Registration number:
for the Year Ended
Premier Bikes (Didcot) Ltd
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account |
|
Statement of Comprehensive Income |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Notes to the Financial Statements |
Premier Bikes (Didcot) Ltd
Company Information
Directors |
J Kinnersley M E Colley R Denning |
Registered office |
|
Auditors |
|
Premier Bikes (Didcot) Ltd
Strategic Report for the Year Ended 31 March 2024
The directors present their strategic report for the year ended 31 March 2024.
Principal activity
The principal activity of the company is that of a motorcycle dealership.
Fair review of the business
The year ending March 2024 saw strong EBITDA generation in a tougher market. EBITDA was down to £643k with a reduction in sales and margin. The cost base remains level. The challenges in the sector are well documented and the business has continued its position with its suppliers. The business was acquired by Merino Capital from the original founder. They have brought in a funding package to buy the shares and provide working capital. A new dealer principal has joined the business as part of the transition. The business continues to invest in its stock and employees to provide a platform for future growth.
Principal risks and uncertainties
The principal risks and uncertainties faced by the group include the following:
Consumer demand – the products the business sells are reliant on consumer discretionary spending. The products are market leading but it is important demand remains for them in a more challenging economic environment.
Supply chain – the group relies on 2 key suppliers for new product, and these relationships are important to the future profitability. The business must also watch its stock holding to ensure it does not tie up too much working capital.
Liquidity risk – the company is now named as a guarantor on facilities provided by a third party, Shawbrook Bank to its parent, Premier Bikes Holdings Limited. The company manages and oversees cash flow forecasts regularly and to a high level of detail to ensure it has sufficient funds to meet short and medium term obligations, whilst also ensuring compliance with the covenants given to its 3rd party financier.
Approved and authorised by the
......................................... |
Premier Bikes (Didcot) Ltd
Directors' Report for the Year Ended 31 March 2024
The directors present their report and the financial statements for the year ended 31 March 2024.
Directors of the company
The directors who held office during the year were as follows:
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
......................................... |
Premier Bikes (Didcot) Ltd
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Premier Bikes (Didcot) Ltd
Independent Auditor's Report to the Members of Premier Bikes (Didcot) Ltd
Opinion
We have audited the financial statements of Premier Bikes (Didcot) Ltd (the 'company') for the year ended 31 March 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Premier Bikes (Didcot) Ltd
Independent Auditor's Report to the Members of Premier Bikes (Didcot) Ltd
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' ReportDirectors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 4], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Premier Bikes (Didcot) Ltd
Independent Auditor's Report to the Members of Premier Bikes (Didcot) Ltd
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design
procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of
irregularities, including fraud. As such, we have considered:
the nature of the industry and sector, control environment and business performance including the company's
remuneration policy, bonus levels, and performance targets;
the company's own assessment, including assessments made by key management, of the risks that
irregularities may occur either as a result of fraud or error;
any matters we identified having reviewed the company's policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any
instances of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or
alleged fraud; and
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
the matters discussed amongst the audit engagement team.
As a result of these procedures, we considered the opportunities and incentives that may exist within the
organisation for fraud and identified the greatest potential for fraud in the areas in which management is
required to exercise significant judgement, such as the disclosure of adjusting items. In common with all
audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of
management override.
We also obtained an understanding of the legal and regulatory framework that the company operates in,
focusing on provisions of those laws and regulations that had a direct effect on the determination of material
amounts and disclosures in the financial statements. The key laws and regulations we considered in this
context were the Companies Act, tax legislation and regulations concerning importing and exporting to and
from the UK.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Premier Bikes (Didcot) Ltd
Independent Auditor's Report to the Members of Premier Bikes (Didcot) Ltd
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
For and on behalf of
2 Old Bath Road
Berkshire
RG14 1QL
Premier Bikes (Didcot) Ltd
Profit and Loss Account for the Year Ended 31 March 2024
Note |
2024 |
2023 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Operating profit |
586,033 |
996,340 |
|
Other interest receivable and similar income |
|
|
|
Interest payable and similar expenses |
( |
- |
|
12,404 |
23,560 |
||
Profit before tax |
|
|
|
Tax on profit |
( |
( |
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Premier Bikes (Didcot) Ltd
Statement of Comprehensive Income for the Year Ended 31 March 2024
2024 |
2023 |
|
Profit for the year |
|
|
Total comprehensive income for the year |
|
|
Premier Bikes (Didcot) Ltd
(Registration number: 08505313)
Balance Sheet as at 31 March 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
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 |
|
|
|
Capital and reserves |
|||
Called up share capital |
100 |
100 |
|
Retained earnings |
2,153,679 |
4,446,266 |
|
Shareholders' funds |
2,153,779 |
4,446,366 |
Approved and authorised by the
......................................... |
Premier Bikes (Didcot) Ltd
Statement of Changes in Equity for the Year Ended 31 March 2024
Share capital |
Retained earnings |
Total |
|
At 1 April 2022 |
|
|
|
Profit for the year |
- |
|
|
At 31 March 2023 |
100 |
4,446,266 |
4,446,366 |
Share capital |
Retained earnings |
Total |
|
At 1 April 2023 |
|
|
|
Profit for the year |
- |
|
|
Dividends |
- |
( |
( |
At 31 March 2024 |
|
|
|
Premier Bikes (Didcot) Ltd
Notes to the Financial Statements for the Year Ended 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
Corner House Garage
Whitecross
Wootton
Abingdon
Oxon
OX13 6BS
These financial statements were authorised for issue by the
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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
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.
