Registration number:
Simply V8 Motorcycles Limited
for the Year Ended 31 July 2023
Simply V8 Motorcycles Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Simply V8 Motorcycles Limited
Company Information
Directors |
I D Brewer E D A Brewer S Brewer |
Registered office |
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Accountants |
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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.
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Chartered Certified Accountants
Gorseinon
Swansea
SA4 4ZE
Simply V8 Motorcycles Limited
(Registration number: 09139047)
Balance Sheet as at 31 July 2023
Note |
2023 |
2022 |
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Fixed assets |
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Intangible assets |
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Creditors: Amounts falling due within one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
( |
( |
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Shareholders' deficit |
( |
( |
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:
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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
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Simply V8 Motorcycles Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023
General information |
The company is a private company limited by share capital, incorporated in Wales.
The address of its registered office is:
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Intangible assets |
Development costs |
Total |
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Cost or valuation |
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At 1 August 2022 |
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At 31 July 2023 |
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Amortisation |
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Carrying amount |
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At 31 July 2023 |
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At 31 July 2022 |
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Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Due within one year |
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Accruals and deferred income |
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Other creditors |
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Simply V8 Motorcycles Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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1 |
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1 |