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REGISTERED NUMBER: 03461184 (England and Wales)








MOTOHAUS POWERSPORTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023






MOTOHAUS POWERSPORTS LIMITED (REGISTERED NUMBER: 03461184)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 January 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

MOTOHAUS POWERSPORTS LIMITED

COMPANY INFORMATION
for the year ended 31 January 2023







DIRECTOR: M P King





SECRETARY: E Timulakova





REGISTERED OFFICE: 1a The Rose Estate
Osborn Way
Hook
Hampshire
RG27 9UT





REGISTERED NUMBER: 03461184 (England and Wales)





ACCOUNTANTS: Bessler Hendrie LLP
Chartered Accountants
Ashbourne House
The Guildway
Old Portsmouth Road
Guildford
Surrey
GU3 1LR

MOTOHAUS POWERSPORTS LIMITED (REGISTERED NUMBER: 03461184)

BALANCE SHEET
31 January 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 8,230 18,335

CURRENT ASSETS
Stocks 591,935 592,762
Debtors 5 336,602 535,487
Cash at bank and in hand 1,575,647 1,224,695
2,504,184 2,352,944
CREDITORS
Amounts falling due within one year 6 (452,625 ) (550,864 )
NET CURRENT ASSETS 2,051,559 1,802,080
TOTAL ASSETS LESS CURRENT LIABILITIES 2,059,789 1,820,415

CREDITORS
Amounts falling due after more than one year 7 - (168,750 )

PROVISIONS FOR LIABILITIES (6,000 ) -
NET ASSETS 2,053,789 1,651,665

CAPITAL AND RESERVES
Called up share capital 10,232 10,232
Share premium 1,268 1,268
Retained earnings 2,042,289 1,640,165
2,053,789 1,651,665

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

MOTOHAUS POWERSPORTS LIMITED (REGISTERED NUMBER: 03461184)

BALANCE SHEET - continued
31 January 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 25 October 2023 and were signed by:





M P King - Director


MOTOHAUS POWERSPORTS LIMITED (REGISTERED NUMBER: 03461184)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 January 2023


1. STATUTORY INFORMATION

Motohaus Powersports 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 represents net invoiced sales of goods excluding value added tax. This is recognised when the significant risks and rewards of the ownership for the goods has transferred to the customer, which is upon dispatch.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Land and buildings - Over the period of the lease
Plant and machinery etc - 25% on reducing balance

Tangible fixed assets are stated at their historic cost price less accumulated depreciation. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for use. The asset's residual values, useful lives and depreciation methods are reviewed if there is an indication of significant change since the last reporting date.

On disposal the difference between the net proceeds and carrying amount of the item sold is recognised in profit or loss, and included in administrative expenses.

Government grants
Government grants in the prior year related to grants receivable under the Coronavirus Job Retention Scheme and are accounted for under the accruals model. Government grants relating to revenue are recognised in other operating income on a systematic basis over the period in which the entity recognises the related costs for which the grant is intended to compensate.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is based on the cost of purchase on a weighted average basis.

Financial instruments
Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instruments. All financial assets and liabilities are initially measured at transaction price. The company has no financial assets measured at fair value through profit or loss. All subsequent remeasurement of financial assets and liabilities are recognised at amortised cost using the effective interest rate method. The company does not have any non-basic financial instruments.


MOTOHAUS POWERSPORTS LIMITED (REGISTERED NUMBER: 03461184)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2023


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements.

Deferred tax is measured at the average tax rates that are expected to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantially enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Provisions for liabilities
Provisions are recognised in the financial statements for all expected future cash outflows arising in respect of lease dilapidations.

Provisions for lease dilapidations are provided for when the company has a contractual obligation under the agreed lease term to return the premises to its original order. The provision is based on previous experience and is apportioned on the current state of repair. The expected costs are charged to the income statement as the director expects the costs to arise.

It is uncertain when the company will terminate the lease and therefore the anticipated cost for the property is provided for over the term of the original lease. Historical provisions are not reversed if the company extends the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 13 ) .

MOTOHAUS POWERSPORTS LIMITED (REGISTERED NUMBER: 03461184)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2023


4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 February 2022 37,497 96,004 133,501
Disposals - (4,500 ) (4,500 )
At 31 January 2023 37,497 91,504 129,001
DEPRECIATION
At 1 February 2022 25,328 89,838 115,166
Charge for year 8,113 1,429 9,542
Eliminated on disposal - (3,937 ) (3,937 )
At 31 January 2023 33,441 87,330 120,771
NET BOOK VALUE
At 31 January 2023 4,056 4,174 8,230
At 31 January 2022 12,169 6,166 18,335

5. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 268,233 399,855
Other debtors 54,647 121,620
322,880 521,475

Amounts falling due after more than one year:
Other debtors 13,722 14,012

Aggregate amounts 336,602 535,487

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 75,000
Trade creditors 111,719 124,380
Taxation and social security 265,251 308,830
Other creditors 75,655 42,654
452,625 550,864

The overdraft facilities, loans and any other liabilities due from the company to National Westminster Bank PLC are secured by fixed and floating charges over all of the company's assets.

MOTOHAUS POWERSPORTS LIMITED (REGISTERED NUMBER: 03461184)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2023


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 168,750

The loan due from the company to National Westminster Bank PLC is secured by fixed and floating charges over all of the company's assets. The loan was repaid in full during the year.

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 50,339 47,000
Between one and five years 214,711 23,500
265,050 70,500

9. SECURED DEBTS

Following the year end, the company has entered into a debenture agreement with HSBC UK PLC. The debenture is secured by way of a fixed and floating charge over the assets of the company.

10. ULTIMATE CONTROLLING PARTY

D W Gath was the ultimate controlling party during the year under review.

Following the year end, on 22 September 2023, King Partners Limited became the parent company.

CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
MOTOHAUS POWERSPORTS LIMITED


The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Motohaus Powersports Limited for the year ended 31 January 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Motohaus Powersports Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Motohaus Powersports Limited and state those matters that we have agreed to state to the director of Motohaus Powersports Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Motohaus Powersports Limited and its director for our work or for this report.

It is your duty to ensure that Motohaus Powersports Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Motohaus Powersports Limited. You consider that Motohaus Powersports Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Motohaus Powersports Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

This report should not be regarded as suitable to be used or relied on by any other party wishing to acquire any rights against Bessler Hendrie LLP for any purpose or in any context. Any party, other than the Directors, who obtain access to this report or a copy and chooses to rely on this report (or any part of it) will do so at its own risk.






Bessler Hendrie LLP
Chartered Accountants
Ashbourne House
The Guildway
Old Portsmouth Road
Guildford
Surrey
GU3 1LR


25 October 2023