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COMPANY REGISTRATION NUMBER: 13974873
A1 Motorcycles Ltd
Filleted Unaudited Financial Statements
31 March 2023
A1 Motorcycles Ltd
Statement of Financial Position
31 March 2023
31 Mar 23
Note
£
Fixed assets
Intangible assets
5
500
Tangible assets
6
18,333
--------
18,833
Current assets
Stocks
9,241
Debtors
7
2,266
Cash at bank and in hand
832
--------
12,339
Creditors: amounts falling due within one year
8
67,245
--------
Net current liabilities
54,906
--------
Total assets less current liabilities
( 36,073)
--------
Net liabilities
( 36,073)
--------
Capital and reserves
Called up share capital
1
Profit and loss account
( 36,074)
--------
Shareholder deficit
( 36,073)
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the period ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
A1 Motorcycles Ltd
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 9 October 2023 , and are signed on behalf of the board by:
Mr G A Sanderson
Director
Company registration number: 13974873
A1 Motorcycles Ltd
Notes to the Financial Statements
Period from 1 August 2022 to 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 10 Edison Court, Ellice Way, Wrexham, LL13 7YT.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The director has prepared the accounts on a going concern basis, as he will continue to offer the business the financial support it requires to continue to trade.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
50% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold improvements
-
Over term of lease
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
3 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
The following assets and liabilities within the accounts are classified as financial instruments - trade debtors, trade creditors and directors loans. Directors loans (being repayable upon demand), trade debtors and trade creditors, are measured at the undiscounted amount of cash or other consideration expected to be paid or received. Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is found, an an impairment loss is recognised in the statement of Income and Retained Earnings.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 2 .
5. Intangible assets
Goodwill
£
Cost
Additions
1,000
-------
At 31 March 2023
1,000
-------
Amortisation
Charge for the period
500
-------
At 31 March 2023
500
-------
Carrying amount
At 31 March 2023
500
-------
6. Tangible assets
Leasehold Improvements
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 August 2022
Additions
2,050
19,740
2,000
582
24,372
-------
--------
-------
----
--------
At 31 March 2023
2,050
19,740
2,000
582
24,372
-------
--------
-------
----
--------
Depreciation
At 1 August 2022
Charge for the period
410
4,935
500
194
6,039
-------
--------
-------
----
--------
At 31 March 2023
410
4,935
500
194
6,039
-------
--------
-------
----
--------
Carrying amount
At 31 March 2023
1,640
14,805
1,500
388
18,333
-------
--------
-------
----
--------
7. Debtors
31 Mar 23
£
Other debtors
2,266
-------
8. Creditors: amounts falling due within one year
31 Mar 23
£
Bank loans and overdrafts
5,005
Trade creditors
17,788
Social security and other taxes
426
Other creditors
44,026
--------
67,245
--------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
31 Mar 23
£
Not later than 1 year
6,848
Later than 1 year and not later than 5 years
68,848
--------
75,696
--------
10. Director's advances, credits and guarantees
In the first period of trade the director loaned the company money to help establish itself. At the end of the period the company owed the director £42,944. The loan is interest free and repayable on demand.