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Registration number: 05934238

C & A Superbikes (King's Lynn) Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

C & A Superbikes (King's Lynn) Ltd

Contents

Company Information

1

Statement of financial position

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

C & A Superbikes (King's Lynn) Ltd

Company Information

Directors

Mr V Vedeikis

Mr C Whittred

Mr AS Barrett

Mr P Savory

Company secretary

Mr C Whittred

Registered office

19 King Street
King's Lynn
Norfolk
PE30 1HB

Accountants

Hayhow & Co
Chartered Certified Accountants & Business Advisers
19 King Street
King's Lynn
Norfolk
PE30 1HB

 

C & A Superbikes (King's Lynn) Ltd

(Registration number: 05934238)
Statement of financial position as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

29,321

21,896

Current assets

 

Stocks

6

228,031

293,073

Debtors

7

15,679

18,857

Cash at bank and in hand

 

2,261

1,579

 

245,971

313,509

Creditors: Amounts falling due within one year

8

(188,140)

(225,520)

Net current assets

 

57,831

87,989

Total assets less current liabilities

 

87,152

109,885

Creditors: Amounts falling due after more than one year

8

(66,741)

(80,914)

Provisions for liabilities

(591)

(591)

Net assets

 

19,820

28,380

Capital and reserves

 

Called up share capital

9

1,250

1,250

Share premium reserve

49,750

49,750

Retained earnings

(31,180)

(22,620)

Shareholders' funds

 

19,820

28,380

For the financial 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 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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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 Statement of comprehensive income.

Approved and authorised by the Board on 23 April 2024 and signed on its behalf by:
 

 

C & A Superbikes (King's Lynn) Ltd

(Registration number: 05934238)
Statement of financial position as at 31 January 2024

.........................................
Mr C Whittred
Company secretary and director

 

C & A Superbikes (King's Lynn) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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:
19 King Street
King's Lynn
Norfolk
PE30 1HB

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

 

C & A Superbikes (King's Lynn) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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 statement of financial position 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

Long Leasehold

5% Straight line

Plant and Machinery

15% Reducing balance

Fixtures and Fittings

15% Reducing balance

Motor Vehicles

25% Reducing balance

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 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.

 

C & A Superbikes (King's Lynn) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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 statement of comprehensive income 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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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 statement of financial position as a finance lease obligation.

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

 

C & A Superbikes (King's Lynn) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 5).

4

Loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

7,247

4,205

 

C & A Superbikes (King's Lynn) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

5

tangible assets

Long leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Cost or valuation

At 1 February 2023

21,866

64,390

20,388

15,565

Additions

-

-

-

19,450

Disposals

-

-

-

(15,100)

At 31 January 2024

21,866

64,390

20,388

19,915

Depreciation

At 1 February 2023

13,340

57,797

18,416

10,760

Charge for the year

1,093

989

296

4,869

Eliminated on disposal

-

-

-

(10,322)

At 31 January 2024

14,433

58,786

18,712

5,307

Carrying amount

At 31 January 2024

7,433

5,604

1,676

14,608

At 31 January 2023

8,526

6,593

1,972

4,805

Total
£

Cost or valuation

At 1 February 2023

122,209

Additions

19,450

Disposals

(15,100)

At 31 January 2024

126,559

Depreciation

At 1 February 2023

100,313

Charge for the year

7,247

Eliminated on disposal

(10,322)

At 31 January 2024

97,238

Carrying amount

At 31 January 2024

29,321

At 31 January 2023

21,896

 

C & A Superbikes (King's Lynn) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Obligations under hire purchase agreements
Included within the carrying value of tangible assets are the following amounts relating to assets held under hire purchase agreements:
Motor Vehicles £14,587 (2023: £4,777).

6

Stocks

2024
£

2023
£

Finished goods and goods for resale

228,031

293,073

7

Debtors

Current

2024
£

2023
£

Trade debtors

4,388

17,471

Prepayments

10,108

1,386

Other debtors

1,183

-

 

15,679

18,857

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

137,935

102,163

Trade creditors

 

23,545

100,408

Amounts due to related parties

2,845

7,036

Social security and other taxes

 

13,992

4,456

Other payables

 

8,128

7,118

Accruals

 

1,550

1,550

Tax liability

145

2,789

 

188,140

225,520

Due after one year

 

Loans and borrowings

66,741

80,914

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £127,935 (2023 - £92,163). Creditors due after more than one year include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £53,408, (2023 - £57,581).

 

C & A Superbikes (King's Lynn) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A Shares of £1 each

500

500

500

500

Ordinary B Shares of £1 each

500

500

500

500

Ordinary C Shares of £1 each

250

250

250

250

1,250

1,250

1,250

1,250

Each share is entitled to one vote in any circumstances and each share is also entitled pari passu to dividend payments or any other distribution, including a distribution arising from a winding up of the company.