Registered number
03201002
Inta Motorcycle Services Ltd
Filleted Accounts
31 October 2023
Inta Motorcycle Services Ltd
Registered number: 03201002
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 21,393 25,191
21,393 25,191
Current assets
Stocks 313,000 283,018
Debtors 4 1,400 11,067
Cash at bank and in hand 5,460 7,248
319,860 301,333
Creditors: amounts falling due within one year 5 (76,198) (57,685)
Net current assets 243,662 243,648
Total assets less current liabilities 265,055 268,839
Creditors: amounts falling due after more than one year 6 (256,810) (266,498)
Net assets 8,245 2,341
Capital and reserves
Called up share capital 2 2
Profit and loss account 8,243 2,339
Shareholder's funds 8,245 2,341
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Austin Holmes
Director
Approved by the board on 26 July 2024
Inta Motorcycle Services Ltd
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 6 6
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 November 2022 - 48,490 73,359 121,849
Additions - 3,333 - 3,333
At 31 October 2023 - 51,823 73,359 125,182
Depreciation
At 1 November 2022 - 40,155 56,503 96,658
Charge for the year - 2,917 4,214 7,131
At 31 October 2023 - 43,072 60,717 103,789
Net book value
At 31 October 2023 - 8,751 12,642 21,393
At 31 October 2022 - 8,335 16,856 25,191
4 Debtors 2023 2022
£ £
Trade debtors - 10,000
Other debtors 1,400 1,067
1,400 11,067
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 22,763 17,739
Taxation and social security costs 25,996 15,295
Other creditors 27,439 24,651
76,198 57,685
6 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors 256,810 266,498
256,810 266,498
7 Other information
Inta Motorcycle Services Ltd is a private company limited by shares and incorporated in England. Its registered office is:
99 Upper Stone Street
Maidstone
Kent
ME15 6HE
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