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Registration number: 11038815

JRS Motorcycles Ltd

Information for Filing with The Registrar

31 October 2023

 

JRS Motorcycles Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Accounts

3 to 8

 

JRS Motorcycles Ltd

(Registration number: 11038815)

Balance Sheet

31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

6,993

4,443

Current assets

 

Stocks

6

1,163,156

960,038

Debtors

7

-

8,063

Cash at bank and in hand

 

20,939

-

 

1,184,095

968,101

Creditors: Amounts falling due within one year

8

(413,318)

(335,801)

Net current assets

 

770,777

632,300

Total assets less current liabilities

 

777,770

636,743

Creditors: Amounts falling due after more than one year

8

(16,266)

(26,266)

Provisions for liabilities

(1,700)

(1,100)

Net assets

 

759,804

609,377

Capital and reserves

 

Called up share capital

9

5

5

Retained earnings

759,799

609,372

Shareholders' funds

 

759,804

609,377

For the financial year ending 31 October 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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

JRS Motorcycles Ltd

(Registration number: 11038815)

Balance Sheet

31 October 2023

Approved and authorised by the director on 13 February 2024.




J.R. Smith

Director

 

JRS Motorcycles Ltd

Notes to the Unaudited Accounts

Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
20 Kirkgate
Sherburn in Elmet
Leeds
North Yorkshire
LS25 6BL

The principal place of business is:
Unit 2C
Old Station Yard
Dunnington
York
YO19 5EP

These financial statements were authorised for issue by the director on 13 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

 

JRS Motorcycles Ltd

Notes to the Unaudited Accounts

Year Ended 31 October 2023

Tax

The tax expense for the period comprises corporation and deferred tax.

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

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

4 years straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

JRS Motorcycles Ltd

Notes to the Unaudited Accounts

Year Ended 31 October 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company during the year, was 3 (2022 - 3).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

2,942

2,498

 

JRS Motorcycles Ltd

Notes to the Unaudited Accounts

Year Ended 31 October 2023

5

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

-

2,074

12,300

14,374

Additions

5,492

-

-

5,492

At 31 October 2023

5,492

2,074

12,300

19,866

Depreciation

At 1 November 2022

-

673

9,258

9,931

Charge for the year

426

691

1,825

2,942

At 31 October 2023

426

1,364

11,083

12,873

Carrying amount

At 31 October 2023

5,066

710

1,217

6,993

At 31 October 2022

-

1,401

3,042

4,443

6

Stocks

2023
£

2022
£

Stock

1,163,156

960,038

7

Debtors

Current

2023
£

2022
£

Other debtors

-

8,063

 

-

8,063

 

JRS Motorcycles Ltd

Notes to the Unaudited Accounts

Year Ended 31 October 2023

8

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

10,000

49,833

Amounts due to related parties

322,625

234,243

Taxation and social security

 

76,193

49,225

Other creditors

 

4,500

2,500

 

413,318

335,801

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

16,266

26,266

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

5

5

5

5

         

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

16,266

26,266

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Bank overdrafts

-

39,833

10,000

49,833

 

JRS Motorcycles Ltd

Notes to the Unaudited Accounts

Year Ended 31 October 2023

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £3,750 (2022 - £2,500).