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REGISTERED NUMBER: 05401500 (England and Wales)












SPORTSBIKESHOP LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024






SPORTSBIKESHOP LIMITED (REGISTERED NUMBER: 05401500)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


SPORTSBIKESHOP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2024







DIRECTORS: J S Mitchell
C A Winters





REGISTERED OFFICE: Kirton Distribution Park
Hereward Close
Kirton
Boston
Lincolnshire
PE20 1QS





REGISTERED NUMBER: 05401500 (England and Wales)





AUDITORS: Dexter & Sharpe Audit Services Ltd
(Statutory Auditor)
Rollestone House
Bridge Street
Horncastle
Lincolnshire
LN9 5HZ

SPORTSBIKESHOP LIMITED (REGISTERED NUMBER: 05401500)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024


The directors present their strategic report for the year ended 30 September 2024.

REVIEW OF BUSINESS
The results for the year and the financial position of the company at 30 September 2024 are as shown in the annexed financial statements.

This review is considered to be balanced and comprehensive, having regard to the size of the company. The review also considers any risks or uncertainties faced by the company.

The directors are very happy with the year-end results and are sure that continued focus on the needs of the customer and offering a varied range of products will facilitate further growth.

As ever, the key financial indicators are turnover and gross profit, whilst turnover continues to grow, margins have started to be squeezed as increased online competition starts to bite.

Turnover has increased this year by 3.2% with further growth planned through expansion of both the website and the retail store network. The Norwich store has already opened and is performing well. In contrast to the previous financial year, gross profit has grown via less sale periods throughout the season as well as better buying in general.


SPORTSBIKESHOP LIMITED (REGISTERED NUMBER: 05401500)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The company is affected by a number of factors, the principal ones of which are:

- Exposure to the risk of negative developments in the financial markets and the sectors in which it operates, either directly or through the impact on the company's bankers, suppliers, or customers. These developments can result in recession, inflation, deflation, restrictions in the availability of credit, impact on demand from customers, problems in the supplier base, increase in financing costs or in the cost of utilities and finished products. Such developments might increase operating costs, reduce revenues, lower asset values, or result in the business being unable to meet in full its strategic objectives.

- Competition arising from an ever-increasing demand for online retailing and increased internet activities. The company already utilises internet trading through its own website and through well-known auction sites. The nature of the company's products does mean that many customers will still visit the retail outlet to try before they buy, and management are continually monitoring the position of all areas of the company to ensure they remain profitable as failure to compete effectively in terms of price, product satisfaction or levels of customer service can have an adverse effect on demand and/or margins

- Exposure to exchange rates will also play a part as the company expands and furthers its own brand strategy due to the manufacturing of most of its range taking place outside of the UK. Conversion, however, will generally take place at the point of purchase, or just before, and will ultimately affect the retail price, bringing it in line with the market rather than affecting gross margin.

- Whilst the Brexit trade deal introduced in January 2021 caused a certain level of turmoil, particularly with overseas trade, the management believes it has also contributed to stronger domestic sales in some areas, as it introduced a level of uncertainty for UK customers thinking of buying from overseas. A partnership has also now been forged with a new logistics partner in an effort to help encourage overseas sales.

The company mitigates risk in several ways:

- The group has in place an organisational structure with clearly defined lines of responsibility and
delegation of authority. There are established policies and procedure for the setting of corporate strategies; for financial planning and budgeting; for risk management; for information and reporting systems; for systems of operation and financial internal control; and for monitoring operations and performance.

- Management and staff at all levels work closely with customers and suppliers to operate as effectively and efficiently as possible, whilst maintaining long working relations, innovations and good lines of communications.

- The company operates a recruitment, training and selection process to ensure employees are experienced and competent in their work. The workforce is trained to be alert, responsive to customer needs and requirements and to operate in line with the company's corporate objectives.


SPORTSBIKESHOP LIMITED (REGISTERED NUMBER: 05401500)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

SECTION 172(1) STATEMENT
Our duties
The board of directors, along with the senior management team, recognise that the long term interests of the business are key and supersede any short term plans. This ethos is regularly communicated with and shared by our shareholders. Ultimately, success through sustainable growth is what shapes our business plan, always taking into consideration the same key areas, most of which have been addressed independently below:

Our people
The focus always has, and will continue to be, customer first. By customer first we not only refer to retail customers, but also the Sportsbikeshop team. The company is fully committed to our members and has a truly 'open door' policy at all levels to ensure a far less hierarchical structure than one might commonly expect. Whilst we now navigate the inevitable complexities of a larger SME, in many areas we strive to retain some of the traits of a much smaller company. We feel this helps us to remain far more 'familial' as a team.

