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REGISTERED NUMBER: 03494546 (England and Wales)


















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

CHORLEY YAMAHA CENTRE LIMITED

CHORLEY YAMAHA CENTRE LIMITED (REGISTERED NUMBER: 03494546)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


CHORLEY YAMAHA CENTRE LIMITED

COMPANY INFORMATION
for the Year Ended 31 December 2023







DIRECTORS: Mrs E Mason
L J Mason



SECRETARY: G Davies



REGISTERED OFFICE: Eaves Lane
Chorley
Lancashire
PR6 OTB



REGISTERED NUMBER: 03494546 (England and Wales)



AUDITORS: Fairhurst
Statutory Auditor
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB



BANKERS: Yorkshire Bank plc
3 Orchard Street
Preston
PR1 2EN

CHORLEY YAMAHA CENTRE LIMITED (REGISTERED NUMBER: 03494546)

STRATEGIC REPORT
for the Year Ended 31 December 2023

The directors present their strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS
The company continues to perform well with sales in excess of £22million and operating profits of £771k, which is pleasing.

There has been a substantial increase in the cost of living that has affected everyone which has obviously had an impact on people's priority of spending. We hope and strive to offer our discerning customers value for money and customer satisfaction.

We continue to improve our website for a positive and informative experience for all our potential customers, offering a healthy range of motorcycles showing competitive options and rates in the marketplace.

We will always be fully committed in providing our customers with the best and ultimate motorcycling experience. We realise fully and appreciate that our customers are 'key' and their continued support directly relates to our success in business.

Key Performance Indicators 2023 2022
£'000 £'000

Turnover 22,585 22,894
Gross profit 3,507 3,722
Gross margin (%) 15.5% 16.2%
Operating profit 771 1,264
EBITDA 778 1,272
Net assets 6,091 5,504

PRINCIPAL RISKS AND UNCERTAINTIES
The principal financial risks and uncertainties are associated with the company's ability to monitor and manage:

Cashflow
The company has certain transactions in foreign currencies but is not exposed to any material risks relating to exchange fluctuations. The company shares an overdraft facility with fellow subsidiary companies which operate within the agreed facility. The company's exposure to interest rate movements is not considered material and hence it is not believed to be necessary to hedge against rates.

Credit Risk
The company's principal financial asset is in stock. The credit risk is limited by an exposure to a number of major customers on whom either credit reports are obtained or whose annual accounts are regularly reviewed. Supplier terms are reviewed regularly, so as to take advantage of price and exchange rates, where appropriate.

Liquidity Risk
The cash facilities available to the company have been compared to their likely credit requirements over the next 12 months, from the date of signing these financial statements and are deemed to be adequate.

Price Risk
The company is exposed to a price risk arising on its bike purchases; we constantly monitor the markets, both at home and abroad, to ensure our buying and selling price structures are well managed and competitive.

ON BEHALF OF THE BOARD:





L J Mason - Director


24 September 2024

CHORLEY YAMAHA CENTRE LIMITED (REGISTERED NUMBER: 03494546)

REPORT OF THE DIRECTORS
for the Year Ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of motorcycle retailers.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

DIRECTORS
Mrs E Mason has held office during the whole of the period from 1 January 2023 to the date of this report.

Other changes in directors holding office are as follows:

L J Mason - appointed 7 June 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





L J Mason - Director


24 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CHORLEY YAMAHA CENTRE LIMITED

Opinion
We have audited the financial statements of Chorley Yamaha Centre Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CHORLEY YAMAHA CENTRE LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CHORLEY YAMAHA CENTRE LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- we identified the laws and regulations applicable to the company through discussions with directors and other
management, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on it's operations. Key laws and regulations that we identified included the UK Companies Act, tax legislation,
employment legislation and Health and Safety regulations.

- we enquired of the directors and reviewed correspondence with HMRC for evidence of non-compliance with laws and regulations. We also reviewed controls the directors have in place to ensure compliance.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of
actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of
potential bias.

