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REGISTERED NUMBER: 09883225 (England and Wales)







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: W R Rigg
A Sherry
B A Thomas
A Craig





REGISTERED OFFICE: Lakeside
180 Lifford Lane
Kings Norton
Birmingham
West Midlands
B30 3NU





REGISTERED NUMBER: 09883225 (England and Wales)





AUDITORS: Richards Sandy Audit Services Limited
(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 4 628,007 628,501
Tangible assets 5 203,000 266,459
831,007 894,960

CURRENT ASSETS
Stocks 2,375,374 2,925,771
Debtors 6 1,283,215 840,022
Cash at bank and in hand 427,467 906,322
4,086,056 4,672,115
CREDITORS
Amounts falling due within one year 1,517,756 1,480,188
NET CURRENT ASSETS 2,568,300 3,191,927
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,399,307

4,086,887

CREDITORS
Amounts falling due after more than one
year

(1,257,107

)

(1,494,396

)

PROVISIONS FOR LIABILITIES (22,936 ) (30,204 )
NET ASSETS 2,119,264 2,562,287

RESERVES
Share premium 473,500 473,500
Retained earnings 1,645,764 2,088,787
2,119,264 2,562,287

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 29th February 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29th November 2024 and were signed on its behalf by:




W R Rigg - Director



B A Thomas - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
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. 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 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 23 (2023 - 25 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1st March 2023 778,150
Additions 92,814
At 29th February 2024 870,964
AMORTISATION
At 1st March 2023 149,649
Amortisation for year 93,308
At 29th February 2024 242,957
NET BOOK VALUE

At 29th February 2024 628,007
At 28th February 2023 628,501

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1st March 2023 603,607
Additions 12,231
Disposals (15,575 )
At 29th February 2024 600,263
DEPRECIATION
At 1st March 2023 337,148
Charge for year 74,326
Eliminated on disposal (14,211 )
At 29th February 2024 397,263
NET BOOK VALUE
At 29th February 2024 203,000
At 28th February 2023 266,459

6. DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Trade debtors 23,626 -

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 14,411 13,745
Between one and five years 11,614 26,024
26,025 39,769

Non-cancellable operating leases
2024 2023
£    £   
Within one year 100,000 100,000
Between one and five years 400,000 400,000
In more than five years 183,333 283,333
683,333 783,333

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 1,920,977 2,019,067
Hire purchase contracts 26,025 39,769
1,947,002 2,058,836

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.

Mr Robert Iestyn Richards FCCA (Senior Statutory Auditor)
for and on behalf of Richards Sandy Audit Services Limited

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
£    £   
W R Rigg
Balance outstanding at start of year 289 270
Amounts advanced - 19
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 289 289