Business relationships
Whilst we continue to add additional brands and products to our assortment, the vast majority of our growth is through increasing spend with the same core set of suppliers, most of which we have been dealing with in excess of 10 years. We deal with most at board level, as well as buyer level, and work on what we'd describe as a '50/50 relationship'. Ultimately, this ensures we keep in mind that we need our suppliers as much as they need us.

Community and the environment
We strive to engage with both the motorcycle industry and local communities as much as possible. Feedback from both gives us vital information to help us shape our outlook and offering. In recent years, we have also challenged ourselves to take a far more ethical and sustainable approach in terms of both sourcing of product, and the packaging of orders.

Reputation
Maintaining our reputation is considered in everything we do; business ethics, our team, and our customer base. Just as we continue to focus on our customer value proposition, we also continue to work on our reputation within the motorcycle trade and as a business in general.

FUTURE DEVELOPMENTS
Online growth will be achieved through further work on improving customer experience and increasing focus on both the product range and the stock plan. There will also be the addition of new stores as well as growth from the existing network as it matures.

Most important of all, the company will continue to take a truly omnichannel approach, with stores essentially operating as an extension of the online experience. The management team are as optimistic as ever as they look forward to the continuation of their plan.

ON BEHALF OF THE BOARD:





C A Winters - Director


17 April 2025

SPORTSBIKESHOP LIMITED (REGISTERED NUMBER: 05401500)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 SEPTEMBER 2024


The directors present their report with the financial statements of the company for the year ended 30 September 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the sale of motorcycle parts and accessories.

DIVIDENDS
No dividends will be distributed for the year ended 30 September 2024.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors set out in the table below have held office during the whole of the period from 1 October 2023 to the date of this report.

The directors shown below were in office at 30 September 2024 but did not hold any interest in the Ordinary shares of £1 each at 1 October 2023 or 30 September 2024.

J S Mitchell
C A Winters

DISCLOSURE IN THE STRATEGIC REPORT
Information regarding company performance, key performance indicators, risks facing the company and future developments is disclosed in the strategic report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

SPORTSBIKESHOP LIMITED (REGISTERED NUMBER: 05401500)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 SEPTEMBER 2024


AUDITORS
The auditors, Dexter & Sharpe Audit Services Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

BY ORDER OF THE BOARD:





C A Winters - Director


17 April 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SPORTSBIKESHOP LIMITED


Opinion
We have audited the financial statements of Sportsbikeshop Limited (the 'company') for the year ended 30 September 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 September 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SPORTSBIKESHOP LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We have enquired of those charged with governance around actual and potential litigation and claims.
We have reviewed financial statement disclosures and tested to supporting documentation to assess compliance with applicable laws and regulations.
We have enquired of staff engaged in the completion of VAT, tax and compliance work to identify any instances of non compliance with laws and regulations.
We have audited the risk of management override of controls including review of journal entries and large or unusual transactions, evaluating the business rationale of any significant transactions outside the course of business.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.




Mrs Nicola Michelle Lenton FCCA (Senior Statutory Auditor)
for and on behalf of Dexter & Sharpe Audit Services Ltd
(Statutory Auditor)
Rollestone House
Bridge Street
Horncastle
Lincolnshire
LN9 5HZ

17 April 2025

SPORTSBIKESHOP LIMITED (REGISTERED NUMBER: 05401500)

INCOME STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024 2023
Notes £    £   

TURNOVER 49,918,332 48,373,715

Cost of sales (36,460,219 ) (35,943,965 )
GROSS PROFIT 13,458,113 12,429,750

Administrative expenses (8,678,164 ) (8,278,519 )
4,779,949 4,151,231

Other operating income 143,411 162,819
OPERATING PROFIT 3 4,923,360 4,314,050

Interest receivable and similar income 5 112,690 74,712
5,036,050 4,388,762

Interest payable and similar expenses 6 (8,275 ) (10,184 )
PROFIT BEFORE TAXATION 5,027,775 4,378,578

