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Registration number: 09139047

Simply V8 Motorcycles Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Simply V8 Motorcycles Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 6

 

Simply V8 Motorcycles Limited

Company Information

Directors

I D Brewer

E D A Brewer

S Brewer

Registered office

Login Fach Farm
Off Roseland Road
Waunarlwydd
Swansea
SA5 4NJ

Accountants

Clive.B.Williams Limited
Chartered Certified Accountants
5 Clos Min yr Afon
Gorseinon
Swansea
SA4 4ZE

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Simply V8 Motorcycles Limited
for the Year Ended 31 July 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Simply V8 Motorcycles Limited for the year ended 31 July 2023 as set out on pages 3 to 6 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Simply V8 Motorcycles Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Simply V8 Motorcycles Limited and state those matters that we have agreed to state to the Board of Directors of Simply V8 Motorcycles Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Simply V8 Motorcycles Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Simply V8 Motorcycles Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Simply V8 Motorcycles Limited. You consider that Simply V8 Motorcycles 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 accounts of Simply V8 Motorcycles 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 accounts.

......................................

Clive.B.Williams Limited
Chartered Certified Accountants
5 Clos Min yr Afon
Gorseinon
Swansea
SA4 4ZE

24 April 2024

 

Simply V8 Motorcycles Limited

(Registration number: 09139047)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

18,423

18,423

Creditors: Amounts falling due within one year

5

(21,122)

(21,009)

Net liabilities

 

(2,699)

(2,586)

Capital and reserves

 

Called up share capital

6

1

1

Retained earnings

(2,700)

(2,587)

Shareholders' deficit

 

(2,699)

(2,586)

For the financial year ending 31 July 2023 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 24 April 2024 and signed on its behalf by:
 

.........................................
I D Brewer
Director

 

Simply V8 Motorcycles Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

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

The address of its registered office is:
Login Fach Farm
Off Roseland Road
Waunarlwydd
Swansea
SA5 4NJ

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.

Going concern

The financial statements have been prepared on a going concern basis.

Intangible assets

Development expenditure incurred on an individual project is carried forward when its future recoverability can be reasonably be regarded as assured.

Amortisation

Development costs will be amortised over a period expected to benefit from them. Amortisation will begin with once the commercial production begins or when the developed product comes into use.

Asset class

Amortisation method and rate

Development costs

0%

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Simply V8 Motorcycles Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

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.

3

Staff numbers

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

4

Intangible assets

Development costs
£

Total
£

Cost or valuation

At 1 August 2022

18,423

18,423

At 31 July 2023

18,423

18,423

Amortisation

Carrying amount

At 31 July 2023

18,423

18,423

At 31 July 2022

18,423

18,423

5

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Accruals and deferred income

200

113

Other creditors

20,922

20,896

21,122

21,009

 

Simply V8 Motorcycles Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

6

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £1 each

1

1

1

1