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Registration number: 05956097

Mad 4 Motocross Ltd

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

image-name
 

Mad 4 Motocross Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 9

 

Mad 4 Motocross Ltd

Company Information

Directors

Mr K Elahi

Mrs C Elahi

Company secretary

Mr K Elahi

Registered office

Unit 19 Stacey Bushes Trading Centre
Erica Road
Stacey Bushes
Milton Keynes
Buckinghamshire
MK12 6HS

Accountants

Michael J Emery & Co Limited
Chartered Accountants
22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Mad 4 Motocross Ltd
for the Year Ended 31 October 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Mad 4 Motocross Ltd for the year ended 31 October 2023 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Mad 4 Motocross Ltd, as a body, in accordance with the terms of our instructions. Our work has been undertaken solely to prepare for your approval the accounts of Mad 4 Motocross Ltd and state those matters that we have agreed to state to the Board of Directors of Mad 4 Motocross Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mad 4 Motocross Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Mad 4 Motocross Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Mad 4 Motocross Ltd. You consider that Mad 4 Motocross Ltd 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 Mad 4 Motocross Ltd. 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.

......................................

Michael J Emery & Co Limited
Chartered Accountants
22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

26 July 2024

 

Mad 4 Motocross Ltd

(Registration number: 05956097)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

5,464

8,900

Current assets

 

Stocks

5

364,851

381,851

Debtors

6

122,966

47,071

Cash at bank and in hand

 

281,374

327,633

 

769,191

756,555

Creditors: Amounts falling due within one year

7

(84,908)

(162,538)

Net current assets

 

684,283

594,017

Total assets less current liabilities

 

689,747

602,917

Provisions for liabilities

(1,257)

(1,691)

Net assets

 

688,490

601,226

Capital and reserves

 

Called up share capital

100

100

Retained earnings

688,390

601,126

Shareholders' funds

 

688,490

601,226

For the financial year ending 31 October 2023 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 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 Board on 26 July 2024 and signed on its behalf by:
 

 

Mad 4 Motocross Ltd

(Registration number: 05956097)
Balance Sheet as at 31 October 2023

.........................................
Mr K Elahi
Company secretary and director

 

Mad 4 Motocross Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales, 05956097.

The address of its registered office is:
Unit 19 Stacey Bushes Trading Centre
Erica Road
Stacey Bushes
Milton Keynes
Buckinghamshire
MK12 6HS

These financial statements were authorised for issue by the Board on 26 July 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.

Turnover

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.

Government grants

Grant income is recognised using the accruals model and is matched against the expenditure towards which it is intended to contribute.

Tax

The tax expense for the period comprises current and deferred 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.

 

Mad 4 Motocross Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

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.

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 balance sheet 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

Plant and machinery

25% on cost

Fixtures and fittings

25% on cost

Office equipment

25% on cost

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.

 

Mad 4 Motocross Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company during the year, including directors, was 2 (2022 - 1).

 

Mad 4 Motocross Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

6,593

10,130

3,972

3,300

23,995

At 31 October 2023

6,593

10,130

3,972

3,300

23,995

Depreciation

At 1 November 2022

3,117

10,024

1,679

275

15,095

Charge for the year

1,545

73

993

825

3,436

At 31 October 2023

4,662

10,097

2,672

1,100

18,531

Carrying amount

At 31 October 2023

1,931

33

1,300

2,200

5,464

At 31 October 2022

3,476

106

2,293

3,025

8,900

5

Stocks

2023
£

2022
£

Inventory

364,851

381,851

6

Debtors

2023
£

2022
£

Trade debtors

21,262

39,603

Other debtors

41,000

1,000

Prepayments

9,402

2,921

VAT Control account

-

3,547

Directors loan account

51,302

-

122,966

47,071

 

Mad 4 Motocross Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

55,066

137,142

Directors loan account

-

4,423

Accruals

1,693

1,560

Corporation tax control

24,708

19,413

PAYE and NIC creditor

9

-

VAT Control account

3,432

-

84,908

162,538

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £19,605 (2022 - £34,930).

9

Related party transactions

Transactions with directors

2023

At 1 November 2022
£

Advances to director
£

Repayments by director
£

At 31 October 2023
£

Mr K Elahi

(4,423)

70,090

(14,365)

51,301

The overdrawn director's loan account will be cleared within 9 months of the balance sheet date.

Summary of transactions with other related parties

EAC Consulting Group Limited

A company 50% owned and controlled by a relative of the director.

During the year, the company provided interest-free loans to EAC Consulting Group Limited of £40,000 (2022: £Nil). The amount outstanding at the balance sheet date was £40,000 (2022: £Nil) in respect of intercompany loans.