Company registration number SC250793 (Scotland)
NORTH HARBOUR MOTORCYCLES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
NORTH HARBOUR MOTORCYCLES LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
NORTH HARBOUR MOTORCYCLES LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr Mr V A Devine
Mr A Langan
Secretary
Mr Mr V A Devine
Company number
SC250793
Registered office
18 North Harbour Street
Ayr
United Kingdom
KA8 8AA
Accountants
Consilium Chartered Accountants
169 West George Street
Glasgow
Scotland
G2 2LB
NORTH HARBOUR MOTORCYCLES LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
18,059
22,398
Current assets
Stocks
384,415
319,224
Debtors
4
9,611
4,691
Cash at bank and in hand
557
394,026
324,472
Creditors: amounts falling due within one year
5
(390,522)
(278,843)
Net current assets
3,504
45,629
Total assets less current liabilities
21,563
68,027
Creditors: amounts falling due after more than one year
6
(16,921)
(30,126)
Net assets
4,642
37,901
Capital and reserves
Called up share capital
7
25,000
25,000
Profit and loss reserves
(20,358)
12,901
Total equity
4,642
37,901
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
NORTH HARBOUR MOTORCYCLES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2023
31 October 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 26 July 2024 and are signed on its behalf by:
Mr Mr V A Devine
Director
Company Registration No. SC250793
NORTH HARBOUR MOTORCYCLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 4 -
1
Accounting policies
Company information
North Harbour Motorcycles Limited is a private company limited by shares incorporated in Scotland. The registered office is 18 North Harbour Street, Ayr, United Kingdom, KA8 8AA. The Company's registered number is SC250793.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
The turnover shown in the profit and loss account represents the value of all goods sold during the year, less returns received and services delivered at a selling price exclusive of Value Added Tax. Sales are recognised at the point at which the company has fulfilled its contractual obligations to the customer.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
15% on cost
Computers
25% on cost
Motor vehicles
25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit and loss account.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Cost is calculated using the first-in, first-out method and includes the normal cost of transporting stock to its present location and condition.
NORTH HARBOUR MOTORCYCLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 5 -
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
NORTH HARBOUR MOTORCYCLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 6 -
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value, and are depreciated in accordance with the above depreciation policies.
Future instalments payable under such agreements, net of finance charges, are included within creditors. Rentals payable are apportioned between the capital element, which reduces the outstanding obligation included within creditors, and the finance element, which is charged to the profit and loss account on a straight line basis.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Total
10
10
3
Tangible fixed assets
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 November 2022
26,737
21,582
14,906
63,225
Additions
579
2,970
3,549
At 31 October 2023
27,316
24,552
14,906
66,774
Depreciation and impairment
At 1 November 2022
10,388
19,570
10,869
40,827
Depreciation charged in the year
2,782
1,379
3,727
7,888
At 31 October 2023
13,170
20,949
14,596
48,715
Carrying amount
At 31 October 2023
14,146
3,603
310
18,059
At 31 October 2022
16,349
2,012
4,037
22,398
NORTH HARBOUR MOTORCYCLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 7 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,420
Other debtors
9,611
3,271
9,611
4,691
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
67,069
12,136
Trade creditors
156,384
143,238
Taxation and social security
17,423
14,473
Other creditors
149,646
108,996
390,522
278,843
Included within other creditors are amounts totalling £2,379 (2022: £2,379) relating to hire purchase contracts. The liabilities are secured over the assets to which they relate.
The company's bankers hold a bond & floating charge over all assets of the company.
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
16,514
27,340
Other creditors
407
2,786
16,921
30,126
Included within other creditors are amounts totalling £407 (2022: £2,786) relating to hire purchase contracts. The
The liabilities are secured over the assets to which they relate.
7
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
25,000 Ordinary shares of £1
25,000
25,000
8
Related party transactions
NORTH HARBOUR MOTORCYCLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
8
Related party transactions
(Continued)
- 8 -
Other creditors falling due within one year includes £98,000 (2022: £75,000) due to the company's directors. The loans are unsecured, interest free and have no fixed repayment terms.
No other transactions with related parties were undertaken such as are required to be disclosed under the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".