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REGISTERED NUMBER: 05276316 (England and Wales)


























FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024

FOR

SLEIPNER MOTOR LTD

SLEIPNER MOTOR LTD (REGISTERED NUMBER: 05276316)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


SLEIPNER MOTOR LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2024







DIRECTORS: Mr A K Skauen
Mr R Skauen



SECRETARY: Mrs M L McCabe



REGISTERED OFFICE: Fleming Court
Leigh Road
Eastleigh
Southampton
Hampshire
SO50 9PD



BUSINESS ADDRESS: Unit 3 Darcey Court
Long Meadow
South Brent
Devon
TQ10 9EW



REGISTERED NUMBER: 05276316 (England and Wales)



SENIOR STATUTORY AUDITOR: Neil Raynsford



AUDITORS: Langdowns DFK Limited
Statutory Auditor
Fleming Court
Leigh Road
Eastleigh
Southampton
Hampshire
SO50 9PD

SLEIPNER MOTOR LTD (REGISTERED NUMBER: 05276316)

BALANCE SHEET
31ST DECEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 66,904 89,205

CURRENT ASSETS
Stocks 1,262,155 633,912
Debtors 6 2,712,085 3,294,912
Cash at bank and in hand 495,857 1,240,756
4,470,097 5,169,580
CREDITORS
Amounts falling due within one year 7 981,067 1,659,868
NET CURRENT ASSETS 3,489,030 3,509,712
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,555,934

3,598,917

CREDITORS
Amounts falling due after more than one year 8 - (479 )

PROVISIONS FOR LIABILITIES (15,943 ) (21,468 )
NET ASSETS 3,539,991 3,576,970

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 3,539,891 3,576,870
SHAREHOLDERS' FUNDS 3,539,991 3,576,970

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 24th March 2025 and were signed on its behalf by:





Mr R Skauen - Director


SLEIPNER MOTOR LTD (REGISTERED NUMBER: 05276316)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2024


1. STATUTORY INFORMATION

Sleipner Motor Ltd 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows.

Turnover from the sale of marine parts is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold property - Over the remaining term of the lease
Plant & Equipment - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Office Equipment - 25% on reducing balance

All fixed assets are initially recorded at cost.

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

The company has a specific policy in place to consider obsolete and slow moving stock. The policy considers the length of time that the stock has been held by the company and based on this analysis, the company then applies a reduction to the value of each stock line that meets the parameters of the policy.

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.

SLEIPNER MOTOR LTD (REGISTERED NUMBER: 05276316)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024


3. ACCOUNTING POLICIES - continued

Foreign currencies
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 rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company contributes to a defined contribution pension scheme. Contributions payable to the pension scheme are charged to the Income Statement in the period to which they relate.

Debtors and creditors receivable/ payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at
transaction price. Any losses arising from impairment are recognised in the Income Statement in administrative expenses.

Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

4. EMPLOYEES AND DIRECTORS

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

5. TANGIBLE FIXED ASSETS
Leasehold Plant & Motor Office
property Equipment vehicles Equipment Totals
£    £    £    £    £   
COST
At 1st January 2024
and 31st December 2024 62,288 49,092 93,952 80,814 286,146
DEPRECIATION
At 1st January 2024 62,288 40,849 67,562 26,242 196,941
Charge for year - 2,061 6,597 13,643 22,301
At 31st December 2024 62,288 42,910 74,159 39,885 219,242
NET BOOK VALUE
At 31st December 2024 - 6,182 19,793 40,929 66,904
At 31st December 2023 - 8,243 26,390 54,572 89,205

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,673,917 3,237,418
Amounts owed by group undertakings - 26
Other debtors 38,168 57,468
2,712,085 3,294,912

SLEIPNER MOTOR LTD (REGISTERED NUMBER: 05276316)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts and finance leases (see note 9)
479

18,997
Trade creditors 14,585 21,542
Amounts owed to group undertakings 633,387 1,158,405
Taxation and social security 273,988 381,433
Other creditors 58,628 79,491
981,067 1,659,868

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts and finance leases (see note 9)
-

479

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts Finance leases
2024 2023 2024 2023
£    £    £    £   
Net obligations repayable:
Within one year - 15,089 479 3,908
Between one and five years - - - 479
- 15,089 479 4,387

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts and finance leases 479 19,476

The hire purchase contracts and finance lease agreements are secured against the assets to which they relate.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary A £1 100 100

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Neil Raynsford (Senior Statutory Auditor)
for and on behalf of Langdowns DFK Limited

SLEIPNER MOTOR LTD (REGISTERED NUMBER: 05276316)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024


13. OTHER FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £217,870 (2023 - £290,494). This amount is in relation to operating lease commitments which are payable over the next three years (2023: four years).

14. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with group companies where any subsidiary that is a party to the transaction is wholly owned within the group or where transactions have been undertaken under normal market conditions.

15. ULTIMATE CONTROLLING PARTY

The controlling party is Sleipner Motor AS (incorporated in Norway).

The ultimate controlling party is Mr K. S. Hox.

Sleipner Motor AS is the parent company. Accounts can be obtained from Arne Svendsensgate 6-8, 1610 Fredrikstad, Norway.

Mr K. S. Hox, controls Kjeppestadveien 4 AS (incorporated in Norway), the ultimate parent company.