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Registration number: 13027310

Chequered Flag Motorcycles Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Chequered Flag Motorcycles Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Chequered Flag Motorcycles Limited

(Registration number: 13027310)
Statement of Financial Position as at 31 March 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Investment property

4

145,089

-

Current assets

 

Stocks

20,800

2,000

Debtors

5

95,000

10,000

Cash at bank and in hand

 

638

42,564

 

116,438

54,564

Creditors: Amounts falling due within one year

6

(220,523)

(4,945)

Net current (liabilities)/assets

 

(104,085)

49,619

Total assets less current liabilities

 

41,004

49,619

Provisions for liabilities

(12,936)

-

Net assets

 

28,068

49,619

Capital and reserves

 

Called up share capital

150

187

Share premium reserve

187,426

206,813

Capital redemption reserve

37

-

Other reserves

55,143

-

Profit and loss account

(214,688)

(157,381)

Shareholders' funds

 

28,068

49,619

For the financial year ending 31 March 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his 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 director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

 

Chequered Flag Motorcycles Limited

(Registration number: 13027310)
Statement of Financial Position as at 31 March 2024 (continued)

Approved and authorised by the director on 19 November 2024
 


Mr R D Mitchell
Director

 

Chequered Flag Motorcycles Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Westcotts
Plym House, 3 Longbridge Road
Marsh Mills
Plymouth
Devon
PL6 8LT

Principal activity

The principal activity of the company is the sale, maintenance and repair of motorcycles and related parts and accessories.

Prior period adjustment

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

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

Reclassification of comparative amounts

During the year, it was noted that the nominal value of ordinary shares was incorrectly recorded in the financial statements at a value of £0.001. This has subsequently been adjusted for to reflect the correct nominal value of £0.0001 per share.

 

Chequered Flag Motorcycles Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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 deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 reporting date and that are expected to apply to the reversal of the timing difference.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

 

Chequered Flag Motorcycles Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

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.

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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Investment properties

2024
£

Additions

345,005

Disposals

(504,911)

Fair value adjustments

304,995

At 31 March

145,089

There has been no valuation of investment property by an independent valuer.

 

Chequered Flag Motorcycles Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

5

Debtors

2024
£

2023
£

Trade debtors

5,000

-

Amounts owed by related parties

75,000

10,000

Other debtors

15,000

-

95,000

10,000

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Trade creditors

-

900

Amounts owed to related parties

214,192

-

Other creditors

6,331

4,045

220,523

4,945

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

Share premium:

During the year the Ordinary B shares were purchased by the company for £19,387, this was funded by the share premium account. These shares were subsequently cancelled.

 

Chequered Flag Motorcycles Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

8

Related party transactions

Transactions with the director

During the year the directors entered into the following advances and credits with the company:

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Director

(3,445)

70,531

(71,617)

(4,531)

         
       

 

2023

At 1 December 2021
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Director

12,946

71,519

(87,910)

(3,445)

 

Summary of transactions with parent

During the year an investment property was transferred into the entity from a group company, QH Properties Ltd.