Registered number
08053474
Paul Nobbs Motorcycles Ltd
Filleted Accounts
31 March 2024
Paul Nobbs Motorcycles Ltd
Registered number: 08053474
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 24,640 14,605
Current assets
Stocks 21,051 17,896
Debtors 4 4,042 3,641
Cash at bank and in hand 139,259 118,424
164,352 139,961
Creditors: amounts falling due within one year 5 (35,538) (21,822)
Net current assets 128,814 118,139
Total assets less current liabilities 153,454 132,744
Provisions for liabilities (412) (24)
Net assets 153,042 132,720
Capital and reserves
Called up share capital 1 1
Profit and loss account 153,041 132,719
Shareholders' funds 153,042 132,720
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
Paul Edward Nobbs
Director
Approved by the board on 13 August 2024
Paul Nobbs Motorcycles Ltd
Notes to the Accounts
for the year ended 31 March 2024
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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost on a reducing balance basis , as follows:
Plant and machinery 25% per year
Motor vehicles 25% per year
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 7,319 24,992 32,311
Additions 801 31,505 32,306
Disposals - (24,992) (24,992)
At 31 March 2024 8,120 31,505 39,625
Depreciation
At 1 April 2023 6,772 10,934 17,706
Charge for the year 337 7,876 8,213
On disposals - (10,934) (10,934)
At 31 March 2024 7,109 7,876 14,985
Net book value
At 31 March 2024 1,011 23,629 24,640
At 31 March 2023 547 14,058 14,605
4 Debtors 2024 2023
£ £
Trade debtors 431 -
Prepayments 3,611 3,641
4,042 3,641
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 13,014 6,891
Corporation tax 16,475 9,654
Other taxes and social security costs 5,065 4,062
Directors loan 984 1,215
35,538 21,822
6 Loans from director to company
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Paul Edward Nobbs
Interest Free Loan 917 (39,122) 39,080 875
917 (39,122) 39,080 875
7 Other information
Paul Nobbs Motorcycles Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 2a, Ely Road
Sutton
Ely
Cambridgeshire
CB6 2QD
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