Registration number:
Redline Motorcycles Limited
for the Year Ended 30 April 2024
Redline Motorcycles Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Redline Motorcycles Limited
Company Information
Directors |
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Registered office |
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Redline Motorcycles Limited
(Registration number: 04972040)
Balance Sheet as at 30 April 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
- |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
60 |
60 |
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Retained earnings |
464,718 |
261,487 |
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Shareholders' funds |
464,778 |
261,547 |
For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.
Directors responsibilities:
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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 in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
These financial statements have been 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 directors has not delivered to the registrar a copy of the Profit and Loss Account.
Redline Motorcycles Limited
(Registration number: 04972040)
Balance Sheet as at 30 April 2024
Approved and authorised by the
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Redline Motorcycles Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/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 tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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.
Redline Motorcycles Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
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 balance sheet 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:
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, 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.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
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.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Redline Motorcycles Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including the directors) during the year, was
Tangible assets |
Short leasehold land and buildings |
Plant and machinery |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 May 2023 |
- |
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Additions |
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Disposals |
- |
- |
( |
( |
At 30 April 2024 |
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Depreciation |
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At 1 May 2023 |
- |
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Charge for the year |
- |
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Eliminated on disposal |
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- |
( |
( |
At 30 April 2024 |
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Carrying amount |
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At 30 April 2024 |
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At 30 April 2023 |
- |
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Included within the net book value of land and buildings above is £5,353 (2023 - £Nil) in respect of short leasehold land and buildings.
Stocks |
2024 |
2023 |
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Finished goods and goods for resale |
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Redline Motorcycles Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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Ordinary of £1 each |
60 |
60 |
60 |
60 |
Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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- |
Hire purchase contracts |
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Current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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- |
Hire purchase contracts |
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Other borrowings |
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- |
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Dividends |
2024 |
2023 |
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£ |
£ |
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Interim dividend of £ |
59,588 |
107,272 |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Redline Motorcycles Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Related party transactions |
Redline Motorcycles Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Transactions with the directors |
2024 |
At 1 May 2023 |
Advances to directors |
Other payments made to company by directors |
At 30 April 2024 |
Mr N T Preston |
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Directors loan account |
( |
- |
(312) |
( |
2023 |
At 1 May 2022 |
Other payments made to company by directors |
At 30 April 2023 |
Mr N T Preston |
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Directors loan account |
- |
(312) |
( |
Redline Motorcycles Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Summary of transactions with parent
During the year a dividend of £59,588 was paid to the parent company, Redline Motorcycles Holdings Limited.
Parent and ultimate parent undertaking |
The company's immediate parent is
The address of the parent company is
Unit 8 Prince William Way, Loughborough, Leicestershire, LE11 5DD.