- we reviewed financial statements disclosures and tested to supporting documentation to assess compliance with
relevant laws and regulations discussed above;

- we enquired of the directors about actual and potential litigation and claims.

Due to inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material
misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CHORLEY YAMAHA CENTRE LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




John B S Fairhurst BA(Hons) FCA (Senior Statutory Auditor)
for and on behalf of Fairhurst
Statutory Auditor
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB

24 September 2024

CHORLEY YAMAHA CENTRE LIMITED (REGISTERED NUMBER: 03494546)

STATEMENT OF COMPREHENSIVE
INCOME
for the Year Ended 31 December 2023

2023 2022
Notes £    £   

TURNOVER 22,584,556 22,894,278

Cost of sales 19,077,850 19,171,923
GROSS PROFIT 3,506,706 3,722,355

Administrative expenses 2,747,998 2,457,991
758,708 1,264,364

Other operating income 12,429 -
OPERATING PROFIT 771,137 1,264,364


Interest payable and similar expenses 4 13,965 -
PROFIT BEFORE TAXATION 5 757,172 1,264,364

Tax on profit 6 170,494 249,321
PROFIT FOR THE FINANCIAL YEAR 586,678 1,015,043

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

586,678

1,015,043

CHORLEY YAMAHA CENTRE LIMITED (REGISTERED NUMBER: 03494546)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 7 23,915 22,685
Investments 8 400,000 400,000
423,915 422,685

CURRENT ASSETS
Stocks 9 7,041,264 6,024,498
Debtors 10 4,289,612 7,094,184
Cash at bank and in hand 147,160 7,126
11,478,036 13,125,808
CREDITORS
Amounts falling due within one year 11 5,810,901 8,044,121
NET CURRENT ASSETS 5,667,135 5,081,687
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,091,050

5,504,372

CAPITAL AND RESERVES
Called up share capital 15 2 2
Retained earnings 16 6,091,048 5,504,370
SHAREHOLDERS' FUNDS 6,091,050 5,504,372

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2024 and were signed on its behalf by:





L J Mason - Director


CHORLEY YAMAHA CENTRE LIMITED (REGISTERED NUMBER: 03494546)

STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 2 4,489,327 4,489,329

Changes in equity
Total comprehensive income - 1,015,043 1,015,043
Balance at 31 December 2022 2 5,504,370 5,504,372

Changes in equity
Total comprehensive income - 586,678 586,678
Balance at 31 December 2023 2 6,091,048 6,091,050

CHORLEY YAMAHA CENTRE LIMITED (REGISTERED NUMBER: 03494546)

CASH FLOW STATEMENT
for the Year Ended 31 December 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (2,223,846 ) 1,767,035
Interest paid (13,965 ) -
Tax paid (359,609 ) (256,384 )
Net cash from operating activities (2,597,420 ) 1,510,651

Cash flows from investing activities
Purchase of tangible fixed assets (7,700 ) -
Net cash from investing activities (7,700 ) -

Cash flows from financing activities
Movement in intercompany loans 3,118,262 (2,054,008 )
Net cash from financing activities 3,118,262 (2,054,008 )

Increase/(decrease) in cash and cash equivalents 513,142 (543,357 )
Cash and cash equivalents at beginning of
year

2

(365,982

)

177,375

Cash and cash equivalents at end of year 2 147,160 (365,982 )

CHORLEY YAMAHA CENTRE LIMITED (REGISTERED NUMBER: 03494546)

NOTES TO THE CASH FLOW STATEMENT
for the Year Ended 31 December 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 757,172 1,264,364
Depreciation charges 6,470 7,389
Finance costs 13,965 -
777,607 1,271,753
Increase in stocks (1,016,766 ) (785,873 )
Decrease in trade and other debtors 35,340 40,540
(Decrease)/increase in trade and other creditors (2,020,027 ) 1,240,615
Cash generated from operations (2,223,846 ) 1,767,035

