REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 January 2023 |
for |
Orwell Motor Cycles Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 January 2023 |
for |
Orwell Motor Cycles Limited |
Orwell Motor Cycles Limited (Registered number: 01748183) |
Contents of the Financial Statements |
for the Year Ended 31 January 2023 |
Page |
Statement of Financial Position | 1 |
Notes to the Financial Statements | 3 |
Orwell Motor Cycles Limited (Registered number: 01748183) |
Statement of Financial Position |
31 January 2023 |
31.1.23 | 31.1.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Prepayments and accrued income |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
Orwell Motor Cycles Limited (Registered number: 01748183) |
Statement of Financial Position - continued |
31 January 2023 |
31.1.23 | 31.1.22 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
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 |
Orwell Motor Cycles Limited (Registered number: 01748183) |
Notes to the Financial Statements |
for the Year Ended 31 January 2023 |
1. | STATUTORY INFORMATION |
Orwell Motor Cycles Limited is a |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents the net value of completed sales of motorcycles, accessories and spare parts, together with the value of services provided, during the year, after deducting discounts and excluding value added tax. |
Turnover is recognised when goods are physically delivered to, or service provided to, the customer. |
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 |
Fixed Assets are stated at cost, less accumulated depreciation. Depreciation is provided annually at rates to write down the assets to their estimated residual values over their anticipated useful lives. The rates generally used are 33%, 25% and 15% on a reducing balance basis, 7% on a straight line basis, and where appropriate over the life of leases. |
Orwell Motor Cycles Limited (Registered number: 01748183) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2023 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks of new motorcycles, clothing, accessories and spares are valued at the lower of their cost price and net realisable value. Stocks of used motorcycles are valued at the lower of their purchase or part exchange cost and net realisable value. |
Obsolete and damaged items are excluded, unless there is a realistic prospect of sale when they are valued at their net realisable value. |
Cost is determined by the actual amount paid after deducting discounts and bonuses. Motorcycles are valued individually; clothing, accessories and spares, are valued on a first in first out basis. |
Net realisable value represents the estimated sales price, reduced by any additional costs of sale. |
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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 |
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 |
Orwell Motor Cycles Limited (Registered number: 01748183) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2023 |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 February 2022 |
and 31 January 2023 |
AMORTISATION |
At 1 February 2022 |
Charge for year |
At 31 January 2023 |
NET BOOK VALUE |
At 31 January 2023 |
At 31 January 2022 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machiner |
etc |
£ |
COST |
At 1 February 2022 |
Additions |
At 31 January 2023 |
DEPRECIATION |
At 1 February 2022 |
Charge for year |
At 31 January 2023 |
NET BOOK VALUE |
At 31 January 2023 |
At 31 January 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.23 | 31.1.22 |
£ | £ |
Trade debtors |
Other debtors |
Orwell Motor Cycles Limited (Registered number: 01748183) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.23 | 31.1.22 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.1.23 | 31.1.22 |
£ | £ |
Bank loans |
9. | GUARANTEES AND OTHER FINANCIAL COMMITMENTS |
The company had total guarantees and commitments at the year end of £457,957 (2022: £537,703) |
10. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling parties are David Willis and Robin Walters who jointly and equally own the company's parent company, Dehoops Moto Limited. |