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Registration number: 08565092

KBH Motorcycles Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

KBH Motorcycles Ltd

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

KBH Motorcycles Ltd

(Registration number: 08565092)
Statement of Financial Position as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

334

428

Current assets

 

Stocks

176,021

181,467

Debtors

5

1,893

1,616

Cash at bank and in hand

 

3,813

2,314

 

181,727

185,397

Creditors: Amounts falling due within one year

6

(142,800)

(147,946)

Net current assets

 

38,927

37,451

Total assets less current liabilities

 

39,261

37,879

Creditors: Amounts falling due after more than one year

6

(25,358)

(26,411)

Net assets

 

13,903

11,468

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

13,902

11,467

Shareholders' funds

 

13,903

11,468

 

KBH Motorcycles Ltd

(Registration number: 08565092)
Statement of Financial Position as at 30 June 2024 (continued)

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 24 March 2025
 


Mr P Humphrey
Director

 

KBH Motorcycles Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Plym House
3 Longbridge Road
Plymouth
Marsh Mills
Devon
PL6 8LT

Principal activity

The principal activity of the company is the sale of parts for classic British motorcycles.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

 

KBH Motorcycles Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fittings, fixtures and equipment

25% straight line

 

KBH Motorcycles Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of past events, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

KBH Motorcycles Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

4

Tangible assets

Fixtures, fittings and equipment
£

Total
£

Cost or valuation

At 1 July 2023

10,389

10,389

Additions

269

269

At 30 June 2024

10,658

10,658

Depreciation

At 1 July 2023

9,961

9,961

Charge for the year

363

363

At 30 June 2024

10,324

10,324

Carrying amount

At 30 June 2024

334

334

At 30 June 2023

428

428

5

Debtors

2024
£

2023
£

Other debtors

1,893

1,616

1,893

1,616

 

KBH Motorcycles Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Loans and borrowings

9,429

9,430

Trade creditors

57,074

59,258

Taxation and social security

-

145

Accruals and deferred income

2,000

2,690

Other creditors

74,297

76,423

142,800

147,946

The bounce back loan is secured by government guarantee.

Creditors: amounts falling due after more than one year

2024
£

2023
£

Loans and borrowings

25,358

26,411

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

8

Related party transactions

Transactions with the director

During the year the director entered into the following advances and credits with the company:

2024

At 1 July 2023
£

Advances to director
£

Repayments by director
£

At 30 June 2024
£

Director

(76,423)

5,775

(3,648)

(74,297)

         
       

 

2023

At 1 July 2022
£

Advances to director
£

Repayments by director
£

At 30 June 2023
£

Director

(71,698)

669

(5,394)

(76,423)