REGISTERED NUMBER: |
MOTOHAUS POWERSPORTS LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 FEBRUARY 2023 TO 31 DECEMBER 2023 |
REGISTERED NUMBER: |
MOTOHAUS POWERSPORTS LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 FEBRUARY 2023 TO 31 DECEMBER 2023 |
MOTOHAUS POWERSPORTS LIMITED (REGISTERED NUMBER: 03461184) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the period 1 February 2023 to 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Chartered Accountants' Report | 8 |
MOTOHAUS POWERSPORTS LIMITED |
COMPANY INFORMATION |
for the period 1 February 2023 to 31 December 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Ashbourne House |
The Guildway |
Old Portsmouth Road |
Guildford |
Surrey |
GU3 1LR |
MOTOHAUS POWERSPORTS LIMITED (REGISTERED NUMBER: 03461184) |
BALANCE SHEET |
31 December 2023 |
2023 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Retained earnings |
The director acknowledges his 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. |
MOTOHAUS POWERSPORTS LIMITED (REGISTERED NUMBER: 03461184) |
BALANCE SHEET - continued |
31 December 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
MOTOHAUS POWERSPORTS LIMITED (REGISTERED NUMBER: 03461184) |
NOTES TO THE FINANCIAL STATEMENTS |
for the period 1 February 2023 to 31 December 2023 |
1. | STATUTORY INFORMATION |
Motohaus Powersports Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents net invoiced sales of goods excluding value added tax. This is recognised when the significant risks and rewards of the ownership for the goods has transferred to the customer, which is upon dispatch. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life. |
Land and buildings | - Over the period of the lease |
Plant and machinery etc | - 25% on reducing balance, 20% straight line or over period of lease |
Tangible fixed assets are stated at their historic cost price less accumulated depreciation. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for use. The asset's residual values, useful lives and depreciation methods are reviewed if there is an indication of significant change since the last reporting date. |
On disposal the difference between the net proceeds and carrying amount of the item sold is recognised in profit or loss, and included in administrative expenses. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is based on the cost of purchase on a weighted average basis. |
Financial instruments |
Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instruments. All financial assets and liabilities are initially measured at transaction price. The company has no financial assets measured at fair value through profit or loss. All subsequent remeasurement of financial assets and liabilities are recognised at amortised cost using the effective interest rate method. The company does not have any non-basic financial instruments. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
MOTOHAUS POWERSPORTS LIMITED (REGISTERED NUMBER: 03461184) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 1 February 2023 to 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements. |
Deferred tax is measured at the average tax rates that are expected to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantially enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis. |
Foreign currencies |
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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Provisions for liabilities |
Provisions are recognised in the financial statements for all expected future cash outflows arising in respect of lease dilapidations. |
Provisions for lease dilapidations are provided for when the company has a contractual obligation under the agreed lease term to return the premises to its original order. The provision is based on previous experience and is apportioned on the current state of repair. The expected costs are charged to the income statement as the director expects the costs to arise. |
It is uncertain when the company will terminate the lease and therefore the anticipated cost for the property is provided for over the term of the original lease. Historical provisions are not reversed if the company extends the lease. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the statement of comprehensive income so as to produce a constant periodic rate of charge on the net obligation outstanding each period. |
Rentals payable under operating leases are charged against income on a straight line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight line basis over the lease term unless there is another systematic basis representative of the time pattern of the lessee’s benefit from the leased asset. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
MOTOHAUS POWERSPORTS LIMITED (REGISTERED NUMBER: 03461184) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 1 February 2023 to 31 December 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 February 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 February 2023 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 January 2023 |
Plant and machinery includes assets with net book value of £44,612 (2023: £Nil) which are held as security in respect of hire purchase contracts. |
5. | DEBTORS |
2023 | 2023 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2023 |
£ | £ |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
MOTOHAUS POWERSPORTS LIMITED (REGISTERED NUMBER: 03461184) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 1 February 2023 to 31 December 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2023 |
£ | £ |
Hire purchase contracts |
The hire purchase creditor is secured over the assets to which it relates. |
8. | SECURED DEBTS |
In the period under review the company entered into a debenture agreement with HSBC UK PLC. The debenture is secured by way of a fixed and floating charge over the assets of the company. |
The overdraft facilities and any other liabilities due from the company to National Westminster Bank PLC are secured by fixed and floating charges over all of the company's assets. |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
Period |
1.2.23 |
to | Year Ended |
31.12.23 | 31.1.23 |
£ | £ |
Within one year | 53,678 | 50,339 |
Between one and five years | 192,345 | 214,711 |
246,023 | 265,050 |
10. | ULTIMATE CONTROLLING PARTY |
The Ultimate Parent Company is King Partners Limited. |
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
MOTOHAUS POWERSPORTS LIMITED |
The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Motohaus Powersports Limited for the period ended 31 December 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the director of Motohaus Powersports Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Motohaus Powersports Limited and state those matters that we have agreed to state to the director of Motohaus Powersports Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Motohaus Powersports Limited and its director for our work or for this report. |
It is your duty to ensure that Motohaus Powersports Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Motohaus Powersports Limited. You consider that Motohaus Powersports Limited is exempt from the statutory audit requirement for the period. |
We have not been instructed to carry out an audit or a review of the financial statements of Motohaus Powersports Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
This report should not be regarded as suitable to be used or relied on by any other party wishing to acquire any rights against Bessler Hendrie LLP for any purpose or in any context. Any party, other than the Directors, who obtain access to this report or a copy and chooses to rely on this report (or any part of it) will do so at its own risk. |
Chartered Accountants |
Ashbourne House |
The Guildway |
Old Portsmouth Road |
Guildford |
Surrey |
GU3 1LR |