Tax on profit 7 (1,074,710 ) (769,984 )
PROFIT FOR THE FINANCIAL YEAR 3,953,065 3,608,594

SPORTSBIKESHOP LIMITED (REGISTERED NUMBER: 05401500)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 3,953,065 3,608,594


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

3,953,065

3,608,594

SPORTSBIKESHOP LIMITED (REGISTERED NUMBER: 05401500)

BALANCE SHEET
30 SEPTEMBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 8 1,140,041 982,752
Tangible assets 9 2,303,316 2,257,207
3,443,357 3,239,959

CURRENT ASSETS
Stocks 10 15,939,470 13,636,558
Debtors 11 5,801,682 3,071,089
Cash at bank and in hand 3,489,943 1,901,167
25,231,095 18,608,814
CREDITORS
Amounts falling due within one year 12 7,633,662 4,777,722
NET CURRENT ASSETS 17,597,433 13,831,092
TOTAL ASSETS LESS CURRENT
LIABILITIES

21,040,790

17,071,051

CREDITORS
Amounts falling due after more than one
year

13

(34,977

)

(55,370

)

PROVISIONS FOR LIABILITIES 17 (366,422 ) (328,355 )

ACCRUALS AND DEFERRED INCOME 18 (8,750 ) (9,750 )
NET ASSETS 20,630,641 16,677,576

CAPITAL AND RESERVES
Called up share capital 19 100 100
Retained earnings 20 20,630,541 16,677,476
SHAREHOLDERS' FUNDS 20,630,641 16,677,576

The financial statements were approved by the Board of Directors and authorised for issue on 17 April 2025 and were signed on its behalf by:





C A Winters - Director


SPORTSBIKESHOP LIMITED (REGISTERED NUMBER: 05401500)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 October 2022 100 13,068,882 13,068,982

Changes in equity
Total comprehensive income - 3,608,594 3,608,594
Balance at 30 September 2023 100 16,677,476 16,677,576

Changes in equity
Total comprehensive income - 3,953,065 3,953,065
Balance at 30 September 2024 100 20,630,541 20,630,641

SPORTSBIKESHOP LIMITED (REGISTERED NUMBER: 05401500)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 5,863,492 2,420,298
Interest paid - (35 )
Interest element of hire purchase payments
paid

(8,275

)

(10,149

)
Government grant 1,000 250
Tax paid (674,478 ) (651,983 )
Net cash from operating activities 5,181,739 1,758,381

Cash flows from investing activities
Purchase of intangible fixed assets (464,563 ) (336,957 )
Purchase of tangible fixed assets (643,318 ) (448,496 )
Sale of tangible fixed assets 13,000 17,243
Interest received 112,690 74,712
Net cash from investing activities (982,191 ) (693,498 )

Cash flows from financing activities
New loans in year - 79,035
Capital repayments in year (46,498 ) (47,404 )
Amounts owed by group undertakings (2,564,274 ) (551,512 )
Net cash from financing activities (2,610,772 ) (519,881 )

Increase in cash and cash equivalents 1,588,776 545,002
Cash and cash equivalents at beginning of
year

2

1,901,167

1,356,165

Cash and cash equivalents at end of year 2 3,489,943 1,901,167

SPORTSBIKESHOP LIMITED (REGISTERED NUMBER: 05401500)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 5,027,775 4,378,578
Depreciation charges 895,737 1,145,259
Profit on disposal of fixed assets (4,254 ) -
Government grants (1,000 ) (250 )
Finance costs 8,275 10,184
Finance income (112,690 ) (74,712 )
5,813,843 5,459,059
Increase in stocks (2,302,912 ) (1,565,351 )
Increase in trade and other debtors (166,321 ) (46,156 )
Increase/(decrease) in trade and other creditors 2,518,882 (1,427,254 )
Cash generated from operations 5,863,492 2,420,298

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 September 2024
30.9.24 1.10.23
£    £   
Cash and cash equivalents 3,489,943 1,901,167
Year ended 30 September 2023
30.9.23 1.10.22
£    £   
Cash and cash equivalents 1,901,167 1,356,165


