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Registered number: 01213668
Talon Engineering Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 01213668
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 19,602 13,860
Tangible Assets 5 1,194,190 525,216
1,213,792 539,076
CURRENT ASSETS
Stocks 1,077,192 1,408,738
Debtors 6 1,491,382 1,575,359
Cash at bank and in hand 28,054 23,912
2,596,628 3,008,009
Creditors: Amounts Falling Due Within One Year 7 (1,020,747 ) (790,096 )
NET CURRENT ASSETS (LIABILITIES) 1,575,881 2,217,913
TOTAL ASSETS LESS CURRENT LIABILITIES 2,789,673 2,756,989
Creditors: Amounts Falling Due After More Than One Year 8 (761,523 ) (268,562 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (9,465 ) (63,476 )
NET ASSETS 2,018,685 2,424,951
CAPITAL AND RESERVES
Called up share capital 11,523 11,523
Profit and Loss Account 2,007,162 2,413,428
SHAREHOLDERS' FUNDS 2,018,685 2,424,951
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For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Rod McDonagh
Director
21 August 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Talon Engineering Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01213668 . The registered office is 44 Sea King Road, Lynx Trading Estate, Yeovil, Somerset, BA20 2NZ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover form the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets is website development. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15% reducing balance
Motor Vehicles 25% reducing balance
2.6. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.7. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.8. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.9. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
2024 2023
Average number of employees, including directors 28 37
28 37
4. Intangible Assets
Goodwill Other Total
£ £ £
Cost
As at 1 April 2023 11,479 13,860 25,339
Additions - 7,920 7,920
As at 31 March 2024 11,479 21,780 33,259
Amortisation
As at 1 April 2023 11,479 - 11,479
Provided during the period - 2,178 2,178
As at 31 March 2024 11,479 2,178 13,657
Net Book Value
As at 31 March 2024 - 19,602 19,602
As at 1 April 2023 - 13,860 13,860
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Page 5
5. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 April 2023 2,283,086 73,268 2,356,354
Additions 810,584 53,651 864,235
Disposals (77,300 ) (60,550 ) (137,850 )
As at 31 March 2024 3,016,370 66,369 3,082,739
Depreciation
As at 1 April 2023 1,771,007 60,131 1,831,138
Provided during the period 176,089 3,617 179,706
Disposals (69,356 ) (52,939 ) (122,295 )
As at 31 March 2024 1,877,740 10,809 1,888,549
Net Book Value
As at 31 March 2024 1,138,630 55,560 1,194,190
As at 1 April 2023 512,079 13,137 525,216
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 136,506 189,273
Prepayments and accrued income 2,805 8,819
Other debtors 18,750 19,246
VAT - 1,267
Amounts owed by group undertakings 1,333,321 1,356,754
1,491,382 1,575,359
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 109,633 -
Trade creditors 223,996 166,953
Bank loans and overdrafts 503,853 503,577
Other taxes and social security 38,222 16,311
VAT 28,712 -
Other creditors 45,000 -
Invoice finance facility 52,356 47,441
Pension liability 35 -
Accruals and deferred income 18,940 16,072
Payments on account - 39,742
1,020,747 790,096
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8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 728,099 -
Bank loans 33,424 268,562
761,523 268,562
9. Secured Creditors
Of the creditors the following amounts are secured.
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 837,732 -
Bank loans and overdrafts 550,148 774,376
10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 109,633 -
Later than one year and not later than five years 728,099 -
837,732 -
837,732 -
11. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 78,359 78,359
Later than one year and not later than five years 22,390 100,749
100,749 179,108
12. Related Party Transactions
During the year the company maintained a loan with its immediate parent company. The loan is interest free and repayable on demand. At the balance sheet date the amount due to the company was £1,319,791 (2023 - £1,223,715).
The company also maintained a loan with its ultimate parent company. The loan is interest free and repayable on demand. At the balance sheet date the amount due to the company was £13,530 (2023 - £133,039).
13. Ultimate Parent Undertaking and Controlling Party
The company's immediate parent undertaking is Spirit Interco Limited . The ultimate parent undertaking is Spirit Motorcycles Limited which owns 100% of the shares of Spirit Interco Limited .
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