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REGISTERED NUMBER: 13948787 (England and Wales)













UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

MALLORY MOTORCYCLES LTD

MALLORY MOTORCYCLES LTD (REGISTERED NUMBER: 13948787)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MALLORY MOTORCYCLES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: N R Kearney
Mrs C S Kearney





REGISTERED OFFICE: 54 Main Street
Newbold Verdon
United Kingdom
Leicestershire
LE9 9NN





REGISTERED NUMBER: 13948787 (England and Wales)





ACCOUNTANTS: PWH Accountancy Ltd
The Counting House
High Street
Lutterworth
Leicestershire
LE17 4AY

MALLORY MOTORCYCLES LTD (REGISTERED NUMBER: 13948787)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 20,443 26,715

CURRENT ASSETS
Stocks 150,889 140,849
Debtors 6 1,017 895
Cash at bank and in hand 30,531 9,534
182,437 151,278
CREDITORS
Amounts falling due within one year 7 117,097 151,231
NET CURRENT ASSETS 65,340 47
TOTAL ASSETS LESS CURRENT
LIABILITIES

85,783

26,762

PROVISIONS FOR LIABILITIES 8 3,884 -
NET ASSETS 81,899 26,762

CAPITAL AND RESERVES
Called up share capital 9 2 2
Retained earnings 10 81,897 26,760
SHAREHOLDERS' FUNDS 81,899 26,762

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

MALLORY MOTORCYCLES LTD (REGISTERED NUMBER: 13948787)

BALANCE SHEET - continued
31 MARCH 2024


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 August 2024 and were signed on its behalf by:





N R Kearney - Director


MALLORY MOTORCYCLES LTD (REGISTERED NUMBER: 13948787)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Mallory Motorcycles Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the Company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant, Actual results may differ from these estimates.

Turnover
Revenue comprises the fair value of the consideration received or receivable for the rendering of services in the ordinary course of the company's activities. Revenue is shown net of VAT and trade 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. The amount of revenue is not considered to be reliably measurable until all contingencies relating to the sale have been resolved. The company bases its estimates on historical results, taking into consideration the type of customer, the type of transaction and the specifics of each arrangement.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

MALLORY MOTORCYCLES LTD (REGISTERED NUMBER: 13948787)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

3. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets
Receivables are stated at amortised cost using the effective interest rate method. A provision for impairment of receivables is established where there is objective evidence that the company will not be able to collect all amounts due according to the original terms of payment. Receivables are considered for impairment on a case by case basis and any provision is based on the directors' assessment of the amount recoverable on each receivable.

Financial liabilities
The company's financial liabilities include trade and other payables, which are measured at amortised cost using the effective interest rate method. Financial liabilities are recognised when the company becomes a party to the contractual agreements of the instrument. Interest-related charges are recognised as an expense in the period in which they are incurred.

Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less, and bank overdrafts.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

MALLORY MOTORCYCLES LTD (REGISTERED NUMBER: 13948787)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

5. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2023 1,748 32,140 1,498 35,386
Additions 303 - - 303
At 31 March 2024 2,051 32,140 1,498 35,689
DEPRECIATION
At 1 April 2023 262 8,035 374 8,671
Charge for year 268 6,026 281 6,575
At 31 March 2024 530 14,061 655 15,246
NET BOOK VALUE
At 31 March 2024 1,521 18,079 843 20,443
At 31 March 2023 1,486 24,105 1,124 26,715

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Prepayments 1,017 895

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 1 -
Tax 18,799 270
Social security and other taxes - 96
VAT 4,762 5,878
Directors' current accounts 92,035 142,512
Accrued expenses 1,500 2,475
117,097 151,231

8. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 3,884 -

Deferred
tax
£   
Charge to Income Statement during year 3,884
Balance at 31 March 2024 3,884

MALLORY MOTORCYCLES LTD (REGISTERED NUMBER: 13948787)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary £1 2 2

10. RESERVES
Retained
earnings
£   

At 1 April 2023 26,760
Profit for the year 56,137
Dividends (1,000 )
At 31 March 2024 81,897

11. ULTIMATE CONTROLLING PARTY

The directors act as the controlling party by reason of their controlling interest in the shares of the company.