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.10.23 Cash flow At 30.9.24
£    £    £   
Net cash
Cash at bank and in hand 1,901,167 1,588,776 3,489,943
1,901,167 1,588,776 3,489,943
Debt
Finance leases (87,343 ) 31,973 (55,370 )
Debts falling due within 1 year (79,036 ) 14,527 (64,509 )
(166,379 ) 46,500 (119,879 )
Total 1,734,788 1,635,276 3,370,064

SPORTSBIKESHOP LIMITED (REGISTERED NUMBER: 05401500)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024


1. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" and the Companies Act 2006. 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, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - Nil
Expenditure on leasehold property - Over the term of the lease
Fixtures and fittings - 15 - 30% on reducing balance

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

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.

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.

SPORTSBIKESHOP LIMITED (REGISTERED NUMBER: 05401500)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


1. ACCOUNTING POLICIES - continued

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
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.

2. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 4,252,132 3,801,798
Social security costs 386,702 349,561
Other pension costs 97,963 82,361
4,736,797 4,233,720

The average number of employees during the year was as follows:
2024 2023

Directors 1 1
Managers 3 -
Administration 46 49
Retail 73 69
Warehouse 44 43
167 162

2024 2023
£    £   
Directors' remuneration 202,133 231,395

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 2

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 202,133 231,395

SPORTSBIKESHOP LIMITED (REGISTERED NUMBER: 05401500)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


3. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 117,498 96,657
Depreciation - owned assets 552,653 784,665
Depreciation - assets on hire purchase contracts 35,810 118,196
Profit on disposal of fixed assets (4,254 ) -
Development costs amortisation 307,274 242,398
Foreign exchange differences 21,865 19,016

4. AUDITORS' REMUNERATION
2024 2023
£    £   
Fees payable to the company's auditors and their associates for the audit of
the company's financial statements

11,000

11,000

5. INTEREST RECEIVABLE AND SIMILAR INCOME
2024 2023
£    £   
Deposit account interest 22,926 11,567
Inter-company loan interest 89,764 58,560
HMRC interest - 4,585
112,690 74,712

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest - 35
Hire purchase 8,275 10,149
8,275 10,184

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 1,036,643 757,691

Deferred tax 38,067 12,293
Tax on profit 1,074,710 769,984

SPORTSBIKESHOP LIMITED (REGISTERED NUMBER: 05401500)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 5,027,775 4,378,578
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 22.008%)

1,256,944

963,637

Effects of:
Expenses not deductible for tax purposes 979 4,167
Depreciation in excess of capital allowances 24,675 99,457
Group relief (245,954 ) (309,570 )
Temporary timing differences 38,066 12,293
Total tax charge 1,074,710 769,984

8. INTANGIBLE FIXED ASSETS
Development
costs
£   
COST
At 1 October 2023 1,691,061
Additions 464,563
At 30 September 2024 2,155,624
AMORTISATION
At 1 October 2023 708,309
Amortisation for year 307,274
At 30 September 2024 1,015,583
NET BOOK VALUE
At 30 September 2024 1,140,041
At 30 September 2023 982,752

SPORTSBIKESHOP LIMITED (REGISTERED NUMBER: 05401500)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


9. TANGIBLE FIXED ASSETS
Expenditure
on Fixtures
Freehold leasehold and Motor
property property fittings vehicles Totals
£    £    £    £    £   
COST
At 1 October 2023 103,010 1,591,273 2,839,383 85,330 4,618,996
Additions - 114,424 459,034 69,860 643,318
Disposals - - - (19,990 ) (19,990 )
At 30 September 2024 103,010 1,705,697 3,298,417 135,200 5,242,324
DEPRECIATION
At 1 October 2023 - 544,652 1,793,080 24,057 2,361,789
Charge for year - 152,057 416,205 20,201 588,463
Eliminated on disposal - - - (11,244 ) (11,244 )
At 30 September 2024 - 696,709 2,209,285 33,014 2,939,008
NET BOOK VALUE
At 30 September 2024 103,010 1,008,988 1,089,132 102,186 2,303,316
At 30 September 2023 103,010 1,046,621 1,046,303 61,273 2,257,207

