9 false false false false false false false false false false true false false false false false false No description of principal activity 2023-02-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 02499337 2023-02-01 2024-01-31 02499337 2024-01-31 02499337 2023-01-31 02499337 2022-02-01 2023-01-31 02499337 2023-01-31 02499337 2022-01-31 02499337 core:LandBuildings core:LongLeaseholdAssets 2023-02-01 2024-01-31 02499337 core:PlantMachinery 2023-02-01 2024-01-31 02499337 core:FurnitureFittings 2023-02-01 2024-01-31 02499337 core:MotorVehicles 2023-02-01 2024-01-31 02499337 bus:Director1 2023-02-01 2024-01-31 02499337 core:LandBuildings core:LongLeaseholdAssets 2023-01-31 02499337 core:PlantMachinery 2023-01-31 02499337 core:FurnitureFittings 2023-01-31 02499337 core:MotorVehicles 2023-01-31 02499337 core:LandBuildings core:LongLeaseholdAssets 2024-01-31 02499337 core:PlantMachinery 2024-01-31 02499337 core:FurnitureFittings 2024-01-31 02499337 core:MotorVehicles 2024-01-31 02499337 core:WithinOneYear 2024-01-31 02499337 core:WithinOneYear 2023-01-31 02499337 core:AfterOneYear 2024-01-31 02499337 core:AfterOneYear 2023-01-31 02499337 core:ShareCapital 2024-01-31 02499337 core:ShareCapital 2023-01-31 02499337 core:OtherReservesSubtotal 2024-01-31 02499337 core:OtherReservesSubtotal 2023-01-31 02499337 core:RetainedEarningsAccumulatedLosses 2024-01-31 02499337 core:RetainedEarningsAccumulatedLosses 2023-01-31 02499337 core:HedgingReserve 2023-01-31 02499337 core:HedgingReserve 2022-01-31 02499337 core:HedgingReserve 2024-01-31 02499337 core:HedgingReserve 2023-01-31 02499337 core:LandBuildings core:LongLeaseholdAssets 2023-01-31 02499337 core:PlantMachinery 2023-01-31 02499337 core:FurnitureFittings 2023-01-31 02499337 core:MotorVehicles 2023-01-31 02499337 bus:SmallEntities 2023-02-01 2024-01-31 02499337 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 02499337 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 02499337 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 02499337 bus:FullAccounts 2023-02-01 2024-01-31 02499337 core:HedgingReserve 2023-02-01 2024-01-31 02499337 core:HedgingReserve 2022-02-01 2023-01-31
COMPANY REGISTRATION NUMBER: 02499337
Motorcycle and Scooter Centre Limited
Filleted Unaudited Financial Statements
31 January 2024
Motorcycle and Scooter Centre Limited
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
89,625
94,560
Current assets
Stocks
1,086,790
889,965
Debtors
6
5,588
Cash at bank and in hand
79,116
99,930
------------
---------
1,171,494
989,895
Creditors: amounts falling due within one year
7
568,879
451,020
------------
---------
Net current assets
602,615
538,875
---------
---------
Total assets less current liabilities
692,240
633,435
Creditors: amounts falling due after more than one year
8
383,717
256,708
Provisions
6,505
---------
---------
Net assets
308,523
370,222
---------
---------
Capital and reserves
Called up share capital
4
4
Other reserves
16,382
166,588
Profit and loss account
292,137
203,630
---------
---------
Shareholders funds
308,523
370,222
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Motorcycle and Scooter Centre Limited
Statement of Financial Position (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 13 March 2024 , and are signed on behalf of the board by:
Ms R O Webster-Noble
Director
Company registration number: 02499337
Motorcycle and Scooter Centre Limited
Notes to the Financial Statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 30 Pasture Road, Stapleford, Nottingham, Nottinghamshire, NG9 8GG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property
-
2% straight line
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
15 % reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2023: 10 ).
5. Tangible assets
Long leasehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Feb 2023
75,460
25,887
131,217
47,518
72,101
352,183
Additions
1,516
724
2,240
--------
--------
---------
--------
--------
---------
At 31 Jan 2024
76,976
25,887
131,217
47,518
72,825
354,423
--------
--------
---------
--------
--------
---------
Depreciation
At 1 Feb 2023
16,076
14,460
116,477
43,674
66,936
257,623
Charge for the year
1,539
1,714
2,145
957
820
7,175
--------
--------
---------
--------
--------
---------
At 31 Jan 2024
17,615
16,174
118,622
44,631
67,756
264,798
--------
--------
---------
--------
--------
---------
Carrying amount
At 31 Jan 2024
59,361
9,713
12,595
2,887
5,069
89,625
--------
--------
---------
--------
--------
---------
At 31 Jan 2023
59,384
11,427
14,740
3,844
5,165
94,560
--------
--------
---------
--------
--------
---------
6. Debtors
2024
2023
£
£
Other debtors
5,588
-------
----
The debtors above include the following amounts falling due after more than one year:
2024
2023
£
£
Other debtors
5,588
-------
----
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
477,162
396,783
Corporation tax
21,874
28,453
Social security and other taxes
24,281
10,478
Other creditors
35,562
5,306
---------
---------
568,879
451,020
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
13,333
23,333
Other creditors
370,384
233,375
---------
---------
383,717
256,708
---------
---------
9. Fair value reserve
The following movements on the fair value reserve are included within other reserves in the statement of changes in equity:
2024
2023
£
£
At start of year
166,588
198,237
Capital contribution
(150,206)
(31,649)
---------
---------
At end of year
16,382
198,237
---------
---------
10. Directors' advances, credits and guarantees
The amount owed to directors and their close family members totals £386,767 (2023: £399,963). Interest is payable to the directors at 9% on the amounts owed by the company. In prior years the Directors' loans were initially recorded at the present value of future payments discounted at a market rate of interest, and subsequently measured at amortised cost.