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Registration number: 01530388

Mototechnique Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Mototechnique Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Mototechnique Limited

Company Information

Directors

Mrs Lynne C O'Rourke

Mr Kevin J O'Rourke

Registered office

141 Molesey Avenue
West Molesey
Surrey
KT8 2RY

Accountants

Accentis Limited
Parallel House
32 London Road
Guildford
GU1 2AB

 

Mototechnique Limited

(Registration number: 01530388)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

659,709

669,035

Current assets

 

Stocks

5

116,893

87,713

Debtors

6

61,046

41,576

Cash at bank and in hand

 

162,121

117,160

 

340,060

246,449

Creditors: Amounts falling due within one year

7

(53,228)

(38,686)

Net current assets

 

286,832

207,763

Net assets

 

946,541

876,798

Capital and reserves

 

Called up share capital

8

100

100

Revaluation reserve

198,383

198,383

Retained earnings

748,058

678,315

Shareholders' funds

 

946,541

876,798

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 31 October 2024 and signed on its behalf by:
 

 

Mototechnique Limited

(Registration number: 01530388)
Balance Sheet as at 31 January 2024

.........................................
Mrs Lynne C O'Rourke
Director

.........................................
Mr Kevin J O'Rourke
Director

 

Mototechnique Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

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

The address of its registered office is:
141 Molesey Avenue
West Molesey
Surrey
KT8 2RY
ENGLAND AND WALES

These financial statements were authorised for issue by the Board on 31 October 2024.

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 except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/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

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, 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.

 

Mototechnique Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

20% reducing balance

Plant and machinery

20-25% straight line

Freehold land and buildings

No depreciation

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Mototechnique Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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 directors) during the year, was 7 (2023 - 7).

4

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 February 2023

650,000

31,219

96,425

777,644

At 31 January 2024

650,000

31,219

96,425

777,644

Depreciation

At 1 February 2023

-

18,287

90,322

108,609

Charge for the year

-

3,223

6,103

9,326

At 31 January 2024

-

21,510

96,425

117,935

Carrying amount

At 31 January 2024

650,000

9,709

-

659,709

At 31 January 2023

650,000

12,932

6,103

669,035

Included within the net book value of land and buildings above is £650,000 (2023 - £650,000) in respect of freehold land and buildings.
 

 

Mototechnique Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

5

Stocks

2024
£

2023
£

Work in progress

107,918

76,200

Other inventories

8,975

11,513

116,893

87,713

6

Debtors

Current

2024
£

2023
£

Trade debtors

-

18,512

Prepayments

-

624

Other debtors

61,046

22,440

 

61,046

41,576

 

Mototechnique Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

14,299

3,989

Taxation and social security

19,822

7,547

Accruals and deferred income

9,704

18,433

Other creditors

9,403

8,717

53,228

38,686

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

ordinary shares of £1 each

100

100

100

100

       

9

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £400.00 (2023 - £Nil) per each Ordinary shares

40,000

-

 

 

10

Related party transactions

 

Mototechnique Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Transactions with directors

2024

At 1 February 2023
£

Repayments by director
£

At 31 January 2024
£

Mr Kevin J O'Rourke

Loans to /(from)

(5,640)

(3,762)

(9,403)

       
     

Mrs Lynne C O'Rourke

loans to /(from)

(3,077)

3,077

-

       
     

 

2023

At 1 February 2022
£

Advances to director
£

Repayments by director
£

At 31 January 2023
£

Mr Kevin J O'Rourke

Loans to /(from)

(3,675)

-

(1,965)

(5,640)

         
       

Mrs Lynne C O'Rourke

loans to /(from)

-

(3,077)

-

(3,077)

         
       

 

 

Mototechnique Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

64,300

60,469