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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
Page
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PHIL'S MOTORCYCLE MALL LIMITED Company Information for the year ended 30 April 2024
Directors
Jonathan Robert Nickola Chant Philip Wesley Chant Anna Chant
Secretary
Anna Chant
Company Number
08038146 (England and Wales)
Registered Office
60 West Way Bournemouth Dorset BH9 3EA England
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PHIL'S MOTORCYCLE MALL LIMITED Statement of financial position as at 30 April 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
103,509 
94,679 
Current assets
Inventories
20,621 
20,171 
Debtors
211 
603 
Cash at bank and in hand
252 
- 
21,084 
20,774 
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
Deferred tax
(1,900)
- 
Net assets
24,075 
25,106 
Capital and reserves
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
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PHIL'S MOTORCYCLE MALL LIMITED Notes to the Accounts for the year ended 30 April 2024
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
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
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Inventories
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.
Foreign exchange
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.
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PHIL'S MOTORCYCLE MALL LIMITED Notes to the Accounts for the year ended 30 April 2024
Deferred taxation
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 
£ 
Cost
At 1 May 2023
75,000 
At 30 April 2024
75,000 
Amortisation
At 1 May 2023
75,000 
At 30 April 2024
75,000 
Net book value
At 30 April 2024
- 
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 
Depreciation
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 
Net book value
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.
6
Inventories
2024 
2023 
£ 
£ 
Finished goods
20,621 
20,171 
20,621 
20,171 
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PHIL'S MOTORCYCLE MALL LIMITED Notes to the Accounts for the year ended 30 April 2024
7
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
211 
- 
Accrued income and prepayments
- 
603 
211 
603 
8
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
26,725 
23,451 
VAT
86 
1,824 
Trade creditors
- 
1,968 
Taxes and social security
(68)
711 
Other creditors
- 
105 
Loans from directors
36,774 
25,252 
Accruals
1,190 
800 
64,707 
54,111 
9
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
33,911 
36,236 
10
Deferred taxation
2024 
2023 
£ 
£ 
Revaluation of land and buildings
1,900 
- 
2024 
2023 
£ 
£ 
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).
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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 
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