2 false false false false false false false false false false true false false false false false false No description of principal activity 2023-03-01 Sage Accounts Production Advanced 2023 - FRS102_2023 11,002 7,836 792 8,628 2,374 3,166 xbrli:pure xbrli:shares iso4217:GBP 04356406 2023-03-01 2024-02-29 04356406 2024-02-29 04356406 2023-02-28 04356406 2022-03-01 2023-02-28 04356406 2023-02-28 04356406 2022-02-28 04356406 core:FurnitureFittings 2023-03-01 2024-02-29 04356406 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 04356406 bus:Director1 2023-03-01 2024-02-29 04356406 core:WithinOneYear 2024-02-29 04356406 core:WithinOneYear 2023-02-28 04356406 core:FurnitureFittings 2023-02-28 04356406 core:FurnitureFittings 2024-02-29 04356406 core:ShareCapital 2024-02-29 04356406 core:ShareCapital 2023-02-28 04356406 core:RetainedEarningsAccumulatedLosses 2024-02-29 04356406 core:RetainedEarningsAccumulatedLosses 2023-02-28 04356406 core:FurnitureFittings 2023-02-28 04356406 bus:SmallEntities 2023-03-01 2024-02-29 04356406 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 04356406 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 04356406 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 04356406 bus:FullAccounts 2023-03-01 2024-02-29 04356406 bus:OrdinaryShareClass1 2024-02-29 04356406 bus:OrdinaryShareClass1 2023-02-28
COMPANY REGISTRATION NUMBER: 04356406
Motorcycle Products Limited
Filleted Unaudited Financial Statements
29 February 2024
Motorcycle Products Limited
Financial Statements
Year ended 29 February 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Motorcycle Products Limited
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
2,374
3,166
Current assets
Debtors
6
2,310
7,350
Cash at bank and in hand
19,620
30,736
--------
--------
21,930
38,086
Creditors: amounts falling due within one year
7
10,348
15,537
--------
--------
Net current assets
11,582
22,549
--------
--------
Total assets less current liabilities
13,956
25,715
--------
--------
Net assets
13,956
25,715
--------
--------
Capital and reserves
Called up share capital
8
1
1
Profit and loss account
13,955
25,714
--------
--------
Shareholders funds
13,956
25,715
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Motorcycle Products Limited
Statement of Financial Position (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 26 November 2024 , and are signed on behalf of the board by:
M D Arnold
Director
Company registration number: 04356406
Motorcycle Products Limited
Notes to the Financial Statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 29 Old Grammar Lane, Bungay, Norfolk, NR35 1PU.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Office equipment
-
25% reducing balance
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 3 ).
5. Tangible assets
Office equipment
Total
£
£
Cost
At 1 March 2023 and 29 February 2024
11,002
11,002
--------
--------
Depreciation
At 1 March 2023
7,836
7,836
Charge for the year
792
792
--------
--------
At 29 February 2024
8,628
8,628
--------
--------
Carrying amount
At 29 February 2024
2,374
2,374
--------
--------
At 28 February 2023
3,166
3,166
--------
--------
6. Debtors
2024
2023
£
£
Corporation tax repayable
2,310
Other debtors
7,350
-------
-------
2,310
7,350
-------
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
3,460
9,583
Corporation tax
2,023
Social security and other taxes
2,010
449
Director loan accounts
4,794
3,482
Other creditors
84
--------
--------
10,348
15,537
--------
--------
8. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
9. Related party transactions
At the year end the company owed the director £4,794 (2023 - £3,482) which is shown amongst creditors.