr A Jobanputra. |
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The consolidated results of this group are available from Motorline Direct Limited, JR House, Ashby Road |
Central, Shepshed, Loughborough, Leicestershire, LE12 9BS. |
MOTORLINE DIRECT PROPERTIES LTD (REGISTERED NUMBER: 08303012) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2019 |
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13. | GUARANTEES |
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Motorline Direct Properties Limited has given a guarantee on behalf of Motorline Direct Limited in respect of its |
banking facilities. At 31 May 2019 this amounted to £420,059 (2018 - £479,822). |
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On 7 February 2014 Motorline Direct Properties Limited gave a guarantee on behalf of Motorline Direct Limited |
in respect of its present and future indebtedness under a vehicle stocking facility with Black Horse Limited. At |
31 May 2019 this amounted to £4,066,512 (2018 - £3,818,620). |