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31/12/23 1/1/23
£    £   
Cash and cash equivalents 147,160 7,126
Bank overdrafts - (373,108 )
147,160 (365,982 )
Year ended 31 December 2022
31/12/22 1/1/22
£    £   
Cash and cash equivalents 7,126 177,375
Bank overdrafts (373,108 ) -
(365,982 ) 177,375


3. ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

At 1/1/23 Cash flow At 31/12/23
£    £    £   
Net cash
Cash at bank and in hand 7,126 140,034 147,160
Bank overdrafts (373,108 ) 373,108 -
(365,982 ) 513,142 147,160
Total (365,982 ) 513,142 147,160

CHORLEY YAMAHA CENTRE LIMITED (REGISTERED NUMBER: 03494546)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Chorley Yamaha Centre Limited 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about Chorley Yamaha Centre Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, 2 Moto Limited, White Bear Yard, Park Road, Adlington, Chorley, PR7 4HZ.

Significant judgements and estimates
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:

(a) Stock provision
Stock provisions have been estimated by senior management where the anticipated net realisable value of stock items is lower than cost. Net realisable value has been determined by considering the stock items current and expected sales value, overall stock quantity and sales volume.

(b) Useful economic lives
The useful economic lives of fixed assets are assessed on an annual basis based on the latest available information. Management believe that the useful economic lives being used currently are still appropriate.

Turnover
Turnover represents the fair value of income received from the sale of new and used motor bikes and accessories to the general public, excluding discounts and value added tax.

Finance commission is received monthly based on the volume of bikes sold.

The company recognises revenue when the goods have been delivered and the title of goods has passed.

CHORLEY YAMAHA CENTRE LIMITED (REGISTERED NUMBER: 03494546)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are measured at cost less depreciation and any impairment.

Depreciation is calculated to write down the cost less estimated residual value of all tangible fixed assets, over their expected useful live, as follows:

Improvements to property- 20% on reducing balance
Plant and machinery- 20% on reducing balance
Fixtures and fittings- 20% on reducing balance
Motor vehicles- 25% on reducing balance
Computer equipment- 10% on cost

Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset in prior periods. A reversal of an impairment loss is recognised immediately in the profit or loss.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less impairment.

Stocks
Stocks are stated at the lower of cost and selling price after any impairment for obsolete and slow moving items.

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

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.

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.

CHORLEY YAMAHA CENTRE LIMITED (REGISTERED NUMBER: 03494546)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Leases
Rentals payable under operating leases are charged to the profit or loss on a straight-line basis over the lease term. The aggregate benefit of lease incentives are recognised as a reduction to the expense recognised over the lease term on a straight line basis.

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.

Financial instruments
Short term trade debtors and trade creditors are measured at the transaction price. Other financial assets and liabilities, including related party loans shall be measured at amortised cost using the effective interest rate. Financial assets and liabilities that have no stated interest rate and are payable within one year shall be measured at the undiscounted amount due.

Government income
Government income comprises grants and subsidies provided as a direct result of the Covid-19 pandemic.

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 1,605,418 1,443,858
Social security costs 151,046 136,143
Other pension costs 63,149 62,118
1,819,613 1,642,119

The average number of employees during the year was as follows:
2023 2022

Sales and administration 55 49

2023 2022
£    £   
Directors' remuneration - -

4. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest 212 -
Interest on tax 13,753 -
13,965 -

CHORLEY YAMAHA CENTRE LIMITED (REGISTERED NUMBER: 03494546)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

5. PROFIT BEFORE TAXATION

The profit is stated after charging:

2023 2022
£    £   
Other operating leases 221,877 178,051
Depreciation - owned assets 6,470 7,389
Auditors' remuneration 11,500 11,500

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 182,396 251,458
Under/(over) provision in prior year (6,314 ) 231
Total current tax 176,082 251,689

Deferred tax:
Deferred tax - current year (5,588 ) (5,803 )
Deferred tax - prior year - 3,435
Total deferred tax (5,588 ) (2,368 )

