2021-05-012022-04-302022-04-30false02592280WORLD'S END MOTORCYCLES 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WORLD'S END MOTORCYCLES LIMITED

Registered Number
02592280
(England and Wales)

Unaudited Financial Statements for the Year ended
30 April 2022

WORLD'S END MOTORCYCLES LIMITED
Company Information
for the year from 1 May 2021 to 30 April 2022

Directors

ENGLAND, Paul Nicholas Whitehouse

Registered Address

Unit 9 Grange Road Industrial Estate
Albion Street
Southwick
BN42 4EN

Registered Number

02592280 (England and Wales)
WORLD'S END MOTORCYCLES LIMITED
Statement of Financial Position
30 April 2022

Notes

2022

2021

£

£

£

£

Fixed assets
Tangible assets714,51619,355
Investments880,19180,191
94,70799,546
Current assets
Stocks13675,639594,646
Debtors14329,692278,619
Cash at bank and on hand1,296,6751,546,157
2,302,0062,419,422
Creditors amounts falling due within one year15(657,722)(849,182)
Net current assets (liabilities)1,644,2841,570,240
Total assets less current liabilities1,738,9911,669,786
Provisions for liabilities16(4,839)(4,839)
Net assets1,734,1521,664,947
Capital and reserves
Called up share capital900900
Other reserves100100
Profit and loss account1,733,1521,663,947
Shareholders' funds1,734,1521,664,947
The financial statements were approved and authorised for issue by the Director on 13 July 2022, and are signed on its behalf by:
ENGLAND, Paul Nicholas Whitehouse
Director
Registered Company No. 02592280
WORLD'S END MOTORCYCLES LIMITED
Notes to the Financial Statements
for the year ended 30 April 2022

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Smallest group in which results are consolidated
The immediate and ultimate parent undertaking is World's End Holdings Limited, a company registered in England, company number 02262057.
4.Basis of measurement used in financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
5.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery25
Fixtures and fittings25
Stocks policy
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete the sale. The impairment loss is recognised immediately in the Income Statement
Taxation policy
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Government grants and other government assistance policy
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
Leases policy
Payments made under operating leases are charged to the profit or loss on a straight line basis over the lease term.
Investments policy
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Statement of Income.
Employee benefits policy
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.
Valuation of financial instruments policy
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
6.Employee information

20222021
Average number of employees during the year3941
7.Property, plant and equipment

Plant & machinery

Fixtures & fittings

Total

£££
Cost or valuation
At 01 May 21101,73172,172173,903
At 30 April 22101,73172,172173,903
Depreciation and impairment
At 01 May 2193,59260,956154,548
Charge for year2,0352,8044,839
At 30 April 2295,62763,760159,387
Net book value
At 30 April 226,1048,41214,516
At 30 April 218,13911,21619,355
8.Fixed asset investments

Investments in group undertakings and participating interests

Total

££
Cost or valuation
At 01 May 2180,19180,191
At 30 April 2280,19180,191
Net book value
At 30 April 2280,19180,191
At 30 April 2180,19180,191
9.Description of financial commitments other than capital commitments
At the reporting date the company had future minimum lease payments due under non-cancellable operating leases totalling £296,753 (2021 - £378,768).
10.Off balance sheet pension commitments
The pension cost charge represents contributions payable by the company to the fund and amounted to £14,409 (2021 - £14,467)
11.Description of nature of transactions and balances with related parties
At the reporting date £249,167 (2021 - £249,167) was owed to World's End Holdings Limited, the parent company, in respect of a loan. This is included within creditors and is unsecured, interest free and repayable on demand. At the reporting date £9,890 (2021 - £20,047) was owed to Mr P N W England, director, in respect of a loan with the company. This is included within creditors and is unsecured, interest free and repayable on demand. At the reporting date an amount of £19,500 (2021 - £19,500) was owed to the company by WEMOTOTHAI CO LTD, an associated company under common control, in respect of a loan. This is included within debtors and is unsecured, interest free and repayable upon demand. At the reporting date an amount of £3,321 (2021 - £3,321) was owed to Wemoto Limited, an associated company under common control, in respect of a loan. This is included within creditors and is unsecured, interest free and repayable upon demand.
12.Further information regarding the company's financial position
In respect of these Financial Statements the comparative income statement has had £5,321 moved from administrative expenses to distribution costs and £10,112 moved from administrative expenses to interest payable and similar charges, these reclassifications have not affected the reported profit position which remains the same.
13.Stocks
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of financial position, inventories are assessed for impairment. If inventory is impaired, the carrying amount is reduced to its selling price less costs to completed the sale. The impairment loss is recognised immediately in the Statement of Earnings.

2022

2021

££
Raw materials and consumables675,639594,646
Total675,639594,646
14.Debtors

2022

2021

££
Trade debtors / trade receivables237,000216,340
Amounts owed by group undertakings19,50019,500
Other debtors56,00921,054
Prepayments and accrued income17,18321,725
Total329,692278,619
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
15.Creditors within one year

2022

2021

££
Trade creditors / trade payables268,065353,851
Amounts owed to related parties252,488252,530
Taxation and social security42,87399,577
Other creditors10,95320,047
Accrued liabilities and deferred income83,343123,177
Total657,722849,182
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
16.Provisions for liabilities
The provision for deferred tax arises from the fair value adjustment on tangible fixed assets.

2022

2021

££
Net deferred tax liability (asset)4,8394,839
Total4,8394,839