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Registered number: 01287134
St. Neots Motorcycle Co Limited
Unaudited Financial Statements
For The Year Ended 31 December 2024
Davey Grover Ltd
Chartered Accountants
4 Fenice Court
Phoenix Business Park
St. Neots
Cambridgeshire
PE19 8EP
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—6
Page 1
Statement of Financial Position
Registered number: 01287134
31 December 2024 31 December 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 757,601 760,218
757,601 760,218
CURRENT ASSETS
Stocks 5 482,956 470,312
Debtors 6 13,281 2,530
Cash at bank and in hand 154,118 147,360
650,355 620,202
Creditors: Amounts Falling Due Within One Year 7 (184,975 ) (153,288 )
NET CURRENT ASSETS (LIABILITIES) 465,380 466,914
TOTAL ASSETS LESS CURRENT LIABILITIES 1,222,981 1,227,132
Creditors: Amounts Falling Due After More Than One Year 8 (5,378 ) (15,037 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (148,152 ) (148,807 )
NET ASSETS 1,069,451 1,063,288
CAPITAL AND RESERVES
Called up share capital 9 50 50
Revaluation reserve 10 555,499 555,499
Other reserves 50 50
Income Statement 513,852 507,689
SHAREHOLDERS' FUNDS 1,069,451 1,063,288
Page 1
Page 2
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr E W Sawford
Director
12 March 2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
St. Neots Motorcycle Co Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01287134 . The registered office is 29/39 St Mary's Street, Eynesbury St Neots, Huntingdon, Cambs, PE19 2TA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of motorcycles:
Turnover is recognised at the point of delivery of the motorcycle to the customer.
Motorcycle repairs:
Turnover is recognised at the point of supply.
Sale of spares and accessories:
Turnover is recognised at the point of supply.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Fair value
Plant & Machinery 15% on reducing balance
Motor Vehicles 25% on reducing balance
As at 31 December 2023 freehold land and buildings have been valued at fair value by the directors in order to show a true and fair view of the financial position at the reporting date. The company has recognised this in accordace with FRS102 Section 10.12 and so no prior year adjustment has been applied.
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2023: 7)
7 7
4. Tangible Assets
Land & Buildings Plant & Machinery etc. Total
£ £ £
Cost or Valuation
As at 1 January 2024 744,500 111,027 855,527
As at 31 December 2024 744,500 111,027 855,527
Depreciation
As at 1 January 2024 - 95,309 95,309
Provided during the period - 2,617 2,617
As at 31 December 2024 - 97,926 97,926
Net Book Value
As at 31 December 2024 744,500 13,101 757,601
As at 1 January 2024 744,500 15,718 760,218
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Cost or valuation as at 31 December 2024 represented by:
Land & Property
Freehold Plant & Machinery Motor Vehicles Total
£ £ £ £
At cost 44,124 84,467 26,560 155,151
At valuation 700,376 - - 700,376
744,500 84,467 26,560 855,527
Freehold land and buildings were valued on a fair value basis on 31 December 2024 by the directors.
5. Stocks
31 December 2024 31 December 2023
£ £
Stock 482,956 470,312
6. Debtors
31 December 2024 31 December 2023
£ £
Due within one year
Trade debtors 8,316 13
Other debtors 4,965 2,517
13,281 2,530
7. Creditors: Amounts Falling Due Within One Year
31 December 2024 31 December 2023
£ £
Trade creditors 94,812 67,611
Bank loans and overdrafts 9,640 10,000
Other creditors 55,861 53,858
Taxation and social security 24,662 21,819
184,975 153,288
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Page 6
8. Creditors: Amounts Falling Due After More Than One Year
31 December 2024 31 December 2023
£ £
Bank loans 5,378 15,037
9. Share Capital
31 December 2024 31 December 2023
£ £
Allotted, Called up and fully paid 50 50
10. Reserves
Revaluation Reserve
£
As at 1 January 2024 555,499
As at 31 December 2024 555,499
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