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 October 2023 381,312 85,330 466,642
Disposals - (19,990 ) (19,990 )
Transfer to ownership (245,247 ) - (245,247 )
At 30 September 2024 136,065 65,340 201,405
DEPRECIATION
At 1 October 2023 293,642 24,057 317,699
Charge for year 21,236 14,574 35,810
Eliminated on disposal - (11,244 ) (11,244 )
Transfer to ownership (200,195 ) - (200,195 )
At 30 September 2024 114,683 27,387 142,070
NET BOOK VALUE
At 30 September 2024 21,382 37,953 59,335
At 30 September 2023 87,670 61,273 148,943

SPORTSBIKESHOP LIMITED (REGISTERED NUMBER: 05401500)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


10. STOCKS
2024 2023
£    £   
Stocks 15,939,470 13,636,558

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings 5,101,375 2,537,103
Other debtors 132,772 45,852
Prepayments 567,535 488,134
5,801,682 3,071,089

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other loans (see note 14) 64,509 79,036
Hire purchase contracts (see note 15) 20,393 31,973
Trade creditors 5,938,318 3,540,327
Corporation Tax 716,656 354,491
Social security and other taxes 212,280 93,557
VAT 488,439 482,853
Other creditors 19,592 16,488
Accrued expenses 173,475 178,997
7,633,662 4,777,722

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts (see note 15) 34,977 55,370

14. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Other loans 64,509 79,036

SPORTSBIKESHOP LIMITED (REGISTERED NUMBER: 05401500)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 20,393 31,973
Between one and five years 34,977 55,370
55,370 87,343

Non-cancellable operating leases
2024 2023
£    £   
Within one year 1,099,989 1,014,960
Between one and five years 4,223,254 3,978,888
In more than five years 1,630,687 2,274,367
6,953,930 7,268,215

16. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 55,370 87,343

Hire purchase contracts are secured over the assets being purchased.

17. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 366,422 328,355

Deferred
tax
£   
Balance at 1 October 2023 328,355
Accelerated capital allowances 38,067
Balance at 30 September 2024 366,422

18. ACCRUALS AND DEFERRED INCOME
2024 2023
£    £   
Deferred government grants 8,750 9,750

SPORTSBIKESHOP LIMITED (REGISTERED NUMBER: 05401500)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


19. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2024 2023
value: £    £   
100 Share capital £1 100 100

The shares are ordinary shares, carrying equal rights to vote and to receive dividends.

20. RESERVES
Retained
earnings
£   

At 1 October 2023 16,677,476
Profit for the year 3,953,065
At 30 September 2024 20,630,541

21. ULTIMATE PARENT COMPANY

POLO Group GmbH (incorporated in Germany ) is regarded by the directors as being the company's ultimate parent company.

POLO Group GmbH produces consolidated accounts which include the accounts of Sportsbikeshop Limited.

22. CAPITAL COMMITMENTS
2024 2023
£    £   
Contracted but not provided for in the
financial statements 86,000 120,789

SPORTSBIKESHOP LIMITED (REGISTERED NUMBER: 05401500)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


23. RELATED PARTY DISCLOSURES

J S Mitchell, a director, is also a director of Pushchair Expert Limited. A summary of the sales to Pushchair Expert Limited are given below. At the balance sheet date the amount outstanding was £nil (2023 - £nil).

2024 2023
£ £
Carriage recharges to Pushchair Expert Limited Nil 55,349


J S Mitchell, a director, is also a director of Omnitail Limited. A summary of the sales to and purchases from Omnitail Limited are given below. At the balance sheet date the amount outstanding was £ (2023 - £nil).

2024 2023
£ £
Labour recharges to Omnitail Limited 52,900 1,710
Consultancy services from Omnitail Limited 36,000 77,953

As at 30 September 2024, the company owed Omnitail Limited £9,120 (2023: £Nil)

In the year to 30 September 2024, Sportsbikeshop Ltd paid expenses of £476,578 (2023: £Nil) on behalf of its parent company, Inos 26 Acquico UK Ltd. This amount is owed by Inos Acquico UK Ltd at the year end, included in 'Amounts owed by group undertakings'.

24. POST BALANCE SHEET EVENTS

At the year end, the company was in the process of preparing for the opening of a new store in Norwich. It is expected to open in January 2025.

25. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is POLO Group GmbH.

Copies of the consolidated accounts can be obtained from the registered office of Sportsbikeshop Limited.