Tax on profit 170,494 249,321

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 757,172 1,264,364
Profit multiplied by the standard rate of corporation tax in the UK of
23.520% (2022 - 19%)

178,087

240,229

Effects of:
Expenses not deductible for tax purposes 34 8,241
Adjustments to tax charge in respect of previous periods (6,314 ) 231
Fixed asset differences (195 ) (1,422 )
Adjustments to tax charge in respect of previous periods - deferred tax - 3,435
Remeasurement of deferred tax for changes in tax rates (281 ) (1,393 )
Movement in deferred tax not recognised (837 ) -
Total tax charge 170,494 249,321

CHORLEY YAMAHA CENTRE LIMITED (REGISTERED NUMBER: 03494546)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

7. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 January 2023 150,464 18,287 79,986
Additions - 7,700 -
At 31 December 2023 150,464 25,987 79,986
DEPRECIATION
At 1 January 2023 147,640 14,830 72,943
Charge for year 565 2,232 1,708
At 31 December 2023 148,205 17,062 74,651
NET BOOK VALUE
At 31 December 2023 2,259 8,925 5,335
At 31 December 2022 2,824 3,457 7,043

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 26,001 3,142 277,880
Additions - - 7,700
At 31 December 2023 26,001 3,142 285,580
DEPRECIATION
At 1 January 2023 16,640 3,142 255,195
Charge for year 1,965 - 6,470
At 31 December 2023 18,605 3,142 261,665
NET BOOK VALUE
At 31 December 2023 7,396 - 23,915
At 31 December 2022 9,361 - 22,685

8. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 400,000
NET BOOK VALUE
At 31 December 2023 400,000
At 31 December 2022 400,000

CHORLEY YAMAHA CENTRE LIMITED (REGISTERED NUMBER: 03494546)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

8. FIXED ASSET INVESTMENTS - continued

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Walkdens of Chorley Limited
Registered office: White Bear Yard, Park Road, Adlington, Chorley, PR7 4HZ
Nature of business: Property
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 276,256 276,256

9. STOCKS
2023 2022
£    £   
Stocks 7,041,264 6,024,498

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 45,343 114,003
Amounts owed by group undertakings 4,190,510 6,965,330
Other debtors 46,222 12,902
Deferred tax asset 7,537 1,949
4,289,612 7,094,184

Deferred tax asset
2023 2022
£    £   
Accelerated capital allowances 6,096 (1,276 )
Other timing differences 1,441 3,225
7,537 1,949

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank overdraft (see note 12) - 373,108
Trade creditors 2,767,834 3,155,805
Amounts owed to group undertakings 2,218,992 1,875,550
Tax 66,509 250,036
Social security and other taxes 157,607 1,853,593
Other creditors 587,325 523,395
Accrued expenses 12,634 12,634
5,810,901 8,044,121

CHORLEY YAMAHA CENTRE LIMITED (REGISTERED NUMBER: 03494546)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

12. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 373,108

13. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdraft - 373,108

The group overdraft facility is secured by debentures over the assets of each company in the 2Moto group, an unlimited intercompany guarantee between the group companies and by a £2.2 million guarantee from the Mason family.

14. DEFERRED TAX
£   
Balance at 1 January 2023 (1,949 )
Credit to Statement of Comprehensive Income during year (5,588 )
Balance at 31 December 2023 (7,537 )

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2 Ordinary £1 2 2

16. RESERVES
Retained
earnings
£   

At 1 January 2023 5,504,370
Profit for the year 586,678
At 31 December 2023 6,091,048

The retained earnings reserve includes all current and prior period retained profits and losses.

17. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

During the year, premises rent of £220,996 (2022: £175,996) was paid to the directors of the company.

CHORLEY YAMAHA CENTRE LIMITED (REGISTERED NUMBER: 03494546)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

18. ULTIMATE PARENT COMPANY

The ultimate parent company is 2 Moto Limited, which prepares group financial statements. Accounts for 2 Moto Limited can be obtained from its registered office, White Bear Yard, Park Road, Adlington, Chorley, PR7 4HZ.