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REGISTERED NUMBER: 07405259 (England and Wales)















THE VELOCETTE MOTOR CYCLE COMPANY LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024






THE VELOCETTE MOTOR CYCLE COMPANY LTD (REGISTERED NUMBER: 07405259)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


THE VELOCETTE MOTOR CYCLE COMPANY LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: Mr David Holder
Mrs Susan Holder



REGISTERED OFFICE: Meriden Works
Birmingham Road
Millisons Wood
Coventry
West Midlands
CV5 9AZ



REGISTERED NUMBER: 07405259 (England and Wales)



ACCOUNTANTS: Burrows Scarborough
Sovereign House
12 Warwick Street
Coventry
West Midlands
CV5 6ET



BANKERS: Barclays Bank Plc
Mill Lane
Solihull
West Midlands
B91 3AR

THE VELOCETTE MOTOR CYCLE COMPANY LTD (REGISTERED NUMBER: 07405259)

BALANCE SHEET
31 JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 288,750 330,000
Tangible assets 5 28,483 19,078
317,233 349,078

CURRENT ASSETS
Stocks 238,000 144,500
Debtors 6 207,255 241,571
Prepayments and accrued income 14,291 17,270
Cash at bank 613,940 917,627
1,073,486 1,320,968
CREDITORS
Amounts falling due within one year 7 69,594 90,913
NET CURRENT ASSETS 1,003,892 1,230,055
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,321,125

1,579,133

PROVISIONS FOR LIABILITIES (7,121 ) (4,770 )

ACCRUALS AND DEFERRED INCOME (13,056 ) (23,854 )
NET ASSETS 1,300,948 1,550,509

CAPITAL AND RESERVES
Called up share capital 8 200 200
Retained earnings 1,300,748 1,550,309
SHAREHOLDERS' FUNDS 1,300,948 1,550,509

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

THE VELOCETTE MOTOR CYCLE COMPANY LTD (REGISTERED NUMBER: 07405259)

BALANCE SHEET - continued
31 JANUARY 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 Board of Directors and authorised for issue on 1 October 2024 and were signed on its behalf by:




Mr David Holder - Director



Mrs Susan Holder - Director


THE VELOCETTE MOTOR CYCLE COMPANY LTD (REGISTERED NUMBER: 07405259)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1. STATUTORY INFORMATION

The Velocette Motor Cycle Company Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) including the provisions of Section 1A 'Small Entities' and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified as necessary to include certain items at fair value.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods

Turnover from the sale of motorcycle spares is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on insert detail on dispatch of goods.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of twenty years.

Goodwill is considered to be a long life asset by reference to the nature of the trading activities and the demand and market for vintage motorcycle products and the company's profitability maintained and increased indicating there is no short term impairment.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Plant and machinery - 25% Reducing balance
Fixtures and fittings - 25% Reducing balance
Motor Vehicles - 25% Reducing balance
Computer Equipment - 33% On cost

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.


THE VELOCETTE MOTOR CYCLE COMPANY LTD (REGISTERED NUMBER: 07405259)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

2. ACCOUNTING POLICIES - continued
Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Foreign currencies
Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.

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.

Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 12 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 February 2023
and 31 January 2024 825,000
AMORTISATION
At 1 February 2023 495,000
Charge for year 41,250
At 31 January 2024 536,250
NET BOOK VALUE
At 31 January 2024 288,750
At 31 January 2023 330,000

THE VELOCETTE MOTOR CYCLE COMPANY LTD (REGISTERED NUMBER: 07405259)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 February 2023 164,023
Additions 16,455
At 31 January 2024 180,478
DEPRECIATION
At 1 February 2023 144,945
Charge for year 7,050
At 31 January 2024 151,995
NET BOOK VALUE
At 31 January 2024 28,483
At 31 January 2023 19,078

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 155,663 193,815
Other debtors 51,592 47,756
207,255 241,571

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 52,207 25,510
Taxation and social security 15,740 63,608
Other creditors 1,647 1,795
69,594 90,913

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1.00 100 100
100 'A' Ordinary £1.00 100 100
200 200



THE VELOCETTE MOTOR CYCLE COMPANY LTD (REGISTERED NUMBER: 07405259)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 January 2024 and 31 January 2023:

2024 2023
£    £   
Mr David Holder and Mrs Susan Holder
Balance outstanding at start of year 47,846 747,614
Amounts advanced 49,960 47,846
Amounts repaid (47,846 ) (747,614 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 49,960 47,846

Interest is charged on directors loans at a rate of 2.25% (22/23 - 2%). Loans are repayable on demand.