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Registration number: 07069850

Speed Superbikes Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

Speed Superbikes Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Speed Superbikes Limited

Company Information

Director

Mr G S Burford

Registered office

6 Trusham Road
Marsh Barton Trading Estate
Exeter
Devon
EX2 8QH

Accountants

Stapletons
Chartered Certified Accountants
4 Market Street
Crediton
Devon
EX17 2AJ

 

Speed Superbikes Limited

(Registration number: 07069850)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

246,526

43,615

Current assets

 

Stocks

6

643,767

836,847

Debtors

7

1,756,077

2,083,332

Cash at bank and in hand

 

70,165

78,438

 

2,470,009

2,998,617

Creditors: Amounts falling due within one year

8

(768,418)

(722,074)

Net current assets

 

1,701,591

2,276,543

Total assets less current liabilities

 

1,948,117

2,320,158

Creditors: Amounts falling due after more than one year

8

-

(483,683)

Provisions for liabilities

(5,433)

(5,858)

Net assets

 

1,942,684

1,830,617

Capital and reserves

 

Called up share capital

9

1

1

Retained earnings

1,942,683

1,830,616

Shareholders' funds

 

1,942,684

1,830,617

For the financial year ending 31 August 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.

 

Speed Superbikes Limited

(Registration number: 07069850)
Balance Sheet as at 31 August 2023

Approved and authorised by the director on 15 April 2024
 

.........................................
Mr G S Burford
Director

 

Speed Superbikes Limited

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

1

General information

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

The address of its registered office is:
6 Trusham Road
Marsh Barton Trading Estate
Exeter
Devon
EX2 8QH

These financial statements were authorised for issue by the director on 15 April 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.

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 and deferred 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.

 

Speed Superbikes Limited

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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

Freehold property

2% straight line basis (buildings only)

Leasehold property improvements

15% reducing balance basis

Plant and machinery

25% reducing balance basis

Motor vehicles

25% reducing balance basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% 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.

 

Speed Superbikes Limited

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

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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. 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.

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.

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Speed Superbikes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 9 (2022 - 9).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 September 2022

86,000

86,000

At 31 August 2023

86,000

86,000

Amortisation

At 1 September 2022

86,000

86,000

At 31 August 2023

86,000

86,000

Carrying amount

At 31 August 2023

-

-

 

Speed Superbikes Limited

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

5

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 September 2022

22,595

79,708

41,154

143,457

Additions

215,660

-

-

215,660

At 31 August 2023

238,255

79,708

41,154

359,117

Depreciation

At 1 September 2022

8,719

55,045

36,078

99,842

Charge for the year

5,314

6,166

1,269

12,749

At 31 August 2023

14,033

61,211

37,347

112,591

Carrying amount

At 31 August 2023

224,222

18,497

3,807

246,526

At 31 August 2022

13,876

24,663

5,076

43,615

6

Stocks

2023
£

2022
£

Other inventories

643,767

836,847

7

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

-

728

Amounts owed by related parties

11

1,641,817

1,967,362

Other debtors

 

114,260

115,242

   

1,756,077

2,083,332

 

Speed Superbikes Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

-

10,696

Trade creditors

 

11,030

9,050

Taxation and social security

 

75,724

69,837

Accruals and deferred income

 

2,250

1,875

Other creditors

 

679,414

630,616

 

768,418

722,074

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

-

483,683

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

       

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

-

483,683

Current loans and borrowings

2023
£

2022
£

Bank borrowings

-

8,400

Hire purchase contracts

-

2,296

-

10,696

 

Speed Superbikes Limited

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

11

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

9,500

9,130

Contributions paid to money purchase schemes

50,000

-

59,500

9,130

Summary of transactions with parent

GBH Devon Limited (Parent company)
 Included within 'Debtors' is a balance due from the parent company. At the balance sheet date, the amount due from this company was £1,641,817 (2022 - £1,967,362). During the year, rent was paid to the parent company at an arms length value amounting to £52,500 (2022 - £50,000) and management services were provided by this company at an arms length value amounting to £10,000 (2022 - Nil)
 

12

Parent and ultimate parent undertaking

The company's immediate parent is GBH Devon Limited, incorporated in England and Wales.