Registered number
09951132
Kids Quad Bikes Ltd
Filleted Accounts
31 March 2023
Kids Quad Bikes Ltd
Registered number: 09951132
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 29,448 41,894
Current assets
Stocks 73,416 144,966
Debtors 5 22,375 35,474
Cash at bank and in hand 382,028 197,654
477,819 378,094
Creditors: amounts falling due within one year 6 (92,424) (127,025)
Net current assets 385,395 251,069
Total assets less current liabilities 414,843 292,963
Provisions for liabilities (4,307) (6,028)
Net assets 410,536 286,935
Capital and reserves
Called up share capital 1 1
Profit and loss account 410,535 286,934
Shareholders' funds 410,536 286,935
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr S Ainge
Director
Approved by the board on 31 October 2023
Kids Quad Bikes Ltd
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
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 from 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over 5 years
Plant and machinery over 4 years
Fixtures, fittings and equipment over 3 years
Commercial vehiles over 3 years
Cars 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
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.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2022 19,500
At 31 March 2023 19,500
Amortisation
At 1 April 2022 19,500
At 31 March 2023 19,500
Net book value
At 31 March 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Leasehold Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 16,951 5,031 56,189 78,171
Additions - 2,330 - 2,330
At 31 March 2023 16,951 7,361 56,189 80,501
Depreciation
At 1 April 2022 6,781 4,874 24,622 36,277
Charge for the year 3,390 864 10,522 14,776
At 31 March 2023 10,171 5,738 35,144 51,053
Net book value
At 31 March 2023 6,780 1,623 21,045 29,448
At 31 March 2022 10,170 157 31,567 41,894
5 Debtors 2023 2022
£ £
Trade debtors 11,356 20,133
Other debtors 11,019 15,341
22,375 35,474
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 6,168 16,858
Corporation Tax 41,905 33,840
Other taxes and social security costs 29,187 11,593
Other creditors 15,164 64,734
92,424 127,025
7 Other information
Kids Quad Bikes Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Newmarket Business Centre
341 Exning Road
Newmarket
Suffolk
CB8 0AT
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