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REGISTERED NUMBER: 03798936 (England and Wales)


















Motorcycle Electrical Services Limited

Financial Statements for the Year Ended 30th June 2024






Motorcycle Electrical Services Limited (Registered number: 03798936)






Contents of the Financial Statements
for the year ended 30th June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Motorcycle Electrical Services Limited

Company Information
for the year ended 30th June 2024







DIRECTORS: R H L Norton
S T E Boanas



SECRETARY: J Henriksen



REGISTERED OFFICE: Unit 1 Kingswood Business Park
Connaught Road
Hull
HU7 3AP



REGISTERED NUMBER: 03798936 (England and Wales)



AUDITORS: Smailes Goldie
Chartered Accountants
Statutory Auditor
Regent's Court
Princess Street
Hull
East Yorkshire HU2 8BA



BANKERS: National Westminster Bank plc
3rd Floor
2 Whitehall Quay
Leeds
LS1 4HR



SOLICITORS: Rollits
Wilberforce Court
High Street
Hull
HU1 1YJ

Motorcycle Electrical Services Limited (Registered number: 03798936)

Balance Sheet
30th June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 65,929 89,693

CURRENT ASSETS
Stocks 452,101 482,022
Debtors 5 178,377 382,788
Cash at bank 135,838 54,152
766,316 918,962
CREDITORS
Amounts falling due within one year 6 94,188 168,738
NET CURRENT ASSETS 672,128 750,224
TOTAL ASSETS LESS CURRENT
LIABILITIES

738,057

839,917

CAPITAL AND RESERVES
Called up share capital 7 2 2
Retained earnings 738,055 839,915
SHAREHOLDERS' FUNDS 738,057 839,917

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 27th March 2025 and were signed on its behalf by:





S T E Boanas - Director


Motorcycle Electrical Services Limited (Registered number: 03798936)

Notes to the Financial Statements
for the year ended 30th June 2024

1. STATUTORY INFORMATION

Motorcycle Electrical Services 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.

2. ACCOUNTING POLICIES

Accounting basis
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The principle accounting policies have remained unchanged from the previous year and are set out below.

Turnover
Turnover from the sale of goods 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
Tangible fixed assets are stated at cost less depreciation and any provision for impairment. Depreciation is provided on cost in equal annual instalments over the estimated useful lives of the assets. The useful economic lives are as follows:

Plant and equipment - 7 years
Motor vehicles - 4 years

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

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 profit and loss account in other administrative expenses.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

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.


Motorcycle Electrical Services Limited (Registered number: 03798936)

Notes to the Financial Statements - continued
for the year ended 30th June 2024

2. ACCOUNTING POLICIES - continued
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.

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 contributions
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2023 - 22 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1st July 2023 90,784 94,021 184,805
Additions 4,036 - 4,036
At 30th June 2024 94,820 94,021 188,841
DEPRECIATION
At 1st July 2023 51,757 43,355 95,112
Charge for year 10,911 16,889 27,800
At 30th June 2024 62,668 60,244 122,912
NET BOOK VALUE
At 30th June 2024 32,152 33,777 65,929
At 30th June 2023 39,027 50,666 89,693

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 161,354 344,119
Amounts owed by fellow subsidiaries - 21,878
Prepayments and accrued income 17,023 16,791
178,377 382,788

Motorcycle Electrical Services Limited (Registered number: 03798936)

Notes to the Financial Statements - continued
for the year ended 30th June 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 23,839 53,206
Amounts owed to fellow subsidiary 11,204 4,777
Tax 6,918 26,560
Social security and other taxes 40,539 51,869
Accruals and deferred income 11,688 32,326
94,188 168,738

7. CALLED UP SHARE CAPITAL

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

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

The Report of the Auditors was unqualified.

Stephen Bramall BSc FCA (Senior Statutory Auditor)
for and on behalf of Smailes Goldie

9. CONTINGENT LIABILITIES

The company has given unlimited guarantees in respect of bank borrowings of fellow group companies. The amount outstanding under this guarantee at 30 June 2024 was £817,729 (2023 £2,865,970). Any amount arising under this guarantee is secured by fixed and floating charges over the assets of the company both present and future.

National Westminster Bank PLC also hold a charge created on 6th February 2009. The charge consists of a fixed and floating charge over all assets. The floating charge covers all the undertaking and all property and assets present and future, including goodwill, uncalled capital, buildings, fixtures and fixed plant & machinery.

10. ULTIMATE CONTROLLING PARTY

In the opinion of the director, the company's immediate and ultimate parent company is Bonus Electrical Group Limited, a company registered in England. Copies of the group financial statements of Bonus Electrical Group Limited can be obtained from The Registrar of Companies, Companies House, Crown Way, Cardiff CF14 3UZ.