Caseware UK (AP4) 2023.0.135 2023.0.135 2023-03-312023-03-31Sale of motorcycle equipment22022-04-01false2truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09559457 2022-04-01 2023-03-31 09559457 2021-04-01 2022-03-31 09559457 2023-03-31 09559457 2022-03-31 09559457 c:Director1 2022-04-01 2023-03-31 09559457 d:MotorVehicles 2022-04-01 2023-03-31 09559457 d:MotorVehicles 2023-03-31 09559457 d:MotorVehicles 2022-03-31 09559457 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 09559457 d:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 09559457 d:OtherPropertyPlantEquipment 2023-03-31 09559457 d:OtherPropertyPlantEquipment 2022-03-31 09559457 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 09559457 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 09559457 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 09559457 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-03-31 09559457 d:CurrentFinancialInstruments 2023-03-31 09559457 d:CurrentFinancialInstruments 2022-03-31 09559457 d:Non-currentFinancialInstruments 2023-03-31 09559457 d:Non-currentFinancialInstruments 2022-03-31 09559457 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 09559457 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 09559457 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 09559457 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 09559457 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 09559457 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-03-31 09559457 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 09559457 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-03-31 09559457 d:ShareCapital 2023-03-31 09559457 d:ShareCapital 2022-03-31 09559457 d:RetainedEarningsAccumulatedLosses 2023-03-31 09559457 d:RetainedEarningsAccumulatedLosses 2022-03-31 09559457 c:FRS102 2022-04-01 2023-03-31 09559457 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 09559457 c:FullAccounts 2022-04-01 2023-03-31 09559457 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 09559457 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2022-04-01 2023-03-31 09559457 2 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 09559457









NO LIMITS MOTORCYCLE CENTRE LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
NO LIMITS MOTORCYCLE CENTRE LIMITED
REGISTERED NUMBER: 09559457

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
14,438
-

Tangible assets
 5 
33,289
21,621

  
47,727
21,621

Current assets
  

Stocks
  
200,000
174,764

Debtors: amounts falling due within one year
 6 
198,570
224,505

Cash at bank and in hand
  
38,592
57,311

  
437,162
456,580

Creditors: amounts falling due within one year
 7 
(423,324)
(387,866)

Net current assets
  
 
 
13,838
 
 
68,714

Total assets less current liabilities
  
61,565
90,335

Creditors: amounts falling due after more than one year
 8 
(24,910)
(34,754)

  

Net assets
  
36,655
55,581


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
36,654
55,580

  
36,655
55,581


Page 1

 
NO LIMITS MOTORCYCLE CENTRE LIMITED
REGISTERED NUMBER: 09559457
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 March 2024.




M Neate
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
NO LIMITS MOTORCYCLE CENTRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

No Limits Motorcycle Centre Limited is a limited liability company with share capital incorporated in England and Wales under company number 09559457 with its registered office at Black Horse Barns, Fancott, Toddington, Dunstable, Bedfordshire LU5 6HT.

2.Accounting policies

 
2.1

Basis of preparation of 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.
 
The financial statements have been prepared in GB£ and the figures have been rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 3

 
NO LIMITS MOTORCYCLE CENTRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.4

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.5

Government grants

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 income and retained earnings in the same period as the related expenditure.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

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 payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
NO LIMITS MOTORCYCLE CENTRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.10

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
20%
Other fixed assets
-
20%

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 disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 5

 
NO LIMITS MOTORCYCLE CENTRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


Intangible assets




Development expenditure

£



Cost


Additions
14,438



At 31 March 2023

14,438






Net book value



At 31 March 2023
14,438



At 31 March 2022
-



Page 6

 
NO LIMITS MOTORCYCLE CENTRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Tangible fixed assets





Motor vehicles
Other fixed assets
Total

£
£
£



Cost or valuation


At 1 April 2022
20,000
7,072
27,072


Additions
8,500
9,905
18,405



At 31 March 2023

28,500
16,977
45,477



Depreciation


At 1 April 2022
5,333
118
5,451


Charge for the year on owned assets
4,992
1,745
6,737



At 31 March 2023

10,325
1,863
12,188



Net book value



At 31 March 2023
18,175
15,114
33,289



At 31 March 2022
14,667
6,954
21,621

Page 7

 
NO LIMITS MOTORCYCLE CENTRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Debtors

2023
2022
£
£


Trade debtors
62,548
81,306

Other debtors
136,022
143,199

198,570
224,505


Included within other debtors due within one year are loans to a director, M Neate.  At the beginning of the year the director owed the company £50,688. During the year there were advances to the director of £10,338 (2022 - £54,975) and repayments of £53,106 (2022 - £5,781). The balance due to the company at 31 March 2023 amounted to £7,920. The loans bear interest at HMRC's official interest rate and are repayable on demand.




7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
9,925
9,727

Trade creditors
99,984
70,487

Corporation tax
25,025
24,313

Other taxation and social security
15,873
11,474

Other creditors
268,517
268,565

Accruals and deferred income
4,000
3,300

423,324
387,866



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
24,910
34,754


Page 8

 
NO LIMITS MOTORCYCLE CENTRE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
9,925
9,727


9,925
9,727

Amounts falling due 1-2 years

Bank loans
10,131
9,929


10,131
9,929

Amounts falling due 2-5 years

Bank loans
14,778
24,825


14,778
24,825


34,834
44,481



10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £724 (2022 - £762). Contributions totalling £126 (2022 - £56) were payable to the fund at the balance sheet date and are included in creditors.


11.


Related party transactions

During the year the company provided an unsecured interest free loan to No Limits Serious Tracktime Limited. At 31 March 2023, the company was owed £81,627 (2022 - £70,680). During the year the company received an unsecured interest free loan from No Limits Track Days Limited.  At 31st March 2023, the company owed £268,180 (2022 - £268,416). All companies share a common director and shareholder.

 
Page 9