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REGISTERED NUMBER: 06142734 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Flying Colours Motorcycle Training Ltd

Flying Colours Motorcycle Training Ltd (Registered number: 06142734)

Contents of the Financial Statements
for the Year Ended 31 March 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Flying Colours Motorcycle Training Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mr A Richer-Friend
Mrs D M Wilde





REGISTERED OFFICE: Andrew Friend
Cadet Centre
Latimer Road
Eastbourne
East Sussex
BN22 7BU





REGISTERED NUMBER: 06142734 (England and Wales)





ACCOUNTANTS: SLP Advisory Limited
126 Wish Hill
Eastbourne
East Sussex
BN20 9HL

Flying Colours Motorcycle Training Ltd (Registered number: 06142734)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 22,177 13,055
22,177 13,055

CURRENT ASSETS
Cash at bank 3,337 3,794

CREDITORS
Amounts falling due within one year 6 114,224 105,196
NET CURRENT LIABILITIES (110,887 ) (101,402 )
TOTAL ASSETS LESS CURRENT LIABILITIES (88,710 ) (88,347 )

CREDITORS
Amounts falling due after more than one year 7 4,959 -
NET LIABILITIES (93,669 ) (88,347 )

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings (93,769 ) (88,447 )
SHAREHOLDERS' FUNDS (93,669 ) (88,347 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

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 27 December 2024 and were signed on its behalf by:





Mr A Richer-Friend - Director


Flying Colours Motorcycle Training Ltd (Registered number: 06142734)

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


1. STATUTORY INFORMATION

Flying Colours Motorcycle Training Ltd 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, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of five years.

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.
Plant and machinery - 20% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Tangible fixed assets are included at cost less depreciation and impairment.

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and loss account.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on net basis or to realise the asset and settle the liability simultaneously.

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.

Flying Colours Motorcycle Training Ltd (Registered number: 06142734)

Notes to the Financial Statements - continued
for the Year Ended 31 March 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Going concern
The directors have confirmed that the will continue to support the company for the foreseeable future, they therefore consider it appropriate to prepare the accounts on a going concern basis and have considered at least the next 12 months when assessing this.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 5,000
AMORTISATION
At 1 April 2023
and 31 March 2024 5,000
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

Flying Colours Motorcycle Training Ltd (Registered number: 06142734)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


5. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2023 - 19,008 - 19,008
Additions 4,945 20,533 667 26,145
Disposals - (17,930 ) - (17,930 )
At 31 March 2024 4,945 21,611 667 27,223
DEPRECIATION
At 1 April 2023 - 5,953 - 5,953
Charge for year 989 4,961 167 6,117
Eliminated on disposal - (7,024 ) - (7,024 )
At 31 March 2024 989 3,890 167 5,046
NET BOOK VALUE
At 31 March 2024 3,956 17,721 500 22,177
At 31 March 2023 - 13,055 - 13,055

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 5,211 -
Other creditors 109,013 105,196
114,224 105,196

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Other creditors 4,959 -

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary 1 100 100

9. PENSION COMMITMENTS

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions totaling £61 (2023 - £nil) were payable to the fund at the balance sheet date and are included within creditors.

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included within other creditors due within one year are interest free loans to directors totalling £103,869 (2032- £104,596). These are repayable on demand.