Premier Bikes (Didcot) Ltd
Notes to the Financial Statements for the Year Ended 31 March 2024
Summary of disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
- The requirements of Section 7 Statement of Cash Flows;
- The requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
- The requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
- The requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
- The requirements of Section 33 Related Party Disclosures paragraph 33.7.
The information is included within the consolidated financial statements of Premier Bikes Holdings Limited as at 31 March 2024 and these financial statements may be obtained from Corner House Garage, Whitecross, Wootton, Abingdon, Oxon, OX13 6BS.
As the consolidated financial statements of Premier Bikes Holdings Limited include the disclosures equivalent to those required by FRS 102, the Company has also taken the exemptions available in respect of the following disclosures:
- Certain disclosures required by FRS 102.11 Basic Financial Instruments and FRS 102.12 Other Financial Instrument Issues in respect of financial instruments not falling within the fair value accounting rules of Paragraph 36(4) of Schedule 1..
Going concern
The financial statements have been prepared on a going concern basis. In forming their conclusion, the directors have reviewed the continued strong trade of the company. This includes reviewing future cashflows, which remain healthy. The management transition has been straightforward and the team remain motivated. The supplier relationships are healthy.
Revenue recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as at fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised.
Sale of goods
Revenue from sales of goods is recognised when all of the following conditions are satisfied:
• the Company has transferred the signiricant risk and rewards of ownership to the buyer;
• the Company retains neither continuing managerial involvement to the degree usually assoicated with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the Company will receive the consideration due under the transaction; and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably,
Government grants
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.
Tax
The tax expense for the period comprises current tax payable.
Premier Bikes (Didcot) Ltd
Notes to the Financial Statements for the Year Ended 31 March 2024
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable 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.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures and Fittings |
20% straight line basis |
Plant and Machinery |
20% straight line basis |
Motor Vehicles |
20% straight line basis |
Office Equipment |
33% straight line basis |
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and
the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the
date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the
Statement of income and retained earnings over its useful economic life.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
10% straight line basis |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, 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.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Premier Bikes (Didcot) Ltd
Notes to the Financial Statements for the Year Ended 31 March 2024
Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less
costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in
progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is 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.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Operating lease: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
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.
Turnover |
The analysis of the company's Turnover for the year from continuing operations is as follows:
2024 |
2023 |
|
Sale of goods |
|
|
Rendering of services |
|
|
|
|
Premier Bikes (Didcot) Ltd
Notes to the Financial Statements for the Year Ended 31 March 2024
The analysis of the company's Turnover for the year by market is as follows:
2024 |
2023 |
|
UK |
|
|
Operating profit |
Arrived at after charging/(crediting)
2024 |
2023 |
|
Depreciation expense |
|
|
Amortisation expense |
- |
|
Operating lease expense - property |
127,500 |
127,500 |
Other interest receivable and similar income |
2024 |
2023 |
|
Interest income on bank deposits |
|
|
Interest payable and similar expenses |
2024 |
2023 |
|
Interest on obligations under finance leases and hire purchase contracts |
|
- |
Interest expense on other finance liabilities |
|
- |
|
- |
Premier Bikes (Didcot) Ltd
Notes to the Financial Statements for the Year Ended 31 March 2024
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2024 |
2023 |
|
Wages and salaries |
|
|
Pension costs, defined contribution scheme |
|
|
Other employee expense |
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
2024 |
2023 |
|
Administration and support |
|
|
Sales |
|
|
Workshop |
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
2024 |
2023 |
|
Remuneration |
|
|
Premier Bikes (Didcot) Ltd
Notes to the Financial Statements for the Year Ended 31 March 2024
Auditors' remuneration |
2024 |
2023 |
|
Audit of the financial statements |
|
|
Other fees to auditors |
||
All other assurance services |
|
|
Taxation |
Tax charged/(credited) in the profit and loss account
2024 |
2023 |
|
Current taxation |
||
UK corporation tax |
|
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
- |
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2024 |
