Company Registration No. 08038146 (England and Wales)
PHIL'S MOTORCYCLE MALL LIMITED
Unaudited accounts
for the year ended 30 April 2024
PHIL'S MOTORCYCLE MALL LIMITED
Unaudited accounts
Contents
PHIL'S MOTORCYCLE MALL LIMITED
Company Information
for the year ended 30 April 2024
Directors
Jonathan Robert Nickola Chant
Philip Wesley Chant
Anna Chant
Company Number
08038146 (England and Wales)
Registered Office
60 West Way
Bournemouth
Dorset
BH9 3EA
England
PHIL'S MOTORCYCLE MALL LIMITED
Statement of financial position
as at 30 April 2024
Tangible assets
103,509
94,679
Cash at bank and in hand
252
-
Creditors: amounts falling due within one year
(64,707)
(54,111)
Net current liabilities
(43,623)
(33,337)
Total assets less current liabilities
59,886
61,342
Creditors: amounts falling due after more than one year
(33,911)
(36,236)
Provisions for liabilities
Called up share capital
100
100
Profit and loss account
23,975
25,006
Shareholders' funds
24,075
25,106
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 16 January 2025 and were signed on its behalf by
Jonathan Robert Nickola Chant
Director
Company Registration No. 08038146
PHIL'S MOTORCYCLE MALL LIMITED
Notes to the Accounts
for the year ended 30 April 2024
PHIL'S MOTORCYCLE MALL LIMITED is a private company, limited by shares, registered in England and Wales, registration number 08038146. The registered office is 60 West Way, Bournemouth, Dorset, BH9 3EA, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the year ended
30 April 2024 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 May 2022.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in note
13 below.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
not depreciated
Plant & machinery
25% on reducing balance
Computer equipment
25% on reducing balance
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Monetary 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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
PHIL'S MOTORCYCLE MALL LIMITED
Notes to the Accounts
for the year ended 30 April 2024
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
4
Intangible fixed assets
Goodwill
5
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Total
Cost or valuation
At valuation
At cost
At cost
At 1 May 2023
90,000
9,008
15,274
114,282
Revaluations
10,000
-
-
10,000
At 30 April 2024
100,000
9,008
15,274
124,282
At 1 May 2023
-
7,434
12,169
19,603
Charge for the year
-
394
776
1,170
At 30 April 2024
-
7,828
12,945
20,773
At 30 April 2024
100,000
1,180
2,329
103,509
At 30 April 2023
90,000
1,574
3,105
94,679
The property was subject to a director's valuation as of 30 April 2024. If the property had not been revalued, it would have been included at the cost of £90,000.
Finished goods
20,621
20,171
PHIL'S MOTORCYCLE MALL LIMITED
Notes to the Accounts
for the year ended 30 April 2024
Amounts falling due within one year
Accrued income and prepayments
-
603
8
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
26,725
23,451
Taxes and social security
(68)
711
Loans from directors
36,774
25,252
9
Creditors: amounts falling due after more than one year
2024
2023
10
Deferred taxation
2024
2023
Revaluation of land and buildings
1,900
-
Charged to the profit and loss account
1,900
-
Provision at end of year
1,900
-
11
Transactions with related parties
The company distributed dividends amounting to £2,000 to related parties. Furthermore, a loan liability of £11,000 owed by the company was subject to debt forgiveness and subsequently written off.
12
Average number of employees
During the year the average number of employees was 4 (2023: 4).
PHIL'S MOTORCYCLE MALL LIMITED
Notes to the Accounts
for the year ended 30 April 2024
13
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 May 2022
30 April 2023
Capital and reserves (as previously stated)
25,106
25,106
Land and property revaluation
-
-
Deferred tax provision on revaluation
-
-
Capital and reserves (as restated)
25,106
25,106