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Company registration number: 13950439
Holmes ATV Ltd
Unaudited filleted financial statements
31 March 2023
THE BARKER PARTNERSHIP
Chartered Accountants
Thirsk
Holmes ATV Ltd
Contents
Directors and other information
Accountants report
Balance sheet
Notes to the financial statements
Holmes ATV Ltd
Directors and other information
Director Steven Holmes (Appointed 2 March 2022)
Company number 13950439
Registered office 71-75 Shelton Street
Covent Garden
London
WC2H 9JQ
Accountants The Barker Partnership
17 Central Buildings
Market Place
Thirsk
North Yorkshire
YO7 1HD
Holmes ATV Ltd
Chartered accountants report to the director on the preparation of the
unaudited statutory financial statements of Holmes ATV Ltd
Period ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Holmes ATV Ltd for the period ended 31 March 2023 which comprise the Balance sheet and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the director of Holmes ATV Ltd, as a body, in accordance with the terms of our engagement letter dated 15 February 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Holmes ATV Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Holmes ATV Ltd and its director as a body for our work or for this report.
It is your duty to ensure that Holmes ATV Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Holmes ATV Ltd. You consider that Holmes ATV Ltd is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Holmes ATV Ltd. 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 financial statements.
The Barker Partnership
Chartered Accountants
17 Central Buildings
Market Place
Thirsk
North Yorkshire
YO7 1HD
22 February 2024
Holmes ATV Ltd
Balance sheet
31 March 2023
31/03/23
Note £ £
Fixed assets
Tangible assets 5 6,485
_______
6,485
Current assets
Stocks 10,200
Cash at bank and in hand 4,157
_______
14,357
Creditors: amounts falling due
within one year 6 ( 14,597)
_______
Net current liabilities ( 240)
_______
Total assets less current liabilities 6,245
_______
Net assets 6,245
_______
Capital and reserves
Called up share capital 1
Profit and loss account 6,244
_______
Shareholder funds 6,245
_______
For the period ending 31 March 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 member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 Profit and loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 22 February 2024 , and are signed on behalf of the board by:
Steven Holmes
Director
Company registration number: 13950439
Holmes ATV Ltd
Notes to the financial statements
Period ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ. The principal activity of the company is sale, maintenance and repair of motorcycles and related parts and accessories.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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 the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Plant and machinery - 20 % reducing balance
Fittings fixtures and equipment - 20 % reducing balance
Motor vehicles - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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.
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 stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 1
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 2 March 2022 - - - -
Additions 706 400 7,000 8,106
_______ _______ _______ _______
At 31 March 2023 706 400 7,000 8,106
_______ _______ _______ _______
Depreciation
At 2 March 2022 - - - -
Charge for the year 141 80 1,400 1,621
_______ _______ _______ _______
At 31 March 2023 141 80 1,400 1,621
_______ _______ _______ _______
Carrying amount
At 31 March 2023 565 320 5,600 6,485
_______ _______ _______ _______
6. Creditors: amounts falling due within one year
31/03/23
£
Other creditors 14,597
_______
7. Related party transactions
During the period the director provided the company with interest free unsecured loans, which have no fixed repayment terms. The amount owed to the director included within creditors was £13,397.