REGISTERED NUMBER: |
Financial Statements for the Year Ended 29th February 2024 |
for |
Mutt Motorcycles Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 29th February 2024 |
for |
Mutt Motorcycles Limited |
Mutt Motorcycles Limited (Registered number: 09883225) |
Contents of the Financial Statements |
for the Year Ended 29th February 2024 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Mutt Motorcycles Limited |
Company Information |
for the Year Ended 29th February 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
(Statutory Auditor) |
Thorneloe House |
25 Barbourne Road |
Worcester |
WR1 1RU |
Mutt Motorcycles Limited (Registered number: 09883225) |
Abridged Balance Sheet |
29th February 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
RESERVES |
Share premium |
Retained earnings |
The financial statements were approved by the Board of Directors and authorised for issue on |
Mutt Motorcycles Limited (Registered number: 09883225) |
Notes to the Financial Statements |
for the Year Ended 29th February 2024 |
1. | STATUTORY INFORMATION |
Mutt Motorcycles Limited is a |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
TURNOVER |
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. |
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. |
INTANGIBLE FIXED ASSETS |
Development costs |
The life of each product developed is assessed and the relating capitalised development costs is amortised based on the deemed useful life of the relating product. All products are deemed to have useful life of between 5 and 10 years with amortisation commencing at the point that the relating product is put into production. |
Trademarks |
Trademarks deemed to have useful life of 10 years. |
TANGIBLE FIXED ASSETS |
Tangible fixed assets are initially measured at cost, net of depreciation and any impairment losses: |
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following basis: |
Property improvements | - | 25% reducing balance |
Plant and machinery | - | 33% reducing balance |
Computer equipment | - | 33% reducing balance |
Fixtures & fittings | - | 25% reducing balance |
Motor vehicles | - | 25% reducing balance |
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of an asset, and is credited or charged to the profit or loss. |
STOCKS |
Stocks are valued at the lower of cost and net realisable value, after making due allowances for obsolete and slow moving items. |
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. |
FINANCIAL INSTRUMENTS |
Financial instruments are recognised when the company becomes party to contractual provisions of the instrument. |
Financial assets are offset, with the net amounts presented in the accounts where there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Mutt Motorcycles Limited (Registered number: 09883225) |
Notes to the Financial Statements - continued |
for the Year Ended 29th February 2024 |
2. | ACCOUNTING POLICIES - continued |
Basic Financial Assets |
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
Basic Financial Liabilities |
Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future receipts, discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of the operations from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction. |
TAXATION |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
RESEARCH AND DEVELOPMENT |
Expenditure on research is written off in the year in which it is incurred. Development costs are capitalised and amortised over their useful economic lives. |
FOREIGN CURRENCIES |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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 |
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. |
Mutt Motorcycles Limited (Registered number: 09883225) |
Notes to the Financial Statements - continued |
for the Year Ended 29th February 2024 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1st March 2023 |
Additions |
At 29th February 2024 |
AMORTISATION |
At 1st March 2023 |
Amortisation for year |
At 29th February 2024 |
NET BOOK VALUE |
At 29th February 2024 |
At 28th February 2023 |
5. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1st March 2023 |
Additions |
Disposals | ( |
) |
At 29th February 2024 |
DEPRECIATION |
At 1st March 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 29th February 2024 |
NET BOOK VALUE |
At 29th February 2024 |
At 28th February 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Mutt Motorcycles Limited (Registered number: 09883225) |
Notes to the Financial Statements - continued |
for the Year Ended 29th February 2024 |
7. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
Hire purchase contracts | 26,025 | 39,769 |
Bank loans are secured by way of fixed and floating charges over all property and undertakings of the company. |
Hire purchase contracts are secured by way of retention of legal ownership by the finance provider over the tangible fixed assets to which they relate. |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances to a director subsisted during the years ended 29th February 2024 and 28th February 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |