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REGISTERED NUMBER: 07148857 (England and Wales)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH JUNE 2024

FOR

ULTIMATE MOTO LIMITED

ULTIMATE MOTO LIMITED (REGISTERED NUMBER: 07148857)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 30th June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ULTIMATE MOTO LIMITED

COMPANY INFORMATION
For The Year Ended 30th June 2024







DIRECTORS: A M Turnbull
Mrs J A Turnbull





SECRETARY: A M Turnbull





REGISTERED OFFICE: Unit 20 Bensham Street
Boldon Colliery
Tyne and Wear
NE35 9LN





REGISTERED NUMBER: 07148857 (England and Wales)





ACCOUNTANTS: Stafford Accountancy
The Yard Suite 2.2
Gill Bridge Avenue
Sunderland
Tyne and Wear
SR1 3AW

ULTIMATE MOTO LIMITED (REGISTERED NUMBER: 07148857)

BALANCE SHEET
30th June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 183,498 239,673

CURRENT ASSETS
Stocks 5 295,430 274,488
Debtors 6 4,634 26,910
Cash at bank 72,273 65,448
372,337 366,846
CREDITORS
Amounts falling due within one year 7 127,264 145,103
NET CURRENT ASSETS 245,073 221,743
TOTAL ASSETS LESS CURRENT
LIABILITIES

428,571

461,416

CREDITORS
Amounts falling due after more than one
year

8

(36,447

)

(74,781

)

PROVISIONS FOR LIABILITIES (22,714 ) (21,900 )
NET ASSETS 369,410 364,735

CAPITAL AND RESERVES
Called up share capital 10 2 2
Retained earnings 369,408 364,733
SHAREHOLDERS' FUNDS 369,410 364,735

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

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

ULTIMATE MOTO LIMITED (REGISTERED NUMBER: 07148857)

BALANCE SHEET - continued
30th 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 11th March 2025 and were signed on its behalf by:





A M Turnbull - Director


ULTIMATE MOTO LIMITED (REGISTERED NUMBER: 07148857)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30th June 2024

1. STATUTORY INFORMATION

Ultimate Moto 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 total amount receivable by the company for goods supplied and services provided, excluding VAT and trade discounts. Turnover is recognised as follows:

1. Sale of Vehicles: Revenue from the sale of second-hand vehicles is recognised when the significant risks and rewards of ownership have been transferred to the buyer, which is typically when the vehicle is delivered to the customer and legal title has passed.

2. Servicing and Repairs: Revenue from servicing and repairs is recognised when the service is completed and the customer has accepted the service provided.

3. Commission Income: Commission income from financing and insurance arrangements is recognised when the related finance or insurance contract is signed by the customer and the dealership has fulfilled all its obligations under the arrangement.

4. Other Income: Other income, such as from warranties or additional services, is recognised when the service is provided or the warranty period begins.

Measurement
Turnover is measured at the fair value of the consideration received or receivable, net of returns, trade discounts, and volume rebates.

Deferred Income
Where payments are received in advance of the transfer of ownership or completion of services, these amounts are recorded as deferred income and recognised as turnover when the conditions for revenue recognition are met.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - 25% on cost and at varying rates on cost
Plant and machinery - 20% on reducing balance
Motor vehicles - 25% on cost

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


ULTIMATE MOTO LIMITED (REGISTERED NUMBER: 07148857)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30th June 2024

2. ACCOUNTING POLICIES - continued
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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 7 ) .

4. TANGIBLE FIXED ASSETS
Long Plant and Motor
leasehold machinery vehicles Totals
£    £    £    £   
COST
At 1st July 2023 128,814 104,372 137,949 371,135
Additions - 9,528 - 9,528
Disposals - - (27,142 ) (27,142 )
At 30th June 2024 128,814 113,900 110,807 353,521
DEPRECIATION
At 1st July 2023 35,991 54,918 40,553 131,462
Charge for year 14,645 16,958 17,042 48,645
Eliminated on disposal - - (10,084 ) (10,084 )
At 30th June 2024 50,636 71,876 47,511 170,023
NET BOOK VALUE
At 30th June 2024 78,178 42,024 63,296 183,498
At 30th June 2023 92,823 49,454 97,396 239,673

5. STOCKS
2024 2023
£    £   
Stocks 295,430 274,488

ULTIMATE MOTO LIMITED (REGISTERED NUMBER: 07148857)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30th June 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 4,339 23,190
Other debtors 295 3,720
4,634 26,910

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,268 10,015
Hire purchase contracts 8,423 10,911
Trade creditors - 23,963
Tax 11,550 -
Social security and other taxes 1,801 5,682
VAT 37,725 13,829
Other creditors 53,669 53,382
Directors' current accounts 1,253 19,371
Accrued expenses 2,575 7,950
127,264 145,103

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 9,624 19,908
Hire purchase contracts 26,823 54,873
36,447 74,781

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase 35,246 65,784

Hire purchase liabilities are secured on the assets to which they relate.

There is a fixed and floating charge dated 18 July 2022 over the assets of the company in favour of Barclays Security Trustee Limited and Barclays Bank UK Plc.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary £1 2 2

ULTIMATE MOTO LIMITED (REGISTERED NUMBER: 07148857)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30th June 2024

11. OTHER FINANCIAL COMMITMENTS

Total future minimum payments under non cancellable operating leases is £52,411 (2023: £53,788).

12. RELATED PARTY DISCLOSURES

The company occupies property owned by the directors and pays rent set at a commercial rate, the rent charged in the year ended 30 June 2024 was £52,411 (2023: £50,575).