Motorcycle World (Ballymena) Limited NI039421 false 2022-11-01 2023-10-31 2023-10-31 The principal activity of the company is management of property. Digita Accounts Production Advanced 6.30.9574.0 true true true NI039421 2022-11-01 2023-10-31 NI039421 2023-10-31 NI039421 bus:OrdinaryShareClass1 2023-10-31 NI039421 bus:Original 2023-10-31 NI039421 core:CurrentFinancialInstruments core:WithinOneYear 2023-10-31 NI039421 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-10-31 NI039421 bus:SmallEntities 2022-11-01 2023-10-31 NI039421 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 NI039421 bus:FullAccounts 2022-11-01 2023-10-31 NI039421 bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 NI039421 bus:RegisteredOffice 2022-11-01 2023-10-31 NI039421 bus:Director2 2022-11-01 2023-10-31 NI039421 bus:OrdinaryShareClass1 2022-11-01 2023-10-31 NI039421 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 NI039421 core:InvestmentPropertyIncludedWithinPPE 2022-11-01 2023-10-31 NI039421 core:OtherRelatedParties 2022-11-01 2023-10-31 NI039421 1 2022-11-01 2023-10-31 NI039421 countries:NorthernIreland 2022-11-01 2023-10-31 NI039421 2022-10-31 NI039421 2021-11-01 2022-10-31 NI039421 2022-10-31 NI039421 bus:OrdinaryShareClass1 2022-10-31 NI039421 core:CurrentFinancialInstruments core:WithinOneYear 2022-10-31 NI039421 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-10-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI039421

Motorcycle World (Ballymena) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Motorcycle World (Ballymena) Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

Motorcycle World (Ballymena) Limited

(Registration number: NI039421)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

500,000

500,000

Current assets

 

Cash at bank and in hand

 

23,987

18,051

Creditors: Amounts falling due within one year

5

(7,314)

(12,157)

Net current assets

 

16,673

5,894

Net assets

 

516,673

505,894

Capital and reserves

 

Called up share capital

6

4

4

Revaluation reserve

112,932

112,932

Retained earnings

403,737

392,958

Shareholders' funds

 

516,673

505,894

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.

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 23 February 2024 and signed on its behalf by:
 

.........................................
Mr John Clarke Boyd
Director

 

Motorcycle World (Ballymena) Limited

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

1

General information

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

The address of its registered office is:
51-53 Thomas Street
Ballymena
Co Antrim
BT43 6AZ
Northern Ireland

The principal place of business is:
Unit 23
Pennybridge Industrial Estate
Ballymena
Co Antrim
BT42 3HB

These financial statements were authorised for issue by the Board on 23 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.

Going concern

The financial statements have been prepared on a going concern basis. The directors have assessed a period of 12 months from the date of approving the financial statements with regard to the appropriateness of the going concern assumption in preparing the financial statements. The directors note the positive trading and cashflow position at the date of sign off of the financial statements and believe that the company will continue as a going concern and be able to realise its assets and discharge its liabilities in the normal course of business.

 

Motorcycle World (Ballymena) Limited

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

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amount of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income 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.

Depreciation

Asset class

Depreciation method and rate

Investment properties

No depreciation

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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 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.

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.

 

Motorcycle World (Ballymena) Limited

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

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 (including directors) during the year, was 0 (2022 - 0).

4

Investment properties

2023
£

At 1 November

500,000

At 31 October

500,000

The investment properties were revalued on 1 March 2007 by DTZ McCombe Pierce, Chartered Surveyors and International Property Advisors who is external to the company. The basis of the valuation was open market and in acordance with the RCIS Valuation and Appraisal Standards (5th edition). This class of asset has a fair value of £500,000 (2022- £500,000).
In the current market conditions it is very difficult to value investment property but the directors feel that a reasonable fair value for the investment property is £500,000.

5

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

925

2,300

Accruals and deferred income

2,000

1,890

Other creditors

4,389

7,967

7,314

12,157

 

Motorcycle World (Ballymena) Limited

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

6

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

4

4

4

4

         

7

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £1,500.00 (2022 - £1,000.00) per ordinary share

 

6,000

 

4,000

         

8

Related party transactions

Summary of transactions with other related parties

Director of the company
 

Expenditure with and payables to related parties

2023

Key management
£

Amounts payable to related party

453

2022

Key management
£

Amounts payable to related party

3,391

9

Parent and ultimate parent undertaking

The company is controlled by the directors who own 100% of the called up share capital.