G H Motorcycles Limited 04940778 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is the sale of Motorcycles and Accessories Digita Accounts Production Advanced 6.30.9574.0 true 04940778 2023-01-01 2023-12-31 04940778 2023-12-31 04940778 bus:OrdinaryShareClass1 2023-12-31 04940778 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-12-31 04940778 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-12-31 04940778 core:CurrentFinancialInstruments 2023-12-31 04940778 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 04940778 core:Non-currentFinancialInstruments 2023-12-31 04940778 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 04940778 core:Goodwill 2023-12-31 04940778 core:FurnitureFittingsToolsEquipment 2023-12-31 04940778 core:LandBuildings 2023-12-31 04940778 core:MotorVehicles 2023-12-31 04940778 core:OtherPropertyPlantEquipment 2023-12-31 04940778 bus:SmallEntities 2023-01-01 2023-12-31 04940778 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 04940778 bus:FilletedAccounts 2023-01-01 2023-12-31 04940778 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 04940778 bus:RegisteredOffice 2023-01-01 2023-12-31 04940778 bus:CompanySecretary1 2023-01-01 2023-12-31 04940778 bus:Director2 2023-01-01 2023-12-31 04940778 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 04940778 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04940778 bus:Agent1 2023-01-01 2023-12-31 04940778 core:Goodwill 2023-01-01 2023-12-31 04940778 core:CommunicationNetworkEquipment 2023-01-01 2023-12-31 04940778 core:FurnitureFittings 2023-01-01 2023-12-31 04940778 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 04940778 core:LandBuildings 2023-01-01 2023-12-31 04940778 core:LeaseholdImprovements 2023-01-01 2023-12-31 04940778 core:MotorCars 2023-01-01 2023-12-31 04940778 core:MotorVehicles 2023-01-01 2023-12-31 04940778 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 04940778 core:PlantMachinery 2023-01-01 2023-12-31 04940778 countries:England 2023-01-01 2023-12-31 04940778 2022-12-31 04940778 core:Goodwill 2022-12-31 04940778 core:FurnitureFittingsToolsEquipment 2022-12-31 04940778 core:LandBuildings 2022-12-31 04940778 core:MotorVehicles 2022-12-31 04940778 core:OtherPropertyPlantEquipment 2022-12-31 04940778 2022-01-01 2022-12-31 04940778 2022-12-31 04940778 bus:OrdinaryShareClass1 2022-12-31 04940778 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-12-31 04940778 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-12-31 04940778 core:CurrentFinancialInstruments 2022-12-31 04940778 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 04940778 core:Non-currentFinancialInstruments 2022-12-31 04940778 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 04940778 core:FurnitureFittingsToolsEquipment 2022-12-31 04940778 core:LandBuildings 2022-12-31 04940778 core:MotorVehicles 2022-12-31 04940778 core:OtherPropertyPlantEquipment 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registrar

Registration number: 04940778

G H Motorcycles Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

G H Motorcycles Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

G H Motorcycles Limited

Company Information

Director

G N Hockey

Company secretary

J Hockey

Registered office

3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

Bankers

HSBC Bank Plc
26 High Street
Colchester
Essex
CO1 1DQ

Accountants

Lambert Chapman LLP
Chartered Accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

G H Motorcycles Limited

(Registration number: 04940778)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

71,118

41,289

Current assets

 

Stocks

6

844,000

987,225

Debtors

7

94,860

160,292

Cash at bank and in hand

 

6,473

23,595

 

945,333

1,171,112

Creditors: Amounts falling due within one year

8

(879,661)

(1,061,467)

Net current assets

 

65,672

109,645

Total assets less current liabilities

 

136,790

150,934

Creditors: Amounts falling due after more than one year

8

(78,731)

(25,466)

Provisions for liabilities

(11,859)

(5,902)

Net assets

 

46,200

119,566

Capital and reserves

 

Called up share capital

10

1,000

1,000

Retained earnings

45,200

118,566

Shareholders' funds

 

46,200

119,566

For the financial year ended 31 December 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 24 September 2024
 

G N Hockey
Director

 

G H Motorcycles Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is: 3 Warners Mill, Silks Way, Braintree, Essex, CM7 3GB, England.

The principal place of business is: Unit 1, Challenge Way, Hythe Hill, Colchester, Essex, CO1 2LY.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of motorcycles and accessories in the ordinary course of the Company’s activities. Turnover is shown net of value added tax, returns, rebates and 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.

Tax

Current Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

 

G H Motorcycles Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Depreciation

Depreciation is charged so as to write off the cost or valuation of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

10% straight line

Office equipment

25% straight line

Motor vehicles

25% reducing balance

Website development

33% straight line

Plant and machinery

25% straight line

Goodwill

Goodwill arising on the acquisition of an entity in 2004 represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

G H Motorcycles Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated in line with the respective asset class as set out in the accounting policy above. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 10 (2022 - 11).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

85,000

85,000

At 31 December 2023

85,000

85,000

Amortisation

At 1 January 2023

85,000

85,000

At 31 December 2023

85,000

85,000

Carrying amount

At 31 December 2023

-

-

 

G H Motorcycles Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Tangible assets

Leasehold improvements
£

Office equipment and website development
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2023

21,850

26,700

89,560

43,344

181,454

Additions

-

459

39,342

1,310

41,111

At 31 December 2023

21,850

27,159

128,902

44,654

222,565

Depreciation

At 1 January 2023

7,704

25,099

75,386

31,976

140,165

Charge for the year

2,185

722

3,544

4,831

11,282

At 31 December 2023

9,889

25,821

78,930

36,807

151,447

Carrying amount

At 31 December 2023

11,961

1,338

49,972

7,847

71,118

At 31 December 2022

14,146

1,601

14,174

11,368

41,289

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

844,000

987,225

7

Debtors

2023
£

2022
£

Trade debtors

64,952

74,500

Other debtors

23,292

34,919

Prepayments

6,616

50,873

94,860

160,292

 

G H Motorcycles Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

124,833

32,706

Trade creditors

 

665,131

978,342

Directors loan

 

65,219

28,328

Other creditors

 

18,714

19,051

Taxation and social security

 

2,669

-

Accruals and deferred income

 

3,095

3,040

 

879,661

1,061,467


Creditors include bank loans which are secured of £21,345 (2022 - £nil).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

78,731

25,466

Creditors over one year include bank loans which are secured of £63,731 (2022 - £nil).

Bank borrowings

9

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Bank borrowings

19,517

10,187

Bank overdrafts

93,487

22,519

Hire purchase contracts

11,829

-

124,833

32,706

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

51,218

25,466

Hire purchase contracts

27,513

-

78,731

25,466

 

G H Motorcycles Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

10

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

       

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £199,461 (2022 - £397,949). The financial commitments not included in the balance sheet are in respect of operating leases.