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REGISTERED NUMBER: 06264020 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

FOR

SP MOTORCYCLES LIMITED

SP MOTORCYCLES LIMITED (REGISTERED NUMBER: 06264020)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 7


SP MOTORCYCLES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: S P Tomlins
D K Tomlins





SECRETARY: D K Tomlins





REGISTERED OFFICE: Unit 6 Alphin Brook Court
Alphin Brook Road
Marsh Barton
Exeter
Devon
EX2 8QR





REGISTERED NUMBER: 06264020 (England and Wales)






SP MOTORCYCLES LIMITED (REGISTERED NUMBER: 06264020)

BALANCE SHEET
30 JUNE 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Property, plant and equipment 5 461,399 71,848
461,399 71,848

CURRENT ASSETS
Inventories 6 1,885,846 2,130,349
Debtors 7 110,215 76,668
Cash at bank and in hand 234,705 399,853
2,230,766 2,606,870
CREDITORS
Amounts falling due within one year 8 1,880,445 2,038,395
NET CURRENT ASSETS 350,321 568,475
TOTAL ASSETS LESS CURRENT
LIABILITIES

811,720

640,323

CREDITORS
Amounts falling due after more than one
year

9

(272,621

)

(53,167

)

PROVISIONS FOR LIABILITIES (15,012 ) (14,591 )
NET ASSETS 524,087 572,565

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 523,987 572,465
SHAREHOLDERS' FUNDS 524,087 572,565

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

SP MOTORCYCLES LIMITED (REGISTERED NUMBER: 06264020)

BALANCE SHEET - continued
30 JUNE 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 November 2024 and were signed on its behalf by:




S P Tomlins - Director



D K Tomlins - Director


SP MOTORCYCLES LIMITED (REGISTERED NUMBER: 06264020)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

SP 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 represents the invoiced value of goods and services supplied by the company, net of value added tax and trade discounts.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - over the term of the lease
Improvements to property - 10% on cost
Plant and equipment - 15% on cost
Office equipment - 15% on cost
Motor vehicles - 25% on cost
Computer equipment - 25% on cost

Freehold property is not depreciated since in the opinion of the directors the amount would be immaterial owing to the residual value of the property. This is a departure from Financial Reporting Standard 102 1A (the requirement to depreciate an asset over its useful economic life).

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing inventories to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


SP MOTORCYCLES LIMITED (REGISTERED NUMBER: 06264020)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued
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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 7 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2023
and 30 June 2024 80,000
AMORTISATION
At 1 July 2023
and 30 June 2024 80,000
NET BOOK VALUE
At 30 June 2024 -
At 30 June 2023 -

SP MOTORCYCLES LIMITED (REGISTERED NUMBER: 06264020)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

5. PROPERTY, PLANT AND EQUIPMENT
Improvements
Freehold Short to Plant and
property leasehold property equipment
£    £    £    £   
COST
At 1 July 2023 - 1,677 26,201 32,503
Additions 382,392 - 37,297 1,444
Disposals - - - (300 )
At 30 June 2024 382,392 1,677 63,498 33,647
DEPRECIATION
At 1 July 2023 - 1,575 5,434 15,777
Charge for year - 102 2,549 3,799
Eliminated on disposal - - - (300 )
At 30 June 2024 - 1,677 7,983 19,276
NET BOOK VALUE
At 30 June 2024 382,392 - 55,515 14,371
At 30 June 2023 - 102 20,767 16,726

Office Motor Computer
equipment vehicles equipment Totals
£    £    £    £   
COST
At 1 July 2023 22,643 128,338 6,710 218,072
Additions - - 333 421,466
Disposals - (43,521 ) (238 ) (44,059 )
At 30 June 2024 22,643 84,817 6,805 595,479
DEPRECIATION
At 1 July 2023 19,239 98,020 6,179 146,224
Charge for year 2,040 14,901 260 23,651
Eliminated on disposal - (35,257 ) (238 ) (35,795 )
At 30 June 2024 21,279 77,664 6,201 134,080
NET BOOK VALUE
At 30 June 2024 1,364 7,153 604 461,399
At 30 June 2023 3,404 30,318 531 71,848

6. INVENTORIES
30.6.24 30.6.23
£    £   
Stocks 1,884,346 2,129,849
Work-in-progress 1,500 500
1,885,846 2,130,349

SP MOTORCYCLES LIMITED (REGISTERED NUMBER: 06264020)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade debtors 190 -
Debtors and prepayments 97,781 76,668
VAT 12,244 -
110,215 76,668

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Bank loans and overdrafts 38,596 22,000
Trade creditors 1,763,892 1,877,527
Taxation and social security 15,076 39,583
Other creditors 62,881 99,285
1,880,445 2,038,395

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.6.24 30.6.23
£    £   
Bank loans 272,621 53,167

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 175,069 -

10. SECURED DEBTS

The following secured debts are included within creditors:

30.6.24 30.6.23
£    £   
Bank loans 311,217 75,167

Loans are is secured by a floating charge on the company's assets created on 30 July 2018 in favour of Lloyds Bank PLC and by a fixed charge on the company's assets created on 10 August 2023 in favour of Lloyds Bank PLC.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.24 30.6.23
value: £    £   
100 Ordinary £1 100 100

12. RELATED PARTY DISCLOSURES

Included in other creditors at the year end are loans from the directors totalling £37,303 (2023: £57,888). The loans are subject to interest at a commercial rate, unsecured and repayable on demand.