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REGISTERED NUMBER: 03958906 (England and Wales)






















Fiveways Motorcycle Centre Limited

Unaudited Financial Statements for the Year Ended 31 December 2023






Fiveways Motorcycle Centre Limited (Registered number: 03958906)






Contents of the Financial Statements
for the year ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Fiveways Motorcycle Centre Limited

Company Information
for the year ended 31 December 2023







DIRECTORS: Mrs L S Robinson
G F Robinson
T F Robinson





SECRETARY: Mrs L S Robinson





REGISTERED OFFICE: Walton House
Walton Street
Hull
East Yorkshire
HU3 6JB





REGISTERED NUMBER: 03958906 (England and Wales)





ACCOUNTANTS: Smailes Goldie
Chartered Accountants
Regent's Court
Princess Street
Hull
East Yorkshire
HU2 8BA

Fiveways Motorcycle Centre Limited (Registered number: 03958906)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 74,126 31,012
74,126 31,012

CURRENT ASSETS
Stocks 1,047,193 935,942
Debtors 6 143,764 101,746
Cash at bank and in hand 210 116,976
1,191,167 1,154,664
CREDITORS
Amounts falling due within one year 7 697,706 616,344
NET CURRENT ASSETS 493,461 538,320
TOTAL ASSETS LESS CURRENT
LIABILITIES

567,587

569,332

PROVISIONS FOR LIABILITIES 11,496 5,579
NET ASSETS 556,091 563,753

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 555,091 562,753
SHAREHOLDERS' FUNDS 556,091 563,753

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Fiveways Motorcycle Centre Limited (Registered number: 03958906)

Balance Sheet - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 June 2024 and were signed on its behalf by:




G F Robinson - Director



T F Robinson - Director


Fiveways Motorcycle Centre Limited (Registered number: 03958906)

Notes to the Financial Statements
for the year ended 31 December 2023

1. STATUTORY INFORMATION

Fiveways Motorcycle Centre Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Intangible assets - goodwill
Goodwill arising on business combinations is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful life. Provision is made for any impairment as and when the need arises.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Land and buildings- 15% on cost
Plant and machinery etc- 15%, 25% and 33% on cost

Stocks
Stocks are stated 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 stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow- moving stock where appropriate.


Fiveways Motorcycle Centre Limited (Registered number: 03958906)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charges to profit or loss in the period to which they relate.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and are receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2022 - 13 ) .

Fiveways Motorcycle Centre Limited (Registered number: 03958906)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 202,995
AMORTISATION
At 1 January 2023
and 31 December 2023 202,995
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 33,988 206,832 240,820
Additions 26,237 38,157 64,394
Disposals - (18,750 ) (18,750 )
At 31 December 2023 60,225 226,239 286,464
DEPRECIATION
At 1 January 2023 26,436 183,372 209,808
Charge for year 3,189 18,091 21,280
Eliminated on disposal - (18,750 ) (18,750 )
At 31 December 2023 29,625 182,713 212,338
NET BOOK VALUE
At 31 December 2023 30,600 43,526 74,126
At 31 December 2022 7,552 23,460 31,012

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 42,363 84,433
Other debtors 101,401 17,313
143,764 101,746

Fiveways Motorcycle Centre Limited (Registered number: 03958906)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 91,235 -
Hire purchase contracts (see note 8) - 3,409
Trade creditors 352,510 496,275
Taxation and social security 74,917 53,846
Other creditors 179,044 62,814
697,706 616,344

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year - 3,409

Non-cancellable operating leases
2023 2022
£    £   
Within one year 34,750 -
Between one and five years 139,000 -
In more than five years 9,108 -
182,858 -

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdraft 91,235 -
Hire purchase contracts - 3,409
91,235 3,409

Hire purchase contracts are secured over the assets to which the agreements relates.

The bank overdraft is secured by way of a debenture over the company's assets.

10. OTHER FINANCIAL COMMITMENTS

Included in other creditors is an amount of £666 in respect of unpaid pension contributions at the year end (2022: £834).