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REGISTERED NUMBER: 00838940















Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Damerells Motor Cycles Limited

Damerells Motor Cycles Limited (Registered number: 00838940)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Damerells Motor Cycles Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: S J Damerell
A S Damerell
Mrs A L Damerell





SECRETARY: Mrs A L Damerell





REGISTERED OFFICE: Lodge Way
Indian Queens
ST COLUMB
Cornwall
TR9 6TF





REGISTERED NUMBER: 00838940





ACCOUNTANTS: Colin Truscott Accountancy Limited
9 Heron Close
Tresillian
Cornwall
TR2 4BH

Damerells Motor Cycles Limited (Registered number: 00838940)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 1,002,870 1,001,370

CURRENT ASSETS
Stocks 987,004 830,074
Debtors 6 1,883,331 1,783,104
Cash at bank and in hand 60,035 20,686
2,930,370 2,633,864
CREDITORS
Amounts falling due within one year 7 775,823 652,796
NET CURRENT ASSETS 2,154,547 1,981,068
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,157,417

2,982,438

CREDITORS
Amounts falling due after more than
one year

8

600,062

455,441
NET ASSETS 2,557,355 2,526,997

CAPITAL AND RESERVES
Called up share capital 9,510 9,510
Retained earnings 2,547,845 2,517,487
2,557,355 2,526,997

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

Damerells Motor Cycles Limited (Registered number: 00838940)

Balance Sheet - continued
31 March 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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 July 2024 and were signed on its behalf by:





S J Damerell - Director


Damerells Motor Cycles Limited (Registered number: 00838940)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Damerells Motor Cycles Limited is a private company, limited by shares , registered in Not specified/Other. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be readily measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates Value Added Tax and other sales taxes.

Revenue from a contract to provide services is recognised in the period which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: the amount of revenue can be measured reliably; it is probable they the company will receive the consideration due under the contract; the stage of completion of the contract at the end of the reporting period can be measured reliably; and the costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - in accordance with the property
Plant and machinery etc - 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement.


Damerells Motor Cycles Limited (Registered number: 00838940)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2023 - 19 ) .

Damerells Motor Cycles Limited (Registered number: 00838940)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2023 1,283,532 329,797 1,613,329
Additions - 38,491 38,491
Disposals - (14,546 ) (14,546 )
At 31 March 2024 1,283,532 353,742 1,637,274
DEPRECIATION
At 1 April 2023 302,303 309,656 611,959
Charge for year 18,956 18,035 36,991
Eliminated on disposal - (14,546 ) (14,546 )
At 31 March 2024 321,259 313,145 634,404
NET BOOK VALUE
At 31 March 2024 962,273 40,597 1,002,870
At 31 March 2023 981,229 20,141 1,001,370

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
Additions 34,210
At 31 March 2024 34,210
DEPRECIATION
Charge for year 6,842
At 31 March 2024 6,842
NET BOOK VALUE
At 31 March 2024 27,368

Damerells Motor Cycles Limited (Registered number: 00838940)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 8,939 13,144
Amounts owed by group undertakings 1,161,456 1,475,920
Amounts recoverable on contract 639,994 198,285
Other debtors 13,980 35,644
VAT 20,519 -
Deferred tax asset 5,429 12,218
Prepayments and accrued income 33,014 47,893
1,883,331 1,783,104

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 11,033 4,856
Trade creditors 621,945 454,731
Tax 19,959 26,091
Social security and other taxes 8,523 8,374
VAT - 10,392
Other creditors 19,711 44,414
Directors' current accounts 36,754 34,754
Accruals and deferred income 57,898 69,184
775,823 652,796

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Bank loans - 2-5 years 390,048 451,395
Hire purchase contracts 17,014 4,046
Other creditors 193,000 -
600,062 455,441

9. ULTIMATE CONTROLLING PARTY

The company is controlled by S J Damerell by virtue of his shareholding in the parent company.