REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH JUNE 2024 |
FOR |
ULTIMATE MOTO LIMITED |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 were approved by the Board of Directors and authorised for issue on |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Long leasehold | - |
Plant and machinery | - |
Motor vehicles | - |
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 |
4. | TANGIBLE FIXED ASSETS |
Long | Plant and | Motor |
leasehold | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1st July 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 30th June 2024 |
DEPRECIATION |
At 1st July 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30th June 2024 |
NET BOOK VALUE |
At 30th June 2024 |
At 30th June 2023 |
5. | STOCKS |
2024 | 2023 |
£ | £ |
Stocks |
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 |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 37,725 | 13,829 |
Other creditors |
Directors' current accounts | 1,253 | 19,371 |
Accrued expenses |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans - 1-2 years |
Hire purchase contracts |
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: | £ | £ |
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). |