2023 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Deferred tax expense from unrecognised temporary difference from a prior period |
- |
|
Tax (decrease)/increase from effect of capital allowances and depreciation |
( |
|
Tax decrease arising from group relief |
( |
- |
Total tax charge |
|
|
Premier Bikes (Didcot) Ltd
Notes to the Financial Statements for the Year Ended 31 March 2024
Intangible assets |
Goodwill |
Total |
|
Cost or valuation |
||
At 1 April 2023 |
|
|
Disposals |
( |
( |
At 31 March 2024 |
- |
- |
Amortisation |
||
At 1 April 2023 |
|
|
Amortisation eliminated on disposals |
( |
( |
At 31 March 2024 |
- |
- |
Carrying amount |
||
At 31 March 2024 |
- |
- |
Premier Bikes (Didcot) Ltd
Notes to the Financial Statements for the Year Ended 31 March 2024
Tangible assets |
Fixtures and fittings |
Plant and machinery |
Office equipment |
Motor vehicles |
Total |
|
Cost or valuation |
|||||
At 1 April 2023 |
|
|
|
|
|
Additions |
|
|
|
|
|
Disposals |
- |
- |
( |
- |
( |
At 31 March 2024 |
|
|
|
|
|
Depreciation |
|||||
At 1 April 2023 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Eliminated on disposal |
- |
- |
( |
- |
( |
At 31 March 2024 |
|
|
|
|
|
Carrying amount |
|||||
At 31 March 2024 |
|
|
|
|
|
At 31 March 2023 |
|
|
|
|
|
Premier Bikes (Didcot) Ltd
Notes to the Financial Statements for the Year Ended 31 March 2024
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
2024 |
2023 |
|
Motor Vehicles |
42,431 |
7,824 |
Stocks |
2024 |
2023 |
|
Other inventories |
|
|
Debtors |
Current |
2024 |
2023 |
Trade debtors |
|
|
Other debtors |
|
|
Prepayments |
|
|
|
|
Cash and cash equivalents |
2024 |
2023 |
|
Cash on hand |
|
|
Cash at bank |
|
|
Short-term deposits |
|
|
|
|
Premier Bikes (Didcot) Ltd
Notes to the Financial Statements for the Year Ended 31 March 2024
Creditors |
Note |
2024 |
2023 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Social security and other taxes |
|
|
|
Other payables |
|
|
|
Accruals |
|
|
|
Income tax liability |
72,426 |
224,213 |
|
|
|
||
Due after one year |
|||
Loans and borrowings |
|
- |
Provisions for liabilities |
Deferred tax |
Total |
|
At 1 April 2023 |
|
|
At 31 March 2024 |
|
|
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The assets of the scheme are held seperately from those in the Company in an independently administered fund. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £2,082 (2023 - £1,914) were payable to the scheme at the end of the year and are included within creditors.
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
Premier Bikes (Didcot) Ltd
Notes to the Financial Statements for the Year Ended 31 March 2024
Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
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Hire purchase contracts |
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- |
Current loans and borrowings
2024 |
2023 |
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Hire purchase contracts |
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The hire purchase contracts are secured against the assets to which they relate.
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
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Not later than one year |
|
|
Later than one year and not later than five years |
|
|
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Dividends |
Dividends paid
2024 |
2023 |
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Dividend of £ |
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- |
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Premier Bikes (Didcot) Ltd
Notes to the Financial Statements for the Year Ended 31 March 2024
Related party transactions |
The company has taken advantage of the exemption detailed in FRS 102 paragraph 33.1A and as such is not required to disclose transactions between wholly-owned entities within the group.
Other transactions with directors |
A & T Valentine resigned from their directorial positions on 4 May 2023 and as such, ceased to be related parties henceforth.
In 2023, A & T Valentine had a loan account with a balance of £100,000 owing to the company, the amount owed at the balance sheet date is nil. The Company has an active operating lease with Harlequins Retirement Fund of which both A & T Valentine are trustees. The total commitments under the operating lease can be found in Note 21 - Obligations under leases and hire purchase contracts.
R Denning entered into the following transactions during the year with Premier Bikes (Didcot) Limited:
- Purchase of a KTM 1290 Superduke GT (registered Nov 2020) for £10,600.
- Purchase of a Triumph Rocket 3 GT (registered Oct 2023) for £16,500.
- Purchase of various parts and accessories totalling £235.
M Colley entered into the following transactions during the year with Premier Bikes (Didicot) Limited:
- Purchase of a Triumph Scrambler 1200 XE (registered Aug 2023) for £12,128.
Note that all above transactions are inclusive of VAT and were made at below market rates. All amounts in relation to the above transactions are fully paid at the balance sheet date.
Summary of transactions with other related parties
Off-balance sheet arrangements |
Shawbrook Loan
On 4 May 2023 Delaine Limited (now Premier Bikes Holdings Limited) acquired 100% of the share capital in Premier Bikes (Didcot) Limited. As part of the Acquisition, two finance arrangements were put in place, Premier Bikes (Didcot) Limited was named as a Guarantor on both arrangements. One is a facility of £2,250,000, the second consists of Loan notes totalling £300,000. Both are repayable May 2028.