2023-04-012024-03-312024-03-31falseNI050359CROSSAN MOTORCYCLES 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CROSSAN MOTORCYCLES LIMITED

Registered Number
NI050359
(Northern Ireland)

Unaudited Financial Statements for the Year ended
31 March 2024

CROSSAN MOTORCYCLES LIMITED
Company Information
for the year from 1 April 2023 to 31 March 2024

Directors

FEGAN, Adrian John
MAGEE, Della Anne-Marie

Company Secretary

FEGAN, Adrian John

Registered Address

51 Crossan Road
Mayobridge
Newry
BT34 2HY

Registered Number

NI050359 (Northern Ireland)
CROSSAN MOTORCYCLES LIMITED
Balance Sheet as at
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets392,245162,054
92,245162,054
Current assets
Stocks42,160,2001,765,680
Debtors481,541693,217
Cash at bank and on hand269,773242,904
2,911,5142,701,801
Creditors amounts falling due within one year5(927,643)(1,008,090)
Net current assets (liabilities)1,983,8711,693,711
Total assets less current liabilities2,076,1161,855,765
Provisions for liabilities6(14,512)(14,512)
Net assets2,061,6041,841,253
Capital and reserves
Called up share capital22
Profit and loss account2,061,6021,841,251
Shareholders' funds2,061,6041,841,253
The financial statements were approved and authorised for issue by the Board of Directors on 5 September 2024, and are signed on its behalf by:
FEGAN, Adrian John
Director
Registered Company No. NI050359
CROSSAN MOTORCYCLES LIMITED
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Revenue from sale of goods
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.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
2.Average number of employees

20242023
Average number of employees during the year1619
3.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Office Equipment

Total

£££££
Cost or valuation
At 01 April 2390,895167,481198,03353,072509,481
Additions22,0273,71284,0002,498112,237
Disposals-(133,863)(252,443)(41,817)(428,123)
At 31 March 24112,92237,33029,59013,753193,595
Depreciation and impairment
At 01 April 2338,705105,864172,24930,609347,427
Charge for year6,9714,55910,4921,39323,415
On disposals-(86,707)(154,442)(28,363)(269,512)
Other adjustments--20-20
At 31 March 2445,67623,71628,3193,639101,350
Net book value
At 31 March 2467,24613,6141,27110,11492,245
At 31 March 2352,19061,61725,78422,463162,054
4.Stocks

2024

2023

££
Finished goods2,160,2001,765,680
Total2,160,2001,765,680
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables794,005745,481
Bank borrowings and overdrafts-5,003
Amounts owed to related parties-69,266
Taxation and social security119,94369,391
Other creditors7,270112,525
Accrued liabilities and deferred income6,4256,424
Total927,6431,008,090
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.
6.Provisions for liabilities
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.

2024

2023

££
Net deferred tax liability (asset)14,51214,512
Total14,51214,512