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COMPANY REGISTRATION NUMBER: 01996092
Trade Motorcycles Limited
Filleted Unaudited Financial Statements
29 February 2024
Trade Motorcycles Limited
Financial Statements
Year ended 29 February 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Trade Motorcycles Limited
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
1,206,535
1,208,247
Current assets
Stocks
19,252
19,252
Debtors
6
3,398
3,398
Cash at bank and in hand
6,924
5,375
--------
--------
29,574
28,025
Creditors: amounts falling due within one year
7
319,066
311,571
---------
---------
Net current liabilities
289,492
283,546
------------
------------
Total assets less current liabilities
917,043
924,701
Creditors: amounts falling due after more than one year
8
401,315
401,278
Provisions
Taxation including deferred tax
102,404
58,949
---------
---------
Net assets
413,324
464,474
---------
---------
Capital and reserves
Called up share capital
200
200
Non-distributable reserves
456,519
481,545
Profit and loss account
( 43,395)
( 17,271)
---------
---------
Shareholders funds
413,324
464,474
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 29 February 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Trade Motorcycles Limited
Statement of Financial Position (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 10 July 2024 , and are signed on behalf of the board by:
Mr D J Percival
Director
Company registration number: 01996092
Trade Motorcycles Limited
Notes to the Financial Statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 27 New Dover Road, Canterbury, Kent, CT1 3DN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved taxlosses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Short term debtors and creditors are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 March 2023
1,200,000
12,610
19,811
1,232,421
Additions
394
394
------------
--------
--------
------------
At 29 February 2024
1,200,000
13,004
19,811
1,232,815
------------
--------
--------
------------
Depreciation
At 1 March 2023
8,650
15,524
24,174
Charge for the year
1,034
1,072
2,106
------------
--------
--------
------------
At 29 February 2024
9,684
16,596
26,280
------------
--------
--------
------------
Carrying amount
At 29 February 2024
1,200,000
3,320
3,215
1,206,535
------------
--------
--------
------------
At 28 February 2023
1,200,000
3,960
4,287
1,208,247
------------
--------
--------
------------
The land and building was revalued in 2018 by the directors to represent current market value. No formal valuation was undertaken by the directors. The land and building is an investment property and under FRS102 it is accounted for using the fair value accounting rules and no depreciation is charged.
6. Debtors
2024
2023
£
£
Other debtors
3,398
3,398
-------
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
319,066
311,571
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
401,315
401,278
---------
---------
Capital Home Loans Limited have a deed of charge over 15 Brighton Road, Watford and 75 The Harebreaks, Watford.
9. Related party transactions
At the year end a director was owed £310,994 (2023: 302,032) by the company. During the year advances of £22,138 (2023: £36,139) were made to the director, and repayments of £31,100 (2023: £407,850) were made by the director.