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COMPANY REGISTRATION NUMBER: 13721458
Hitchcox Motorcycles Ltd
Filleted Unaudited Financial Statements
30 November 2023
Hitchcox Motorcycles Ltd
Financial Statements
Year ended 30 November 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Hitchcox Motorcycles Ltd
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
5
5,202
5,773
Tangible assets
6
30,732
25,715
--------
--------
35,934
31,488
Current assets
Debtors
7
8,592
6,735
Cash at bank and in hand
40,827
36,820
--------
--------
49,419
43,555
Creditors: amounts falling due within one year
8
44,921
23,294
--------
--------
Net current assets
4,498
20,261
--------
--------
Total assets less current liabilities
40,432
51,749
--------
--------
Net assets
40,432
51,749
--------
--------
Capital and reserves
Called up share capital
137
137
Share premium account
50,042
50,042
Profit and loss account
( 9,747)
1,570
--------
--------
Shareholders funds
40,432
51,749
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Hitchcox Motorcycles Ltd
Statement of Financial Position (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 12 September 2024 , and are signed on behalf of the board by:
T J Hitchcox
Director
Company registration number: 13721458
Hitchcox Motorcycles Ltd
Notes to the Financial Statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 44 Wodhams Drive, Brackley, NN13 6NB, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts have been prepared on a going concern basis which relies upon the continuing support of the directors.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Website
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% straight line
Fixtures and fittings
-
20% straight line
Motor vehicles
-
20% straight line
Equipment
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and 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. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Intangible assets
Website
£
Cost
At 1 December 2022
6,333
Additions
793
-------
At 30 November 2023
7,126
-------
Amortisation
At 1 December 2022
560
Charge for the year
1,364
-------
At 30 November 2023
1,924
-------
Carrying amount
At 30 November 2023
5,202
-------
At 30 November 2022
5,773
-------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 December 2022
26,066
2,700
86
28,852
Additions
9,669
219
1,400
128
11,416
--------
-------
-------
----
--------
At 30 November 2023
35,735
2,919
1,400
214
40,268
--------
-------
-------
----
--------
Depreciation
At 1 December 2022
2,767
360
10
3,137
Charge for the year
5,566
559
257
17
6,399
--------
-------
-------
----
--------
At 30 November 2023
8,333
919
257
27
9,536
--------
-------
-------
----
--------
Carrying amount
At 30 November 2023
27,402
2,000
1,143
187
30,732
--------
-------
-------
----
--------
At 30 November 2022
23,299
2,340
76
25,715
--------
-------
-------
----
--------
7. Debtors
2023
2022
£
£
Trade debtors
4,128
Other debtors
4,464
6,735
-------
-------
8,592
6,735
-------
-------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
20,466
Other creditors
24,455
23,294
--------
--------
44,921
23,294
--------
--------
9. Related party transactions
At the year end the company owed £3,505 (2022: £22,394) to a director.